Montgomery Development, new company formed by former Pacolet Milliken VP, will purchase property
The former vice president of real estate for Pacolet Milliken, John Montgomery, has formed a new land development company, Montgomery Development, and has forged a partnership with Pacolet Milliken Enterprises Inc. in which Pacolet Milliken will sell Montgomery a 6-acre parcel at Drayton Mills in Spartanburg that contains the warehouses and headquarters buildings for future retail development.
Over the last three years, Pacolet Milliken has made a significant investment to the Drayton Mills project, contributing all of the funding for the pre-development work and regulatory issues, as well as the creation of the Drayton Mills Trail and new plaza that that was unveiled last week. Pacolet Milliken will continue as the master developer of the 225-acre property. Drayton Mill Lofts, a 289-unit luxury apartment community, is on track and expected to be completed in early 2016.
“I couldn’t be more excited to start this new partnership with Pacolet Milliken. This is a great opportunity for both companies and I am appreciative for their ongoing support,” said Montgomery. “I still get to be a part of a wonderful company and team that continues to make a positive impact in our area, and I also get to fulfill a lifelong dream of running my own business. Tara Sherbert and her team at TMS Development are doing a fantastic job on the loft apartments, and I look forward to working with her and Pacolet Milliken to continue the revitalization effort of the entire Drayton Mill Community.”
Montgomery will also continue to manage the development and sale of Pacolet Milliken’s land portfolio in the Upstate, which includes several thousand acres of undeveloped land that Pacolet Milliken inherited when it was created as a separate company from Milliken. A portion of that legacy property has been sold over the years, including the land that helped to bring new economic development to the area such as Toray Industries, Kobelco Construction Machinery and Bass Pro Shops, while some of the land has been donated and other portions redeveloped.
“We are excited about this ongoing partnership with John because we think that he is not only uniquely talented in this area of development, but he brings a long history of community knowledge and involvement to these projects,” said Richard Webel, president of Pacolet Milliken. “John has been a big part of our team, especially his leadership roles in the economic development deals with Toray, Kobelco and Bass Pro Shops, and we are excited that the relationship will continue and also support his desire to have his own company.”