Plans to build a five-story apartment complex on the site of the former Woolworth’s on East Main Street in Rock Hill took another step forward Tuesday.
Rock Hill Economic Development Chairman Andy Shene said today the U.S. Department of Housing and Urban Development has approved a $4 million loan towards the future 46-unit apartment complex.
The Rock Hill Economic Development Corporation is set to kick in a $500,000 towards the project, while just over $1.3 million will come in private investment.
Shene said while previous efforts to build on the property have been unsuccessful, he believes a slower, more measured approach will end with a great result.
The City of Rock Hill has also chipped in approximately $500,000 for infrastructure improvements around the site, including a new parking lot and street lamps.
And the complex will also cater to a specific population — something Shene says local business owners say is badly needed downtown.
Construction is set to get underway as early as the end of 2013.