Canvas (BB&T building/lot redevelopment)

[vicupstate]

18 hours ago, PuppiesandKittens said:

Calm…calm…calm.   Take a deep breath.

Incorrect references to “business malpractice” don’t offend me.  There is simply no such thing as business malpractice.

You’ve said that the concrete and steel are worth millions, and the price paid for the site, after receipt of proceeds from selling part of it, is only about $2.5 million.  Thus the building is worthless, as the land alone may be worth that.

Just because you BOUGHT something at a discount, does not mean it is worthless. That is how you make money in RE. Only so many parties are interested or have the means to buy a 130k SF office building that needs upgrades.  Bob Hughes bought the old BofA building AND the land that the  Aloft went on for similar amount. Both the Beach Company and Hughes negotiated a bargain. That doesn't mean they didn't make a profit the day they bought it. Property sells for less than market value every day.   BB&T had long ago depreciated off that building and buying and selling RE is not their business model.    

[PuppiesandKittens]

27 minutes ago, vicupstate said:

Just because you BOUGHT something at a discount, does not mean it is worthless. That is how you make money in RE. Only so many parties are interested or have the means to buy a 130k SF office building that needs upgrades.  Bob Hughes bought the old BofA building AND the land that the  Aloft went on for similar amount. Both the Beach Company and Hughes negotiated a bargain. That doesn't mean they didn't make a profit the day they bought it. Property sells for less than market value every day.   BB&T had long ago depreciated off that building and buying and selling RE is not their business model.    

As a moderator, please close my account.  I am done.  I will also block this site from my internet browser so that I don’t visit it.  Hopefully this site will this reflect fewer users and thus lower as revenue.

Edited September 6, 2023 by PuppiesandKittens

[GVLover]

29 minutes ago, PuppiesandKittens said:

As a moderator, please close my account.  I am done.  I will also block this site from my internet browser so that I don’t visit it.  Hopefully this site will this reflect fewer users and thus lower as revenue.

I mean this in the nicest possible way, you're being ridiculous. I've been keeping up with this thread and have appreciated your input, but to not want any rebuttals to what you're saying is, again, ridiculous. 

Just take a breather.

Edited September 6, 2023 by GVLover

[GVLer]

I have no clue as to the facts that drive the investment decisions behind this or other developments. So I won't be arrogant enough to tell others how to deploy their capital. I commented on two things that have an impact broadly on Greenville.....which is we do not like to see vacant buildings or ugly buildings....and this qualifies as both. In a perfect world, the developer finds a way to solve for both conditions. 

[olrob]

8 hours ago, PuppiesandKittens said:

As a moderator, please close my account.  I am done.  I will also block this site from my internet browser so that I don’t visit it.  Hopefully this site will this reflect fewer users and thus lower as revenue.

Bye Felicia!

[gman430]

8 hours ago, PuppiesandKittens said:

As a moderator, please close my account.  I am done.  I will also block this site from my internet browser so that I don’t visit it.  Hopefully this site will this reflect fewer users and thus lower as revenue.

Thank goodness. I disagree with Vicupstate and several other forum members also but you don’t see me throwing a temper tantrum like a two year old over it. 

Edited September 7, 2023 by gman430

[gman430]

Edited October 10, 2023 by gman430

[apaladin]

1 hour ago, gman430 said:

What are these pictures of? 

[gman430]

9 minutes ago, apaladin said:

What are these pictures of? 

Interior renderings of the future high rise building. 

[apaladin]

Didn’t realize the chain link fence went all the way around the old BB&T building. The fence has only been there for 3 months and already showing signs of wear. What will it look like a year from now? 

 

[distortedlogic]

14 minutes ago, apaladin said:

Didn’t realize the chain link fence went all the way around the old BB&T building. The fence has only been there for 3 months and already showing signs of wear. What will it look like a year from now? 

 

Well we know what a wooden green fence looks like after 25 years...

[gman430]

Who needs tower cranes when you have fences up everywhere downtown?   

[gman430]

Construction start date has been pushed back again. Now slated for June or July 2024. High interest rates, inflation, contractor delays with getting supplies, and current market conditions are the reasons for the delay. Don’t be surprised if it gets pushed back even more. 

