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gs3

By gs3
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btoy
btoy

sure between now and then you will tell us this project is dead at least 5 times.

distortedlogic
distortedlogic

Some hotel rooms on site sounds like a no brainer here with the well next door. It wouldn't have to be hundreds of rooms but even a few dozen seems like it should be automatic with this development. 

gman430
gman430

As of August 26, 2022, this project is transitioning into the design development phase. Construction slated to start in July 2023. 

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apaladin Burg

apaladin

Posted
Posted
9 minutes ago, distortedlogic said:

Thought you guys might be interested in these. I found a story on the release of a previous proposal for the site, sounds like from 2013:

And then here is a piece on the latest one:

 

What a waste that first one would have been. Hoping the latest one gets built but color me skeptical 

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gman430 Megalopolis

gman430

Posted
Posted (edited)
28 minutes ago, apaladin said:

So what does all this mean. How many times does something have to be approved or is this just for infrastructure? 

The project was already approved by the DRB. This is just for infrastructure. The city along with the Greenville Water System will be spending a combined $3 million for public improvements to and around the site as part of the overall project. Think streetlights, sidewalks, benches, landscaping, trash cans, etc. Total cost of the public improvements is slated to be $13,600,000. The rest of the money will be reimbursed to NR Investments by the city at a future date as the overall project takes shape and gets completed. Total cost of overall project is over $100 million.

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apaladin Burg

apaladin

Posted
Posted
On 10/6/2023 at 11:02 PM, gman430 said:

The project was already approved by the DRB. This is just for infrastructure. The city along with the Greenville Water System will be spending a combined $3 million for public improvements to and around the site as part of the overall project. Think streetlights, sidewalks, benches, landscaping, trash cans, etc. Total cost of the public improvements is slated to be $13,600,000. The rest of the money will be reimbursed to NR Investments by the city at a future date as the overall project takes shape and gets completed. Total cost of overall project is over $100 million.

So what are the chances this passes. Feel like this is the last chance for this site after 25 years so if the city screws this one up it will never get developed. 

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gman Hamlet

gman

Posted
Posted
1 hour ago, gman430 said:

Construction probably won’t start for three years if ever but still nice to see: 

https://www.postandcourier.com/greenville/news/bermuda-triangle-no-more-downtown-greenville-gateway-site-gets-3m-from-city/article_dbaa56e6-66db-11ee-a9c2-ebdaae4625ff.html

Is your statement another one of your opinions, or do you know this for a fact?

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gman430 Megalopolis

gman430

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Posted (edited)
18 minutes ago, gman said:

Is your statement another one of your opinions, or do you know this for a fact?

Just an opinion due to the high interest rates that we are currently experiencing. I don’t see the Fed lowering them for a few years. Gonna be hard for projects like this to get bank financing anytime soon. They have pretty much turned off the faucet for high-rise loans for the time being. Hope I am wrong with my opinion though. We shall see. 

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btoy Town

btoy

Posted
Posted

Traditional Bank Financing is not the only way that projects like this get financed.  Even with bank financing it may only be a portion of the financing package.  Equity Investors are often a big part of these developments and equity investors are still active.

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apaladin Burg

apaladin

Posted
Posted
14 hours ago, gman430 said:

Any word on when this project will start construction or will the site sit empty for another 25 years? If I am a betting man, I would say the latter. 

Yep look for it to go up for sell this year if the interest rates come down.

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gman430 Megalopolis

gman430

Posted
Posted
27 minutes ago, distortedlogic said:

I mean construction costs are never going to drop significantly; if anything they'll just continue to go up. Rates; who knows. Waiting another year or two isn't going to magically make it cheaper.

You’re right. Just look at the inflation report that came out today. Anybody who thinks construction costs and interest rates are going to drop anytime soon is fooling nobody but themselves. RocaPoint realizes this which is why they aren’t waiting to redevelop County Square. Hopefully some of these other developers finally start to. I wish the city would take a more proactive approach to help get some of these stalled projects off of the ground instead of just sitting there twiddling their thumbs. 

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gman430 Megalopolis

gman430

Posted
Posted (edited)
12 hours ago, apaladin said:

What a shock! :rofl: Throw it on the pile.

I’m not surprised. The site is beyond cursed. I wouldn’t even let my dog walk across it. The ghosts of Lynyrd Skynyrd strike again.

Edited by gman430
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apaladin Burg

apaladin

Posted
Posted
11 hours ago, gman430 said:

I’m not surprised. The site is beyond cursed. I wouldn’t even let my dog walk across it. The ghosts of Lynyrd Skynyrd strike again.

Agree, with failed projects, resales for 25+ years, anyone that thought this project would ever start would have to be an eternal optimist. 

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