M Peters Group no longer plans to complete its $75 million mixed-use development on East Main Street in downtown Spartanburg.
The Greenville-based real estate developer has listed the project’s eight parcels between 127 and 163 E. Main St. for sale with Reedy Commercial. The sale price for the 1.43-acre site is $8.95 million.
Despite the property’s listing, ideas for a multimillion mixed-use development on the site haven’t been scrapped. Reedy Commercial is selling the downtown site as a redevelopment opportunity with city-approved plans for a nine-story project with:
- Two stories of commercial space
- Over 200 residential units
- An onsite parking garage
According to the property’s listing, the new developer will have access to the due diligence work completed by M Peters Group for the mixed-use project, including architectural designs, incentive work, phase one environmental assessment, asbestos surveys and other documents.
“The economic development growth of Spartanburg is due to the great work being done by the city of Spartanburg, Spartanburg County, and community leadership. We believe the Main Street site is an incredible opportunity, and you will not find a better partner than Spartanburg,” according to a statement from M Peters Group.
Alex Powell, Reedy Commercial’s director of development services, said the downtown mixed-use redevelopment project represents a rare opportunity for investors and developers to shape the future of downtown Spartanburg. The property sits one block from Morgan Square, the planetarium and the new City Hall.
“With its prime location, diverse potential uses, and proximity to downtown’s key amenities, this property is uniquely positioned to deliver exceptional value for both residents and businesses,” Powell said.
For more information on the property’s sale, visit reedycommercial.com/current-listings/?propertyId=1455380-sale.
