This rendering shows the planned Beaumont Mill apartments, a 275-unit complex under construction on the site of the former Beaumont textile mill near Wofford College in Spartanburg. The $51 million project is expected to open in 2028. Rendering courtesy of KC Public Relations.
While central Spartanburg is rapidly transforming its appeal into a nationally renowned downtown district with new businesses and living spaces, the fringes of the city aren’t going to be far behind – as soon as construction crews put up a new $51 million, Class A apartment complex in historic Beaumont Village.
Work began in earnest Sept. 1 on Beaumont Mill, a 275-unit multifamily mix of one-, two-, and three-bedroom options on 7.5 acres, less than a mile from Wofford College, on the site of the old Beaumont textile mill.
But more than just another residential development, officials behind the project see it as another example of a city on the move.
“Beaumont Mill is another opportunity to bring our multifamily experience, expertise, and resources to a growing South Carolina market,” said Blake Waddle, project director for Capstone Building Corp. of Birmingham, Ala., which is partnering the venture with area resident and textile magnate Jimmy Gibbs, and Taft Family Ventures, headquartered in Greenville, N.C.
When asked why Taft wanted to have a presence in the Upstate, company COO Kevin Johnston explained, “We are bullish on the greater Spartanburg-Greenville markets due to growth in the past 10 years with manufacturing and proximity to the I-85 corridor between Charlotte and Atlanta.”
Once finished, the new Beaumont Mill won’t look anything like its spindle-laden and loom-filled predecessor. Instead it will feature a single four- and five-story wrap-style building with conditioned corridors, elevators, a gym, and a central courtyard with a pool and gathering area.
Rental options will include tile bath/shower surrounds, luxury vinyl flooring, 42”cabinetry with quartz countertops, stainless steel appliances, smart units, and built-in closets.
And select units will offer fenced yards and elevated balconies overlooking the courtyard and pool.
Property management services will be provided by Taft Management Group, part of Taft Family Ventures.
Anticipated completion for Beaumont Mill is in 2028, and officials are planning to start leasing in the 3rd quarter of 2027.
“This project will bring high-quality housing opportunities to Spartanburg,” Waddle said.
Monthly rental rates will start at $1335 for 1 bedroom, and $2,250 for 3 bedrooms.
And under a development agreement with the City and County of Spartanburg, 10% of the units will be reserved for workforce housing. These units will range from $1,232 to $1708, or amounts based on latest published rates by the Housing and Urban Development.
“One unique feature about Beaumont is that we are partnering with the city, Play, Advocate, Live Well (PAL), and Capstone Building Corp. to construct and provide the next leg of the Daniel Morgan Trail System through a dedicated bike trail connection,” Johnston said. “The connection will link the Beaumont neighborhood directly to downtown Spartanburg, promoting connectivity and active lifestyles.”
And besides keeping a link to its original mill heritage, Beaumont Mill will also meet a growing trend of renting vs. owning – an approach that has been gathering a lot of steam in the past two decades.
In a 2025 poll of 2,000 Gen Z-ers by Multifamily Executive, an online renting demographics platform, 72% of the respondents said renting is financially smarter, and 83% said it allows them to save for priorities such as travel or career development.
Part of their perspective stems from stratospheric home prices that are becoming increasingly harder to afford. Add in normal upkeep, annual property taxes, and having to handle all repairs on your own – instead of just calling an apartment office for a visit from maintenance – make apartment-living far more attractive now than at any time in U.S. history.
Older generations are beginning to take the same stance – as building up equity and wealth through home ownership is no longer seen as being as attainable as in the latter half of the 20 century when home ownership was synonymous with the term ‘American Dream.’
https://gonzaloschwarz.substack.com/p/is-the-american-dream-found-mainly
“Renting has become an increasingly popular option for active seniors who aren’t interested in age-restricted housing but seek a maintenance-free lifestyle in an accessible building,” said David Hovey, president of Optima, a company that designs, develops, builds, and manages multifamily communities in Arizona and Illinois. “With single-level homes and residences with elevators in particularly high demand and short supply, luxury rentals offer a practical and appealing solution with the flexibility and peace of mind to age in place.”
https://www.multifamilyexecutive.com/demographics/redefining-renter-class
So besides serving as just another potential place to live, Beaumont Mill is at the edge of an entirely new demographic, likely to attract a large mix of younger and older residents in ways that have never happened before, and to a city that is fast becoming the premier spot in the state.
“Beaumont Mill is another opportunity to bring our multifamily experience, expertise and resources to a growing South Carolina market,” Waddle said. “And we are excited to repurpose a treasured historic mill site and bring it back to life in this form.”
