Local, Pittsboro, Real Estate

Ehrenfeld’s Chatham Mills bet: Preserve the landmark, fill its empty space and plan for growth

By Gene Galin

Pittsboro, NC – Chris Ehrenfeld says his nearly $12 million purchase of Chatham Mills is built around two timelines: an immediate push to fill about 25,000 square feet of vacant space in the historic mill and a much longer effort to decide how more than 30 acres near downtown Pittsboro should evolve. [part 2 of a 2 part series]

In my conversation with Chris on September 9, the BOLD Companies owner and chief executive offered his clearest description yet of what he considers success at the landmark property. Within five years, he said, he expects the mill buildings to be fully leased and a long-range plan to be in place for the rest of the site. By then, he hopes construction will have begun on the first phase of what he anticipates will be a multiyear development.

What he did not present as we sat there talking was a finished site plan, a list of future uses or a construction schedule. His message was instead one of direction: preserve the old mill, strengthen the businesses already operating there, bring new activity into vacant rooms and treat the historic building as the centerpiece of any development that follows.

“I’m excited to bring fresh energy, fresh life, fresh investment to Chatham Mills to really help it become its full potential,” Chris said. “I love to build things and I love to improve things. And so, this is a great opportunity to do both.”

The acquisition puts one of Pittsboro’s most recognizable commercial properties in the hands of a Chatham County resident whose businesses span construction, residential and commercial real estate, and development. It also raises consequential questions for the town: What belongs on the undeveloped land? How much traffic and parking could the site support? What infrastructure would new construction require? And how can growth occur without diminishing the industrial character that makes Chatham Mills distinctive?

Those answers will emerge over years, not weeks. For now, Chris is asking the community to judge the deal by his first commitment: the mill stays.

A $11.8 million change of ownership

BOLD Companies purchased the principal 28-acre Chatham Mills property off Hillsboro Street on Sept. 3, along with a 3.64-acre property to the north previously owned by Tom Roberts. The combined price was about $11.8 million.

Roberts had owned the mill property for nearly three decades. After textile operations ended in 1997, he oversaw its conversion into a mixed-use commercial destination rather than allowing the industrial complex to disappear. Today, the property accommodates retail, food, events, offices, recreation and community activity.

Chris said the sale reflected a point in Roberts’ life when he was ready to retire and convert a long-held asset into what the buyer described as his “nest egg.” He said Roberts had other interested buyers, including potential purchasers from outside the area, but valued the prospect of transferring the property to someone with long ties to Chatham County.

“He knows I’m not going to do anything that’s not going to be for the long-term good of the community,” Chris said.

That is of course the buyer’s account of the seller’s reasoning; Roberts would be the definitive source on why he selected Chris Ehrenfeld. Still, the statement helps explain the argument BOLD is making for local stewardship. Chris has lived and operated businesses in Chatham County for close to 30 years. He said that connection creates both an opportunity and an obligation.

He contrasted his plan with the theoretical approach of a national developer that might see the location primarily as land on which to build vertically. Chris said he rejected any suggestion that the historic mill should be demolished.

“I’m going to preserve what’s here,” he said. “I’m going to make this the centerpiece, the showpiece of whatever ends up getting developed here.”

From woven labels to a community destination

Chatham Mills carries a history that reaches well beyond its brick walls and tall windows. Founded in 1925 by A.C. Kluge of New York, the operation grew into what local historical accounts describe as the world’s largest producer of woven labels. At its height, the mill employed more than 200 people and operated more than 180 looms, producing labels used on clothing and other goods.

The Chatham County Historical Association has documented the human scale of that industrial past. A photograph shared with the association identifies early workers Foy Riddle, Lottie Council and Katherine Herndon as women who threaded and prepared the first three looms. The association says the Pittsboro operation ultimately shipped billions of woven labels before production ceased in 1997.

Foy Riddle, Lottie Council and Katherine Herndon threaded and prepared the first three looms at Chatham Mills.

That history matters because the mill is not an interchangeable shopping center. Its heavy timber, exposed brick, large windows and open industrial rooms give present-day businesses a setting created by an earlier economy. The property’s appeal rests partly on that continuity: people can buy groceries, eat dinner, attend a wedding, take a class or visit an office inside a structure where generations once made goods.

Roberts’ redevelopment established the modern mix. Chatham Marketplace, a grocery cooperative, has served as an anchor for 20 years. Other tenants include The Sycamore restaurant; 39 West Catering; Forest Hall, an event venue; Xyzagen, a contract research organization; Deep Water Jiu-Jitsu; Magnolia Roots Luxury Salon Suites; and Chatham Social Dance. The property also hosts the seasonal Chatham Mills Farmers’ Market.

