$23 Million Townhome Project Coming to Spartanburg’s Florida Avenue
Exciting Development Plans for Spartanburg
Development plans for the construction of 95 new townhomes and a possible restaurant set to spring to life off North Church Street in Spartanburg has been given the green light. At their recent meeting on August 26, the Spartansburg City Council endorsed a development agreement that VanRock Holdings, LLC presented.
Town home Project Ready for Launch
The ambitious project, known as the Village Grove Townhomes, is set to line up along 1017 Florida Avenue. The site is demarcated by Florida Avenue, Dakota Street, and North Church Street. As it’s located close to the hospital, the property only partially falls under city jurisdiction while the annexation process for the remaining tract is underway.
The project, which is estimated to cost a staggering $23 million, promises to feature commercial space spanning 2,000 square feet. Much to the delight of foodies, a restaurant could potentially occupy this slot. Each of the townhomes is projected to occupy approximately 1000 square feet and will likely include three bedrooms and two bathrooms. Aspiring homeowners will be pleased to learn that at least 10% of the units shall cater to workforce housing, earmarked for residents whose earnings stand at or below 80% of the area’s median income.
Development Agreement Terms
The terms of the agreement stipulate that VanRock Holdings shall work in collaboration with the city on trail development within the locality. City Manager Chris Story revealed further details on this agreement, expressing the hope that these impending developments could potentially serve as a connecting point between the Northside, Cleveland Park, and trails in the University of South Carolina Upstate area.
The proposed development has sparked excited reactions from various stakeholders who are optimistic about the potential benefits it promises. Councilwoman Erica Brown, who represents the region, expressed her delight, “I think this will be incredibly impactful for that area and also spur future development, so I’m really excited about it.”
Tax Agreement with the Developer
Upon a quick appraisal, the property currently garners roughly $10,000 in annual taxes as it currently houses just a single unoccupied house. Under a 10-year Fee in Lieu of Tax agreement, the developer shall remit $250,000 in taxes during the first year, which will eventually peak to $600,000 by the tenth year. Story updated the council that while minor changes to the agreement are anticipated between now and the second reading, none of them would drastically affect the key points he mentioned.
Construction for the project is slated to begin in 2025.
