Greenville Gears Up for Exciting Revitalization Along Laurens Road
In the heart of South Carolina, Greenville is buzzing with plans to breathe new life into a part of the city many have come to know all too well for its outdated features and vacant storefronts. The stretch of Laurens Road is set to undergo a significant transformation, thanks to the vision of local developers collaborating with city officials. This ambitious project aims to turn around years of stagnation into a thriving, walkable community filled with housing, shops, and recreational spaces.
A Little Background
Over the years, certain areas of Laurens Road, especially around the intersections with Haywood Road and Verdae Boulevard, have seen increasing vacancy rates and falling land values. What once might have been lively shopping spots are now mostly semi-occupied strip malls, desperately in need of modernization. Recognizing the potential for improvement, Verdae Development and Hollingsworth Funds have teamed up for a major redevelopment project that was first unveiled back in 2022.
The Big Plan
Developers are targeting approximately 90 acres to create a new mixed-use district that promises to be both pedestrian-friendly and vibrant. Their vision includes a variety of uses, from commercial spaces to residential units, as well as parks and community areas for relaxation and recreation. It’s all about creating a walkable environment that encourages the community to get outside and enjoy what the area has to offer.
Funding the Future
To support this major redevelopment, the city of Greenville has plans to establish a Tax Increment Financing (TIF) district along Laurens Road. In a recent meeting on October 14, the City Council approved the first reading of an ordinance to create this public financing tool. But what does TIF really mean for the residents? Essentially, it allows the city to utilize additional property tax revenue generated by the redevelopment to fund public infrastructure projects in the area.
New Growth Potential
The TIF district will encompass about 223 acres from Haywood Road to Verdae Boulevard, covering the east side of Laurens Road and stretching westward towards the popular Swamp Rabbit Trail. Once the redevelopment begins, this area is estimated to generate nearly $31.5 million annually in additional property tax revenue!
It’s important to note that the city has successfully used this financing method in the past to help projects like Hollingsworth Park, a beautiful residential community that’s become a local fixture. Greenville Mayor Knox White emphasized the need for this financing tool, stating, “There would be very little way to address all the infrastructure needs over there in a quality way without the TIF.”
Community Support and Future Plans
Under the agreement with the city, Verdae Development and Hollingsworth Funds will spearhead the necessary public infrastructure improvements, which are expected to roll out in several phases. CEO of Verdae Development, Dan Klausner, assured the community that the financial risks would be borne by the developers, not the taxpayers. The city can then reimburse these costs through the TIF-generated funds.
To keep things transparent and inclusive, a 45-day public comment period is currently underway, allowing the community to share their thoughts and learn more about what this TIF plan entails. Plus, a public hearing is scheduled for December 9, followed by a second reading of the ordinance by the council. Councilmember Will Brasington expressed excitement, stating, “We are positioning the city to take steps forward in partnership with community entities to see how the Laurens Road of the future can really live up to its full potential.”
What’s Next?
As Greenville gears up for this exciting journey of rejuvenation, the community can look forward to a more vibrant and accessible Laurens Road. With infrastructure improvements planned over the next 20 to 25 years, it’s safe to say that the future of this area is bright! Let’s keep our fingers crossed and hope for a swift return to the bustling hub we all know and love!
