Academy Street property sells for $5.1M to senior living developer

1571 Views

A 2.25-acre property bordered by Academy and Wardlaw streets, and the Norfolk Southern Railroad has sold for $5.1 million to Second Fifty Communities, a developer of master planned, senior living communities.

The seller of the property was Mill Village LLC, a partnership between Willz Tolbert of Tolbert Property Advisors and two unnamed investors.

The property transfer was completed on Aug. 28.

Alex Mozingo of Second Fifty, has confirmed the company’s intent to build a senior living development on the property in Greenville’s West End near Markley Station and 400 Rhett apartment complex. He said they have chosen not to disclose more details at this time.

This is the second senior living community in the calendar year to be proposed for downtown Greenville. As of June 2018, a senior living community by Solomon Development Services was still proposed for Butler Avenue and Buncombe Street, but that project has not yet received final approval from the city.

Second Fifty’s other projects include Merrill Gardens at Carolina Park in Mount Pleasant, and Merrill Gardens at BullStreet in Columbia.

In terms of the type of development Second Fifty could build in Greenville, the Columbia project, for instance, is currently still under construction and will eventually have 196 units with full kitchens, expansive common areas, a rooftop deck, and sports bar and pub. Residents will have access to 24-hour dining and staffing, active wellness programs, and scheduled transportation.

From Second Fifty’s website, second50communities.com, they have partnered with “Merrill Gardens and Pillar Properties to create communities that embrace the resident and work for the whole family. The partnership believes that isolation is the enemy of aging well, and that connectedness, especially during one’s second fifty years, is an essential aspect of health, career, family life, and community life.”

Also taken from the Second Fifty’s website, their “mission is to be the place for proactive and forward-thinking seniors who want to embrace life and live connected to others who share their hope, commitment and desire for a more healthy, rewarding and fulfilling retirement experience.”



Tolbert, who is also a partner in the nearby proposed Falls Walk townhomes at 102 Oneal, says the process of piecing together the 1.3-acre and 0.74-acre parcels to create the final property that sold began more than two years ago, in July of 2016.

During the 25 months that followed, the properties traded hands under different limited liability corporation names, multiple environmental studies were completed, various approvals from the City of Greenville were needed in order to demolish the dilapidated residences on Payne and Crook streets, and the city abandoned the end of Crook Street to be included in the property.

Tolbert says the 12 residents previously living on the property were in “unlivable” conditions when the property was first acquired and they were relocated to better housing.

“[We] facilitated the development of a community that will allow hundreds of seniors the opportunity to enjoy downtown Greenville, while generating millions in future tax dollars for the city to build parks, and improve transit – things that everyone benefits from,” Tolbert says.

SHARE

Comments

Related Articles