Adam Warfford has teamed up with Daniel Smith to redevelop an old Lexington textile factory into apartments.
The Triad Business Journal reports that Warfford, the owner of Warfford & Co. and Smith, an investor and agent who owns Red Link Realty in Lexington, started on the first phase of the Edgewood Lofts, which is a renovation of the 26,000-square-foot former Edgewood Apparel textile factory at 205 E. 2nd Ave. into 33 apartments. A second phase would allow another 87 units.
The first phase, expected to cost about $5 million, is likely to be completed in the summer of 2027. The team received historic tax credits for the factory renovation.
Most of the units in the first phase are one-bedroom with an average size of 650 square feet. There will also be two-bedroom units of about 1,000 square feet and a few loft-style units of about 550 square feet.
The one-bedroom units will likely rent for about $1,100 to $1,150 a month.
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