Edited October 19, 2023 by gman430

[apaladin]

12 hours ago, gman430 said:

Construction start date has been pushed back again. Now slated for June or July 2024. High interest rates, inflation, contractor delays with getting supplies, and current market conditions are the reasons for the delay. Don’t be surprised if it gets pushed back even more. 

It’s dead. Throw it on the pile along with the proposed Gateway that is not going to happen. Thanks Joe! 

[gman430]

1 hour ago, apaladin said:

It’s dead. Throw it on the pile along with the proposed Gateway that is not going to happen. Thanks Joe! 

I think we should picket at City Hall. We ride at dawn and we’re taking @distortedlogicwith us.  

[apaladin]

Went by this site today. The chain link fence sure is purty. Wonder how it will look years down the road though? Rusty I bet. 

[gman430]

3 hours ago, apaladin said:

Went by this site today. The chain link fence sure is purty. Wonder how it will look years down the road though? Rusty I bet. 

The City of Greenville could easily issue tax incentives like Columbia or Spartanburg have done to get this and other stalled projects off the ground but they refuse to. They did give $3 million to the Gateway site though so there’s something I guess. Personally, I don’t see any major projects starting construction downtown that aren’t already underway for at least another year but that’s just my opinion. 

Edited November 16, 2023 by gman430

[GvilleSC]

2 minutes ago, gman430 said:

The City of Greenville could easily issue tax incentives like Columbia or Spartanburg have done to get this and other stalled projects off the ground but they refuse to. At least they gave $3 million to the Gateway site so there’s something I guess. 

The cultural corridor improvements are a sort of in-kind incentive for this project. 

[vicupstate]

2 hours ago, gman430 said:

The City of Greenville could easily issue tax incentives like Columbia or Spartanburg have done to get this and other stalled projects off the ground but they refuse to. They did give $3 million to the Gateway site though so there’s something I guess. Personally, I don’t see any major projects starting construction downtown that aren’t already underway for at least another year but that’s just my opinion. 

Greenville is well beyond the point of needing to incentivize projects Downtown. Every city seeks to get to that point and many aren't there yet. The $3 million for Gateway is for improvements to what will be a public space, so not the same thing.  Columbia is already burdened with a vast amount of non-taxable property, and forgoing millions of new taxes for decades will only add to that burden. They will soon have thousands of additional residents that will receive city services, but there won't be new money to pay for it.     

[motonenterprises]

6 hours ago, gman430 said:

The City of Greenville could easily issue tax incentives like Columbia or Spartanburg have done to get this and other stalled projects off the ground but they refuse to. They did give $3 million to the Gateway site though so there’s something I guess. Personally, I don’t see any major projects starting construction downtown that aren’t already underway for at least another year but that’s just my opinion. 

Greenville is ahead of both of those cities in development. And Spartanburg isn't on the same level of these cities.

[btoy]

Why would Greenville incentivize the same developments they are actively working to thwart and delay.  The city is far from welcoming to development anymore.  The new zoning code is already causing problems you should see the expense and hoops landlords have to jump through to fill vacant space now.

[vicupstate]

Just now, btoy said:

Why would Greenville incentivize the same developments they are actively working to thwart and delay.  The city is far from welcoming to development anymore.  The new zoning code is already causing problems you should see the expense and hoops landlords have to jump through to fill vacant space now.

Can you provide some examples?  Leasing space should not be as difficult as building a new project.  

There will be some tweaks made in the first year tot he new code, so don't judge it just yet.  

[gman430]

18 minutes ago, vicupstate said:

Can you provide some examples?  Leasing space should not be as difficult as building a new project.  

There will be some tweaks made in the first year tot he new code, so don't judge it just yet.  

Allowing Starbuck’s with a drive thru but not What-A-Burger with a drive thru. All of the height restrictions the new code has around downtown are beyond stupid also. 

Edited November 19, 2023 by gman430

[GvilleSC]

32 minutes ago, gman430 said:

Allowing Starbuck’s with a drive thru but not What-A-Burger with a drive thru. All of the height restrictions the new code has around downtown are beyond stupid also. 

24 hours was the issue, no? 

[GVLover]

Corporations must get everything they want, long terms residents of Greenville be dammed. I need a 5.5/10 burger at 4:30 in the morning!