For years, Eyewitness News has followed the problems plaguing the old Mecklenburg Mills in NoDa.
In 2006, city officials forced tenants out and condemned the buildings after learning the apartments were infested with termites.
The property is currently boarded up, filled with black mold and covered with graffiti.
Community Builders out of Boston, Mass., bought the property for $1.2 million in 2011. Rob Fossi with Community Builders said the nonprofit is going to save the structures, clean them up and create new apartments.
This is the group’s first project in North Carolina. It will be an expensive task, but Fossi wouldn't tell Eyewitness News how much it will cost.
"We wouldn't have gotten involved if it wasn't feasible," Fossi said.
Neighbors are happy something is finally happening with the property.
Chad Maupin moved to NoDa in 1999.
"It is a funky, creative place to live. There are a lot of things to do and many wonderful people," said Maupin, who is also the NoDa Neighborhood Association vice president.
"We wanted to make sure there was an artist-affordable housing component," Maupin said.
Community Builders is asking Charlotte officials to rezone the land around the mills so it can create businesses, like retail and restaurants, especially since the Blue Line extension is expected to stop on 36th Street.
"We're hopping on a train that's already been moving for some time," Fossi said.
Company officials said residents will see activity inside the mills in the next few weeks.