Exciting Redevelopment Plans on Laurens Road in Greenville
Hey there, Greenville! If you’ve driven down Laurens Road lately, you might have noticed that some areas are looking a bit outdated, with vacant storefronts and aging infrastructure. But the good news is that big changes are coming! Public and private entities have teamed up to bring a fresh new look to this commercial corridor, focusing on the intersections around Haywood Road and Verdae Boulevard.
What’s the Plan?
The dream is to transform this space into a vibrant, **walkable, mixed-use district** that combines residential, commercial, and recreational areas. Can you imagine strolling down a lively street filled with shops, parks, and new homes? Verdae Development and Hollingsworth Funds are leading the charge with a redevelopment project covering about **90 acres** of Laurens Road. They first revealed their exciting plans back in 2022, and now things are moving full speed ahead!
To support these ambitious plans, the city of Greenville is paving the way by setting up a **tax increment financing (TIF)** district along Laurens Road. Now, what does that mean? Well, on October 14, the Greenville City Council approved the first step toward implementing this financing tool. Essentially, TIF allows the city to use extra property tax revenue generated by the new developments to invest in public infrastructure. The TIF district will stretch about **223 acres**, from Haywood Road all the way to Verdae Boulevard, including a generous portion of the land west to the Swamp Rabbit Trail.
How It Works
Once everything gets rolling, the property tax rates in the TIF district will be “frozen” for the next **30 years**. This means that any additional property tax revenue that comes in as a result of the planned upgrades will go directly into funding the improvements needed for the area. It’s estimated that once all redevelopment is complete, we could see around **$31.5 million** in additional annual tax revenue. That’s a boost that can help our community grow and flourish!
A History of Success
Greenville has used TIF successfully in the past. You might remember how the financing helped create the flourishing **Hollingsworth Park**, the main residential community in Verdae. Mayor Knox White explained why TIF is necessary for such large-scale projects, stating that it’s essential to address all the infrastructure needs quality-wise. This approach ensures that the developments generate the future property tax dollars needed for sustainable growth.
Community Involvement
Under the new agreement between the city and the developers, Verdae Development and Hollingsworth Funds will take on the upfront costs of making public improvements—so the financial burden isn’t on taxpayers. The city will later reimburse them through the TIF by issuing bonds, funded by **50% of the new property tax revenues**. Meanwhile, the other half will be shared with local taxing entities like the county and school district.
What’s Next?
The city has identified a whopping **$210 million** worth of infrastructure projects that will be funded through this TIF, including improvements that will enhance Laurens Road for everyone. Greenville City Councilmember Will Brasington mentioned that a list of specific projects will be developed over the next couple of decades. The community will also have its say during a **45-day public comment period** for the proposed TIF district, allowing everyone to weigh in and stay informed. Mark your calendars—there’s a public hearing set for December 9, where the council will have their second reading of the ordinance.
Looking Ahead
Exciting times are ahead for Laurens Road and Greenville as a whole! This partnership with community entities like Hollingsworth Funds and Verdae Development aims to unlock the **full potential** of Laurens Road. Whether you’re a long-time resident or a newcomer to the area, this redevelopment project is an opportunity for all of us to reconnect with our community in a more lively and engaging environment.
Stay tuned, because the revitalization of Laurens Road is just the beginning of something truly special for all of us in Greenville!
