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“The mill was one of the leading businesses here. When it shut down, it was a daily reminder [to Rocky Mount residents] that ‘we failed,’” said Michael Goodmon, vice president of real estate at Capitol Broadcasting. “Now, they can be proud of it.” Goodmon and his father, James Goodmon, chief executive officer of Capitol Broadcasting, first encountered the factory a decade ago. “We thought it was the most beautiful mill we’d ever seen,” recalled Michael Goodmon. “We saw it as a great opportunity and were excited to tackle it.” The company reportedly paid $4 million for the complex. At the time, Capitol Broadcasting was coming off a big success. Phase one of the American Tobacco Campus, an ambitious redevelopment of a tobacco factory in Durham, had been completed in 2004 to great acclaim, and the project kicked off a renaissance in Durham that continues today. A rendering of the redeveloped Rocky Mount Mills in Rocky Mount, North Carolina, as displayed at a ULI Triangle event there in April. But the American Tobacco Campus is located in the middle of the state’s thriving Triangle region, and it leveraged the presence of the Duke University and software firms that wanted to be near downtown, as well as the popular Durham Bulls minor league baseball team and nearby stadium. The new project has few of those advantages. Rocky Mount has a moribund downtown and a dwindling population; its median income is $36,000—compared with the statewide figure of $48,000—and the poverty rate is almost double that of North Carolina as a whole.
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