Greenville City Council Reviews Abandoned Textile Mill Tax Incentive
Greenville, August 12, 2024
The Greenville City Council conducted a work session on August 12 to review a proposed redevelopment project at 100 N. Markley Street in Greenville’s West End. The Vardry Residences by Kimpton Hotels and Restaurants are set to transform the site, which previously housed three abandoned textile mills totaling over 5,000 square feet.
The project, located near Fluor Field, will encompass 26 condos, 133 hotel rooms, and approximately 9,500 square feet of retail space. The existing mill structures on the site suffered damage from a significant fire in the past. Keene Development Group acquired the property in 2019.
Seeking Tax Credits
The developer is seeking certification for the property as an abandoned textile mill under the South Carolina Textile Communities Revitalization Act. The act offers income tax credits amounting to 25% of the qualified rehabilitation expenses for such sites.
Sam Konduros, the president and CEO of the Greenville City Economic Development Corporation, revealed that the total investment in the project exceeds $92 million. Of this amount, $88.3 million is earmarked as qualifying expenditures for tax credits. Construction is expected to commence in October 2024 and conclude in December 2026.
Upstate Commercial Real Estate Projects Update
During the meeting, the Council also provided status updates on nine commercial real estate projects in the Upstate region.
Funding Approval for Property Purchase
Additionally, the Council approved the purchase of 36 parcels of land in the Haynie-Sirrine neighborhood. An initial approval was given to allocate $10.7 million for the property acquisition, pending a second reading for final approval. The funding for the purchase will be drawn from various sources, including the Capital Projects Fund, Parking Enterprise Fund, and Tree Fund.
Opioid Response Team Grant
Furthermore, the Council unanimously agreed to an ordinance that allocates $630,541 to support the Opioid Response Team. Established under the Greenville City Fire Department in 2023, the team is funded through South Carolina’s opioid-related litigation settlement.
Annexations and Rezonings
Several annexation and rezoning initiatives were also advanced during the meeting. The Council granted initial approval for the annexation and rezoning of properties at 2000 Wade Hampton Blvd and Roper Mountain Road.
The Wade Hampton Boulevard property will host a new GREEN Charter School, while the Roper Mountain Road site, owned by the Church of Jesus Christ and Latter-day Saints, is slated for a new religious institution.
Parking Agreement Amendment
Lastly, the Council approved an amended parking agreement with The Commons in Unity Park. The agreement, in effect since 2022, allows customers of The Commons to utilize 102 parking spaces on city property. The updated agreement includes provisions for three renewal terms of 15 years each, along with contributions for paving and resurfacing parking areas.
These developments signify the continued growth and revitalization efforts in Greenville, reinforcing the city’s commitment to economic progress and community enhancement.