Pacolet Milliken and Montgomery Development form Partnership
October 21, 2015
SPARTANBURG, SC – Pacolet Milliken Enterprises, Inc. is pleased to announce a partnership with Montgomery Development, a newly formed land development company started by John Montgomery, former vice president of real estate for Pacolet Milliken. With the partnership, Montgomery will continue his role of managing the development and sale of Pacolet Milliken’s land portfolio in the Upstate, while the company will sell Montgomery Development a 6-acre parcel at Drayton Mills that contains the warehouses and headquarter buildings for future retail development.
Pacolet Milliken’s land portfolio 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 others portions redeveloped. Currently Pacolet Milliken is serving as the master developer on several projects including a large tract outside of the City of Clemson and the Drayton Mills redevelopment in Spartanburg.
“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.”
Over the last three years, Pacolet Milliken has made significant investments into 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 is being unveiled this week. Pacolet Milliken will continue its ongoing commitment to the project as the master developer of the 225-acre property.
“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 life-long 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.”
About Pacolet Milliken Enterprises, Inc.
Pacolet Milliken Enterprises, Inc. is a private, family-owned investment company founded in 2007 by the shareholders of Milliken & Company with a forward-looking mission to secure and grow high-quality assets with enduring value in the energy and real estate markets. For more information, please visit www.pacoletmilliken.com.
About Montgomery Development
Montgomery Development is a full service real estate development firm headquartered in Spartanburg, South Carolina. Founded in 2015, the company seeks to develop high-quality commercial properties that will have a long-lasting and positive impact in the communities in which it operates.
