Urban Infill

The architect's name that appears on that rendering is Keith Summerour who designed the new phase of the Old Edwards Inn and several buildings at Wofford. His portfolio is pretty impressive: www.summerour.net . I would assume he can execute the Italianate design elements and deliver a great looking building. I'm excited about this project.

It's definitely not Hughes's site. Think closer to the Drive Stadium on Rhett. There are several "For Sale" signs........

Perhaps I misspoke regarding the Croft site. There is certainly a chance it may happen; I just think his stated timeline (breaking ground this summer) may be a little aggressive. I have no idea how his deal is/would be structured, but based on his stated project cost and the proposed unit count, he would have to convince a lender that he can achieve some significant rents to get the deal financed. The other site is on Rhett Street and there is a very solid out of town developer with deep pockets that I would believe to have figured it out. The reason I said this deal was more likely because I think he can get started sooner. When there is a limited absorption rate, usually the first one to the table wins. While I think the downtown market can absorb 300 additional units rather easily, I don’t think it can absorb that many units and sustain the same rents that are currently seen in the market.....the rents I think Croft would have to get to make his deal feasible. I don’t mean to be a pessimist and I certainly hope both sites get developed, but in reality getting a project of this magnitude (in today's lending environment) is a very complex process. You can have the greatest site, the greatest use and the greatest product but if the numbers don’t work, then the deal doesn’t work. I don't think Croft's numbers work as stated in that GSA article. * I should probably put a disclaimer that the above is only my humble opinion for fun discussion purposes. In no way are my statements meant to be taken as facts - or seriously for that matter. I love talking about new deals and then trying to understand if they are realistic. I would welcome any positive criticism or a different viewpoints. Thanks!

I believe the proposed sites mentioned in that article are Tom Croft's 100 Unit deal on Rhett Street and another 100 Unit deal on Rhett St closer to the baseball stadium that is going in front of the DRB in June (from what I have heard).I honestly think the 100 Unit deal (not Croft's) is the most likely to happen. While 140 units have been proposed for the Peacock site, I believe that deal is very unrealistic from a financing standpoint. There are several major problems: 1. the current owners would have to write off a huge sum of money which would destroy their numbers. 2. The required construction type to get that proposed density would be incredibly expensive and I don’t think they could justify the necessary rents to achieve a yield that would satisfy the equity and debt component. 3. There is no parking. The city financed the Spring Street garage with Tax Exempt bonds and there is an IRS regulation associated with those bonds that states that no more than a certain percentage of the spaces can be master leased. The 100 East project captured the remaining guaranteed spaces and no lender would ever think about financing a deal without a parking agreement in place. If the city were to refinance/restructure the current bonds, then there may be a chance this could work but I don’t see that happening anytime soon. I could be totally wrong about that site. Maybe Peacock can throw enough money at it to make something happen The Bi-lo center site was in play for 200 units but the current owners could never make the numbers work....and the access is terrible. It is currently back on the market for sale. Again, I may be way off base and this is only my opinion.

In defense of Tom Croft, he has built two very successful condo projects downtown: The Field House condominiums and 400 North Main Street. He also built several other smaller detached single family home communties that are solid. Timing ultimately killed his Rhett Street project. I don’t know Tom Croft but your statement is way off base. He is an actual developer unlike the two other gentlemen you mentioned.

I was being facetious about the AVNA. I think the previous plans involved speculative townhomes/condos so in this scenario I would imagine he has to presale a couple of the lots to get financing for the infrastructure. It will be interesting to see what the price point is.

Great use. He delivers a quality product and I'm sure these will be on the higher end. Hopefully the Alta Vista Neighborhood Association won't raise too much hell.

I have confirmed that JHM in the developer who has the site under contract. I'm not sure how I feel about the Hilton Doubletree. Their hotels in smaller markets are pretty bland, yet the ones in the city centers of larger markets are outstanding. Then again, the Hampton Inn and Courtyard Marriott in our downtown are outstanding for those brands. It will be interesting to follow this project. I would love for them to go a step up and build a Marriott. The one they renovated on Lockwood Drive in Charleston is very nice.

I agree with Vicupstate here. I think a trendy hotel would be a great use for that site and really is the only viable option. A office tower would work but there is currently too much supply in the downtown market. A for rent product wouldn't work on that site.

Any idea who the developer is or what the flag may be?

The rumor came from two pretty reliable sources that seem to know about every deal in Greenville.....one a lender and the other is a big construction guy. I only posted this because it came from two seperate parties.....but then again what I posted was only what they had heard. I'll do some more snooping.

She (or the bank she has an interest in) purchased the .91 acre site in 2004 for $792k. The most recent asking price I came across was $2 million which is slightly over $50 psf which would be one of the higher comps downtown. It is obviously going to trade for less than that but will still be a big number. I would assume we will be seeing a rather tall hotel as they would have to incorporate multiple levels of structured parking and then go vertical in order to get the necessary density. I am realistic that putting a parcel of land is about only 5% of the process, but its fun to talk about! Hopefully this developer secures a construction loan before he breaks ground (unlike some project located a block away). I referenced the Peacock earlier and am still amazed by that entire process.