For those businesses, a change in ownership can bring both opportunity and uncertainty. Capital improvements, more tenants and heavier customer traffic could benefit the entire center. At the same time, existing operators will watch leasing terms, construction disruptions, parking availability and whether new businesses complement or compete with the current mix.

Chris said supporting the present tenants is part of his opening strategy. BOLD Commercial Real Estate is taking over leasing, and the company has said it wants new occupants that fit the character of the property and the growth of Pittsboro and Chatham County.

First priority: Fill the mill

The most concrete part of Chris’ plan is also the least dramatic: lease the available space.

About 25,000 square feet remains open, according to BOLD. Filling it could increase daily foot traffic, spread customers among existing businesses and generate rent that supports repairs and future investment. It could also turn parts of the building that now feel quiet into active commercial areas.

Chris said he expects all space in the existing mill to be leased well before the five-year benchmark we discussed in our conversation. Even before a broad marketing effort, he said, word of the acquisition had generated interest.

The identity of those future tenants could shape the property more than any rendering. A cluster of restaurants and shops would generate different traffic patterns than offices, studios, medical services or research companies. Event-oriented businesses may peak at nights and on weekends; office tenants would add weekday demand. Businesses that draw repeat local visits could strengthen the mill as a community hub, while destination tenants could pull visitors from elsewhere in the Triangle.

No prospective tenants were identified in our conversation, and no signed leases were announced. That distinction is important: interest is not occupancy. The first measurable test of the new ownership will be how much of the vacant space is leased, to whom, on what timetable and with what effect on the businesses already there.

Chris’ five-year standard is unambiguous on that point. Asked what would make the purchase successful by late 2031, he said, “I think we will have all the space here in the mills leased out – and certainly I expect to have that long before five years from now.”

A long-range plan, not an overnight project

Beyond the mill building, the acquisition provides a substantial amount of land in a strategic location roughly half a mile north of Pittsboro’s traffic circle. The site lies close to the traditional downtown at a time when Chatham Park and other projects are extending Pittsboro’s developed footprint eastward and increasing pressure on roads, utilities and public services.

Chris sees the acreage as a rare opportunity. Large undeveloped tracts are unusual so close to the center of a growing town, he has said, and Chatham Mills could help link Pittsboro’s historic core with its next era of development.

But he cautioned against expecting the entire tract to change quickly. “The reality is, you know, 20-some acres of development is not going to pop up and be built overnight,” he said. “That’s going to be a many-year buildout.”

His five-year vision is therefore less a completion date than a planning checkpoint. By then, he wants a long-term plan established and the first phase underway. The number of phases, their uses and the order of construction remain undecided publicly.

That leaves significant civic questions ahead. Any formal proposal will need to be evaluated under the applicable zoning and development rules. Depending on its scope, the plan could require traffic analysis, utility review, stormwater controls, landscape and environmental work, parking calculations and one or more public approval processes. The property’s relationship to downtown planning will also matter, particularly as Pittsboro considers transportation, parking and economic-development priorities.

Residents should not confuse ownership with development approval. Purchasing the property gives BOLD control of the land; it does not predetermine what town boards will allow there. Likewise, Ehrenfeld’s promise to preserve the mill expresses his intent, but the details will depend on plans, financing, tenant demand and any binding conditions that accompany future approvals.

The long timeline creates room for public engagement. It also creates pressure to establish clear principles early, before individual phases make the broader outcome difficult to change.

Local ownership as a business argument

Chris repeatedly returned to his local roots when explaining why he believes he is suited to guide the property. His business network includes BOLD Construction, BOLD Real Estate, BOLD Commercial Real Estate and BOLD Development Group. Together, he said, the companies employ about 50 people.

He described employment as one of the most meaningful measures of his career. Owning a business can be stressful, he said, but it also means that dozens of employees can support their families through companies he helped create and expand.

“Seeing employees grow and succeed and all the things they’re able to do for their families” ranks at the top of what gives him satisfaction, he said.

That philosophy is relevant to Chatham Mills because the acquisition is not merely a real-estate holding. Its success depends on people: tenants willing to invest, employees who operate their businesses, customers who return and neighbors who accept the site’s evolution. Chris said he wants the quality of his companies’ work to reflect the same values he applies personally.

His portfolio already includes 501 Landing, the business district at Governors Village and the BOLD Building, along with several residential developments in Chatham County. Those projects give the public a record against which to compare the promises made for Chatham Mills. They also make clear that the new owner is not approaching the deal as a first-time developer.

Chris said the county itself has changed dramatically since he established a business there in the late 1990s. At the time, he recalled having to persuade people to bring business to Chatham. Now the county attracts attention and investment from well beyond the Triangle.

That growth can create a “multiplier effect,” he said, as more people seek reliable information about the community and more businesses consider locating there. Yet the same growth that makes Chatham Mills commercially promising also makes its redevelopment sensitive. A prominent site near downtown can influence traffic, tax base, employment, community identity and the competitive environment for other local businesses.

