From the outside, it’s not obvious what’s so special about 372 Depot, a new mixed-use development in Asheville’s River Arts District. Sited on a former brownfield, the 90,000-square-foot brick structure seems like just another new building with street-level retail space and apartments above. In fact, this innovative project represents a number of significant firsts for Asheville.
Years in the making, 372 Depot cost about $8.5 million to build, including roughly $1.3 million in federal housing assistance and loans from the city’s Housing Trust Fund. The nonprofit developer, Mountain Housing Opportunities, says the completed Glen Rock Depot project should boost the area’s total tax base by $15 million within the next five years. [MORE]
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