Greenville’s mixed-use residential and retail development engine is humming along nicely, fueled by job growth and a solid economy, and more is to come, real estate experts said at a recent CREW Upstate luncheon.
“You could say the same thing about any market right now in the Southeast,” said Dan Doyle, vice president of development at the Charleston-based Beach Company.
The firm is behind the Main + Stone and South Ridge projects in Greenville.
“We have been on an aggressive mode of expansion in terms of where we can grow outside of Charleston,” Doyle said. “When you look at the infrastructure that’s in place to set up a great place to live and to work, Greenville checks that box and then some. There are very few locations in my opinion that can compete with the setting that you all have here in town.”
Speaking during a panel discussion at the Poinsett Club downtown, Doyle cited the city’s “very progressive” leadership as a key to Greenville’s development success.
Shelby Dodson, senior associate for CBRE, moderated the discussion.
Doyle and another panelist, Donna Brashier, a portfolio manager at Beach, were upbeat in talking about Main + Stone and South Ridge.
South Ridge, a mixed-use residential and retail development at South Church Street and University Ridge, has 350 apartment units.
In choosing the location, Beach Company officials noted the development was “situated between the highly desirable Augusta Road neighborhood and the unique urban parks of downtown Greenville.”
Now 81 percent occupied, South Ridge has one-, two- and three-bedroom units in the proximity of Cleveland Park, the Swamp Rabbit Trail and Falls Park. Its residents include doctors, nurses and medical students who work or study at local hospitals, Brashier said.
It also includes retail and commercial space, as well as a parking garage at the center of the property.
Main + Stone is a 292 unit mixed-use development under construction in Greenville’s downtown submarket.
In addition to apartment homes, it will add 20,800 square feet of retail and commercial space in the North Main area.
The first building is fully occupied, and the project is exceeding expectations with an older demographic than South Ridge, Brashier said.
Tommy Molin, senior associate with CBRE and the third panelist, said multifamily projects with commercial components are “100 percent the new norm” for developers.
“In particular in the Southeast, but across the country, urban apartment projects all are basically required or the cities all want them to have commercial space,” he said. “The trend’s certainly going to continue.”