Greenville’s County Square Development Faces Setback as Lima One Capital Exits Lease

Exciting Times Ahead for Greenville’s County Square Development, but Not Without a Bump in the Road

Greenville is buzzing with developments, but it seems that even the most anticipated projects can hit a snag. The shiny new County Square Development, a colossal $1 billion mixed-use project, faced a setback when Lima One Capital, a local heavyweight in real estate financing, decided to pull out of its lease. You might be wondering why this happened. Well, it turns out that the groundwork for this ambitious venture took longer to complete than everyone had hoped!

Lima One Capital: A Major Player Drops Out

Lima One Capital was all set to occupy 65,000 square feet in the County Square Development and planned to hire a whopping 300 employees to boot. But in a news release, they announced the hard decision they ultimately made: terminating their lease at the ongoing project. Lima One mentioned they have a new location in mind, but they’re keeping it under wraps for now. Can you hear the whispers? “Where could it be?”

The company cited “the slower-than-anticipated pace of development” as the primary reason for pulling out. They want to keep their business operations running smoothly and offer an exciting workplace for their team. They stated, “To ensure continuity of our business operations and provide an exciting new headquarters for our employees, we felt it necessary to terminate the lease at County Square and explore alternatives.” That’s a bummer for a development that promised to pump new life into the area!

What’s the Developer Saying?

RocaPoint Partners, the brains behind the County Square project, has had to react quickly to this unexpected news. Although they couldn’t be reached for comment directly, they did express their views to other media outlets. They confirmed that the loss of Lima One wouldn’t significantly affect the broader project plan. “We regret that Lima One will not be locating its offices in the building planned across from the County Administration Building as hoped. The decision comes as a result of the overall site development timeline not aligning with Lima One’s operational needs,” they said.

A Closer Look at County Square

County Square covers a massive 40 acres, transformed from where a former Greenville County office building once stood. The old structure met its end after a new county building, valued at $65 million, opened within the complex earlier this year. The new development site will also host a $24 million parking garage, making room for numerous retailers!

Speaking of retailers, local shoppers can look forward to some familiar faces like Pottery Barn, Williams Sonoma, and Whole Foods Market, all signed up to take a spot in the new development. The project aims to blend offices, retail, entertainment, and green spaces, not to mention a hotel! This whole development feels like a breath of fresh air and a beacon of progress for Greenville.

A Landmark Moment for Downtown Greenville

County Square marks the first significant redevelopment of downtown property since the RiverPlace project rolled out in the early 2000s. And with the buzz of new businesses and the prospect of jobs for the community, many are eager to see this project fully developed, even if it means navigating a few obstacles along the way.

While the loss of Lima One Capital is a setback, the project continues to move forward, promising new opportunities for local growth. As the day-to-day buzz around Greenville keeps growing, so does the anticipation for what County Square will ultimately become! Buckle up, Greenville; the future looks bright!