SPARTANBURG, S.C. — Local leaders and development partners gathered Nov. 5 at the corner of Isom and North Pine streets to break ground on Address Beaumont Mill, a 275-unit apartment community on the former Beaumont Mill site in Spartanburg, according to the Upstate Business Journal.
The project is led by Taft Family Ventures of Greenville, N.C., working with a local Spartanburg partner group, according to the Post and Courier and SCBiz. The Upstate Business Journal put the overall development at $75 million; Birmingham, Ala.-based general contractor Capstone Building Corp. pegged the construction contract at $51 million when it announced the start of site work Sept. 1, and the city estimated total investment at about $70 million when it approved a development agreement in August 2025, the Post and Courier reported. The development will total roughly 208,625 rentable square feet in a single four- and five-story building wrapped around a central courtyard, according to REBusinessOnline and the Post and Courier.
Plans call for a mix of one-, two- and three-bedroom units with quartz countertops, stainless steel appliances and smart-home features, with some units getting private fenced yards and others elevated balconies. Amenities include a pool, clubhouse and fitness center. The developer is also building a new section of the Daniel Morgan Trail System, in partnership with the city and the nonprofit Play, Advocate, Live Well (PAL), to link the historic Beaumont neighborhood to downtown, the Post and Courier reported. Thomas Taft Jr., a principal with Taft Family Ventures, said the first units should be ready for leasing by the end of 2027, with the rest finished by spring 2028, according to the Upstate Business Journal.
Affordability is built into the deal. About 10% of the apartments, or nearly 30 units, will be reserved as workforce housing for tenants earning below the area median income under the developer’s agreement with the city of Spartanburg and Spartanburg County, according to the Upstate Business Journal, SCBiz and the Post and Courier. In exchange, the city agreed to help the developer secure tax breaks for the vacant property. A 2025 city staff report estimated the project would generate more than $1 million a year in property tax revenue within a decade, the Post and Courier reported.
The site carries more than a century of mill-village history. Beaumont Mills opened in 1890 and closed in 1997, and the mill buildings have since been redeveloped and now house administrative offices for Spartanburg Regional Healthcare System, according to the Post and Courier. Taft Family Ventures has prior Upstate rental experience, including Judson Mill Lofts in Greenville and Residences at Century Park in Greer, the Upstate Business Journal noted.
For investors and developers, the groundbreaking adds to Spartanburg’s pipeline of new rental housing near downtown, where public-private development agreements tied to workforce set-asides have become a tool for getting infill projects built. Because the first units will not deliver until late 2027, the project is unlikely to affect near-term rents, but renters can expect more new-construction options close to downtown by 2028. Property owners in the Beaumont area may also see the trail connection and new investment strengthen demand for the neighborhood over time.
Sources: Upstate Business Journal, Post and Courier, SCBiz, REBusinessOnline
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