Bowater building and garage redevelopment

[gman430]

Charles Gouch, senior vice president of CBRE’s Office Services team, said the property will be put on the market within the next few weeks. The sale will be conducted through a bid process with pricing guidance between low- to mid-$40 millions.

Located along the Reedy River in Falls Park, the approximately 2.4-acre property includes the Bowater Building and adjacent parking garage. It is currently owned by WCM Global Wealth, a local financial services firm. 

“It’s arguably one of the most prominent sites in the city of Greenville, with river frontage,” Gouch said. “I think it’s a site that definitely has a lot of attention, not only locally, regionally, but even nationally. So we’re very excited about what could happen there.”

Gouch said they hope to identify a buyer by mid- to late-November. 
 

Source: https://upstatebusinessjournal.com/square-feet/bowater-building-for-sale-pausing-talk-of-greenville-city-hall-move/?fbclid=IwAR2UbvYdg0zyvQBpVit6ZwJnnnDwnqEA__4gu6FDIxdCS8sL6GAx0fuepXU_aem_AYnx_XLxshJVzKI1Ru0BCCfmZWyDF4kH52DRTQYF4Pg1Z86nZSptv_bj8gyo_PGMMyo&mibextid=Zxz2cZ

[gman430]

Sounds like the city might just stay put in the first five floors of the M Peters city hall redevelopment building if the parking situation doesn’t work out with the new project at Bowater depending on who the buyer is. Honestly, I don’t have an issue with this. We still get the city hall redevelopment project and potentially a game changer redevelopment project at Bowater. While there isn’t currently anything wrong with the Bowater building and adjacent garage, both are terrible for the pedestrian realm in that area due to the lack of mixed use space. It’s really a dead zone right there between Camperdown and Grand Bohemian. Just like with the old BB&T building at Canvas, I have no issue with the building and garage at Bowater being torn down. If a developer wants to spend their money doing it then more power to them I say. 

Edited September 20, 2023 by gman430

[NewlyUpstate]

2 minutes ago, gman430 said:

Sounds like the city might just stay put in the first five floors of the M Peters city hall redevelopment building if the parking situation doesn’t work out with the new project at Bowater depending on who the buyer is. Honestly I don’t have an issue with this. We still get the city hall redevelopment project and potentially a game changer redevelopment project at Bowater. While there isn’t currently anything wrong with the Bowater building and adjacent garage, both are terrible for the pedestrian realm in that area due to the lack of mixed use space. 

The garage is especially terrible.  I'm sort of surprised that they might tear down the Bowater building, it seems like something of decent mass and style that could be renovated.  I'm imagining they would only tear it down for a significant opportunity to do something much better with the space, which excites me.

[vicupstate]

This is just so bizarre. 

So someone is going to buy Bowater for $40 mm or more and then tear it down? Would have to be a really big project to replace it. 

Why not just buy the land across from Camperdown that just went on the market, or the UCB parking lot or the old post office back office next to it? 

You could tear down just the garage I suppose.   

 

If it sold for $40mm that would be 16,835,000 per acre. the site is 2.376 acres.

[distortedlogic]

I agree the garage needs work but the I think the building itself is just fine. The last thing I would want to see is that building get torn down only to be replaced by another McLaren or one of the dozens of other modern buildings. There is nothing wrong with the Bowater building and the massing fits in with the area. Please, no modern boxes there!

[gman430]

Received the pdf file today from CBRE for this site offering. Here is the entire package: 

https://www.cbredealflow.com/handler/modern.aspx?pv=c_8Jlp808JZDOebK_6JNWAYQJ7qQu9fDTXTCHBlSP_udARlM_5xCookhFGmJXSP3-kQzSjdMvm62b_8ZJspaSA#_top

[gman430]

“A bid date has been scheduled for 55 E. Camperdown Way.  First Round Offers should be submitted on or before Thursday, November 30, 2023.”

[gman430]

 

On 11/14/2023 at 1:02 PM, gman430 said:

“A bid date has been scheduled for 55 E. Camperdown Way.  First Round Offers should be submitted on or before Thursday, November 30, 2023.”

This has been pushed back to December 15th.

[gman430]

CBRE is still in negotiations with a potential buyer. 

[gman430]

I assume nobody bought the site. 

[gman430]

Lots of buyers want the site according to CBRE this morning. They’re just trying to pick the right and best one.