Partner was engaged by investors to support the transformation of the historic John P. King Mill, an 1880s National Historic Landmark and long-vacant textile mill, into a vibrant community featuring 245 loft-style apartments and 15,000 square feet of commercial space. This $75M adaptive reuse project preserved character-defining features, including original brick facades, heavy timber elements, wood subflooring, and the iconic grand stair tower, serving as a model for industrial revitalization in Augusta.
The project received the 2025 Chairman’s Award from the Georgia Trust for Historic Preservation, recognizing the exceptional effort made to preserve and reactivate one of Georgia’s most significant historic structures.
Partner provided Document and Cost Review, Construction Progress Monitoring, and specialized Historic Tax Credit Monitoring for the duration of the project. Our team delivered independent third-party verification of monthly progress, ensuring compliance with NPS and the Secretary of the Interior’s Standards, tracking Qualified Rehabilitation Expenses (QREs), and reviewing all conditions, mock-ups, amendments, and change orders required by SHPO and NPS. By monitoring milestones and construction sequencing, Partner helped mitigate risks related to delays, non-certification, and potential credit recapture, which is critical because HTC investors realize credits only once the property is placed in service.
Through this rigorous oversight, the project successfully maximized its eligible QREs, which totaled $61M, and secured federal (20%) and state (25%) historic tax credits. Those credits were then syndicated as a key source of capital. The project was placed in service after 20 months in December 2024, on time and in budget, with no significant issues, which reflects the strength of the development, design, preservation, and construction teams.
“A project like this, bringing a piece of history back to life, is a major undertaking that is not only intricate and complex but also very large in scale and requires significant reporting to numerous parties. Partner completed monthly onsite inspections and subsequent review of all related pay applications and confirmed adherence to historic standards.
“The inspections and reporting were always completed thoroughly, in a timely manner, and allowed us to provide transparent third-party reporting to all relevant parties, including our construction lender, state and federal tax credit investors, equity partners, state of Georgia historic preservation office (SHPO), and the National Park Service (NPS). We look forward to our next project where we get to collaborate with Partner ESI.”
– Marty Dougan, Operations Manager, Crossgate Partners, LLC
Today, the restored King Mill stands as a landmark achievement, revitalized for current residents and preserved for future generations.
