Contrary to rumors, the proposed sale of the beleaguered Magnet Mills property in Clinton has not fallen through, according to Mayor Scott Burton.
The sale was reportedly to have closed last Friday, November 30th, but that did not happen. Burton told WYSH this morning that it his his understanding that “talks are still going on between the buyer and the seller, and as we have stated before as Council and staff, we remain cautiously optimistic that this will go through.”
The recently-re-elected mayor also says that the owner is still trying to pay down outstanding debt on the property, including having repaid some 25-30% of their approximately $100,000 in fines from the city.
The former hosiery mill has fallen into disrepair over the decades, and only one building remains standing on what is considered to be a prime piece of real estate along the city’s busy downtown and waterfront corridors. The lack of development at the site and the length of the cleanup of the site have long been frustrating to city leaders and residents alike.
We will update you as developments warrant.