Mill One resides on the land that was once occupied by “Mill No. 1”, the first of what would become five textile mills to be built in Downtown Mooresville. The five mills would be the heart of industry in Mooresville until the last one closed down in 1999.

When, I’ll use the word visionaries, Vinnie Giglio and Mark Halteman purchased the property in 2019 their idea was to incorporate as much of Mill No. One’s structure and character as possible into the new building but they quickly determined that the original historic brick and foundation had deteriorated beyond restoration.

What came in its place, however is something impressive to say the least. Consisting of 90 luxury apartments and over 33,000 square feet of high end commercial space, Mill One is an incredible addition and just the beginning of what is to be quite a transformation for Downtown Mooresville. More to come on that later.

It was very important to Mark and Vinnie, that Mill One honor the memory of its namesake as much as possible. Original timbers from Mill No. 1 can be found in the lobby and much of the original framing and flooring was preserved and will be offered to future commercial tenants for use in their retail spaces.

Mikula Salon and Spa was the first commercial tenant to open at Mill One. Two new restaurants, Savannah Oyster Company and Aqua Ragazza (Italian), are planned to open later this year. Three and additional leases are currently being negotiated.

Residents of Mill One can enjoy concerts from their balconies overlooking the newly renovated Hope Park, walk to dinner, or stroll Mooresville’s Social District. The options are endless. With such attention to paid to detail, convenience, amenities, and more it’s no surprise that there is a 600 person wait list to get in.

The number of homes selling (Nationally) above list price dropped 14.2% between August 2021 and August 2022. Even with all of the apartment buildings under construction it is estimated that Mooresville housing is still short approximately10,000 units.

Iredell County Data September 2021 Vs September 2022

• New Listings down 26%
• Pending Sales down 37%
• Closed Sales down 35%
• Average Sales Price up 32%
• ($530k to $701K (AVERAGE!))
• Days on Market up 75% (16 up to 28)
• Inventory is up 29%

It’s obvious that the market is adjusting mainly as a result of inflation, higher interest rates, etc.. In my opinion this correction is long over due and I’m looking forward to some balance on both sides. That being said, inventory is still low and demand is still high and in Real Estate timing is everything. There’s is still opportunity to cash in on higher equity before prices drop and when they do dip be in the best position to buy.