Spartanburg Gears Up for $23 Million Residential-Commercial Project on Florida Avenue
95 Townhomes and a Potentially New Restaurant to Transform North Church Street Corridor
Spartanburg City Council Gives Greenlight to Florida Avenue Development
The North Church Street corridor in Spartanburg is slated to undergo major changes with the construction of nearly 100 homes set for next year. The Spartanburg City Council has officially approved a development agreement between the city and VanRock Holdings, LLC for this anticipated 95 townhome project. VanRock Holdings first introduced this ambitious plan to the City Council in the previous year.
Location and Structure of the Village Grove Townhomes
The proposed Village Grove Townhomes, valued at an impressive $23 million, will be situated at 1017 Florida Avenue. This property is bounded by Florida Avenue, Dakota Street, and North Church Street, conveniently near the local hospital. As of now, only a portion of the property is within city limits, the remainder is in the process of being annexed.
In addition to the residential development, the project also includes room for 2,000 square feet of commercial space, which is expected to be occupied by a new restaurant. The townhomes will have an approximate area of 1150 square feet, featuring three bedrooms and two bathrooms in each unit.
Incentivizing Workforce Housing and Community Development
In a bid to support inclusion and diversity, at least 10% of the units will be ear-marked as workforce housing. These income-restricted homes will be available to tenants whose income falls at or below 80% of the area median income.
Under the agreement, VanRock Holdings will collaborate with the city in developing trails in the area. It is hoped that these trails will serve to build connections between the Northside, Cleveland Park, and trails in the University of South Carolina Upstate area.
Impact on Local Taxes
Currently, as the property is vacant, barring one unoccupied house, it generates about $10,000 a year in taxes. Under a 10-year Fee in Lieu of Tax agreement, the developer will pay $250,000 in taxes in their first year, gradually escalating up to $600,000 in their tenth year. The city authorities are looking at this agreement as a significant potential booster for the local economy.
Future Changes and Project Timeline
The city manager has hinted at possible changes to the original agreement. However, these changes are not expected to materially alter any of the essential elements already announced. With the developer and city in agreement, the project is anticipated to commence construction in 2025.