Lessons from crisis and resilience

During the interview, Chris connected his approach to Chatham Mills with experiences that shaped him as a business owner.

The sharpest example came from the 2008-09 financial crisis. Chris said his company then carried loans on a speculative home and a lot totaling about $1 million. Although he had not missed payments and maintained strong credit, the banks invoked provisions allowing them to call the notes with 30 days’ notice.

With lenders unwilling to write replacement loans during the real-estate collapse, he sought investors and partners who could provide enough capital to complete and eventually sell the properties. The experience taught him to study risk beyond the assumption that making payments on time would keep financing secure.

The COVID-19 pandemic brought a different threat. Chris recalled sleepless nights wondering whether business would stop, employees would have to be laid off and decades of work might unravel because of an event no conventional development plan had anticipated. Government loan programs helped his companies and other small businesses remain afloat, he said.

In both cases, he framed survival as a decision to search for solutions instead of surrendering to circumstances. He described that outlook as the difference between being a “victim” and a “victor,” a lesson he is trying to teach his twin 14-year-old sons.

“Focus on the outcome. Focus on the solution,” he said. “There’s problems every day.”

That confidence is part of the public case he is making for Chatham Mills. It may prove valuable when the project encounters the predictable obstacles of a complicated historic property: expensive building systems, tenant turnover, financing conditions, approval delays or infrastructure constraints. But optimism alone will not answer those challenges. The public will ultimately be able to assess BOLD’s performance through visible investment, occupancy, maintenance, transparent plans and follow-through.

Family influences behind the developer

Chris also used our conversation to explain the family influences behind his business style.

His mother works with him as a partner in the real-estate company and has become one of the Triangle’s leading agents, he said. He credits her with teaching him sales, public speaking and the drive to pursue opportunities.

His father, who died about three years ago, lived with multiple sclerosis throughout Ehrenfeld’s childhood. Chris helped care for him and remembers him as kind, supportive and impressed by his son’s accomplishments. Watching the disease progress also instilled a sense of urgency.

“Life is short,” Chris said, explaining why he feels compelled to push forward while opportunity exists.

Our conversation’s most personal detour involved a trip with his sons to Omaha, Nebraska, for the College World Series. They decided to go late, once it was clear the University of North Carolina would be playing. Chris said the interaction between players and young fans – including athletes who signed autographs until every child had one – restored some of the joy often lost in debates over money and player movement in college sports.

He called it the most enjoyable sports weekend he had experienced and one of the best weekends of his life. The story illuminated an element of his broader message: projects and businesses matter to him partly because of the experiences and relationships they make possible.

What the public should watch next

The purchase settles who owns Chatham Mills. It does not settle the property’s future.

The immediate indicators will be relatively easy to track: new leases, occupancy of the vacant 25,000 square feet, improvements to the existing buildings and the retention of established tenants. Residents can also watch whether the property gains more frequent activity without creating new conflicts over parking, access or noise.

The larger questions will require formal information. When BOLD moves toward a site plan, the public should look for the proposed mix of commercial, residential or other uses; building heights and massing; total square footage; parking supply; vehicle entrances; pedestrian and bicycle connections; stormwater strategy; tree and open-space treatment; water and sewer demand; and protections for the historic mill.

The relationship between the new development and downtown Pittsboro will be especially important. A plan that draws people to both areas, strengthens walkability and complements existing merchants could expand the local economy. A project designed as an isolated destination could increase traffic without delivering the same connective benefits.

Another question is whether BOLD will commit to a public master-planning process before seeking approvals for individual phases. Ehrenfeld’s own timeline allows space for that conversation. If the mill is to remain the centerpiece, early diagrams should show not only what surrounds it but how new construction preserves views, access and the building’s historic prominence.

A five-year test begins

Ehrenfeld’s purchase begins with an expressed promise. He says the mill will be preserved, its vacant space filled and its surrounding land developed deliberately over many years. By 2031, he wants leasing completed, a long-range plan adopted and phase one underway.

The goals are ambitious but measurable. Full occupancy can be verified. Capital improvements can be seen. Development applications will show whether preservation remains central once density, financing and infrastructure costs enter the equation.

For Pittsboro, the stakes are larger than one transaction. Chatham Mills embodies the town’s industrial past while sitting in the path of its growth. Its next chapter could demonstrate how an old building remains useful without becoming merely decorative – and how new investment near downtown can add economic activity while respecting the identity that made the property valuable in the first place.

Chris said the acquisition gives him the chance to “build upon what’s here, improve what’s here, make it better.” The coming years will show how those words translate into tenants, plans and construction.

Businesses interested in leasing space may contact BOLD Commercial Real Estate at 919-883-5502 or visit boldcre.com.

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