Canton leaders have approved Canton Investors, LLC to move forward with the building of what will become Haywood County’s largest apartment complex. This apartment complex will effectively double the units now available in the Canton area.
The complex will include 300 apartment units with average rental prices ranging between $1,482 for one-bedroom, one-bath units and $2,160 for three-bedroom, two-bath units.
All units will be bricked wood with natural colors, and there will be an open green space and a barn-inspired clubhouse with picnic units and grills.
The project was approved by the Canton Planning Board in April. This past Thursday, Canton town leaders cleared the final hurdle by authorizing annexation of the property to the city of Canton.
There will be 12 residential housing buildings, none higher than three stories and will include 15 acres of green space and 525 parking spaces.
The good news for Canton is that the company plans to use local and regional service providers and contractors and said the first phase of the development consisting of 152 units would be finished by the end of 2025. The second phase should be complete by 2027.
The project is estimated to generate an increase in property tax revenue of approximately $475,000 annually, with sales tax revenue at $250,000 annually.
The approval to move forward with the apartment complex will eliminate the need for severe budget cuts in city spending and revenue loss of approximately $1 million from the closure of the mill.
The sales tax estimate is based on $9.7 million in increased consumer spending attributable to the new complex where half the occupants are expected to move in from outside the county.
Question is, will there be jobs available for those moving in from outside the county?
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