My line of thought addressed only the improvements. However your line of thinking may address the overhead utilities problem. Most national retailers and/or other high end developments are going to bury the power line in front of their site for aesthetic reasons (which they will have to do so at their expense). What do you think the next major site to be developed is going to be (besides the urban walmart site) The redevelopment of County Square is something I hope to see in the next 10 years. We shall see......

I think Church Street will see a vast improvement and will be very attractive when all work is completed. That being said, all I can do is look at the power lines on my way to work every morning and wish they were going underground. I understand it is cost prohibitive and have accepted the fact that I will be looking at them for a very long time.

Vivian Wong currently owns the site and I know she is actively trying to sell it. I will try and find out some more details. Would love for a trendy hotel such as an Aloft or something along those lines. Even better would be a "W" but I think Greenville may still be too small of a market for a hotel of that caliber. Speaking of high end hotels, does anyone know when the Peacock's grand opening is?

I heard a very interesting rumor today that a hotel developer has the parcel on Washington Street (corner of Spring and Washington - currently being used as parking) under contract. I have no idea what the proposed flag is or if this is even true. Is anyone familiar with this? Great hotel site if in fact true.

This is very unfortunate and I imagine the developer is going to have a long road ahead of him as the site is not zoned for his use. There are several individuals that live in that area that has political clout and the ability to prevent the project from going forward. It appears to be a great project with a definite demand for the proposed use. I never really understood the NIMBY mentality when it comes to responsible development as I don't see how this can detract from their home value. I could somewhat understand if the proposed product was low income housing (I am a proponent for affordable housing in the proper location by the way) or an unappealing retail user. I think it would be in the developer's best interest to hold a neighborhood meeting before this goes in front of council and layout how this project can positively impact the neighborhood and address any concerns. I am familiar with the group doing this and believe they are very capable of delivering a solid project.

I believe the 5 remaining parcels you are referring to are still for sale. Langston Black is still showing the listing on their website. 2.19 acres at $2.62 million ($27.50 psf). It would be tough to develop apartments on that site based on the land cost and size as you couldn’t get the necessary density to make your numbers (note I have not studied the site, only my opinion at first glance). I have heard a solid rumor about an apartment project on Rhett Street, I just can't figure out the site.

Not the apartment site: GREENVILLE, SC - January 3, 2012 - Bobby Hines and Zach Hines with Langston-Black Real Estate, Inc. represented both parties in the recent sale of the 17,064 square foot building located at 508 Rhett Street. The Seller was Mr. Michael E. Beck. The Buyer, The Watson Company, LLC purchased the property for an investment. They will eventually remodel for offices and or retail.

Nothing would make me happier than a Chick-fil-A downtown. I assume they are still waiting on the right location and it seems Augusta Road would be the most logical choice and more inline with their development strategy (free standing with a drive thru), although there is a Chick-Fil-A on Main Street in Columbia sans drive thru. I heard a rumor at one time that they were trying to acquire the Duncan Hardware Store on Augusta to tear down but it fell through. I wish someone would buy the retail center on the corner of Augusta and Faris and redevelop it (with a Chick-Fil-A and some great looking small shop space)....... although I would greatly miss Cheers.

My "source" said it is further south on Rhett but I dont know the exact parcel. There appears to be several existing parcels for sale on that stretch. Does anyone know when/if the city intends to begin their street improvement work on Rhett (I believe this is in their future plans)?

The parcel you are referring to at Rhett and River was planned for Multifamily but it is to my understanding that the project is dead. I believe the parcel under contract is somewhere around Rhett and Markley. Solid out of town developer who has the capability of pulling it off.

It is my understanding that the current owners of the auditorium site are pursuing the FHA HUD 221 D4 program to finance around 200 market rate apartment units. This is an attractive program as it insures lenders against loss on mortgage defaults. The problem with this program is takes years to get through the approval process and it is to my understanding that the government has plans of getting out of this business. I hope they can conventionally finance this deal. In regards to other projects downtown the ones I am aware of are: Bookend II (now 100 East) 48 units breaking ground next week - www.100east.net Riverwalk - 50 or so affordable units (rent restricted but not income restricted) A site on Rhett Street is under contract to add 52 efficiency units The Peacock - I understand that they are proposing 150 units. I think this is going to be tough to finance but would love for something to be built on this site as it has been an eyesore for several years. I believe these are the 5 projects the article was referring to. 2 under construction - Rhett Street should break ground next year - Unfortunately I don’t see the peacock or auditorium site breaking ground in the immediate future but could very easily be wrong.

Thanks! I will post the name when it is finalized.

I am familiar with the "Washington Station" project and can provide a quick update. Davis Property Group closed their construction loan this week and now owns the land. The city of Greenville is going to remove all of the trees currently on site the week of the 19th and replant them in a public park. Construction is scheduled to begin the first week of October. The project will NOT be called Washington Station. That was just a working name. DPG has hired a marketing firm out of Atlanta to brand the project so a name has not yet been determined. That should make Metropolis happy!