Colliers International represents Arlington Properties, Inc. in purchase of historic Bon Haven home site in Spartanburg for planned multifamily development
June 4, 2020
The residential community will maintain elements of the former historic site in its design.
Colliers International Brokerage Associate Ralph Settle (pictured) represented Alabama-based development company Arlington Properties, Inc. in the purchase of 6 acres at Bon Haven, the site of a former historic home in downtown Spartanburg. The property, located at the corner of N. Church Street and Asheville Highway, was sold for $2.4 million.
Bon Haven is the former site of the Cleveland Family ancestral home, which was torn down in 2017.
The developer, Arlington Properties, Inc., is a family-owned multifamily developer with local ties, having built a number of apartment communities across the Southeast including three in Greenville: Velo Verde, Tapestry Park at Hollingsworth and Trailside at Reedy Point. Mark Stuermann, the Executive Vice President of Development and manager of the Bon Haven project, is a Spartanburg native.
Colliers’ Ralph Settle is also a native of the Spartanburg area and was able to leverage his expertise in the local development process and downtown Spartanburg as well as relationships with the City and County to achieve a favorable outcome for the historic site that will benefit residents of Spartanburg.
The development firm is sensitive to the historic nature of the property and plans to have a community garden area and tea house incorporating the remaining elements of the historic home site. They are also mindful of and will save as many of the unique existing healthy trees as possible.
Site work began on the apartments at Bon Haven in May of 2020 and the project is expected to be complete by the summer of 2021. Plans show a 160-unit suburban style community with urban design characteristics in order to fit with the context of the surrounding area.
The site underwent rezoning, tax incentives and SCDOT approvals, procurement of access to utility providers and SCDHEC approvals before it was permitted for development. It will be one of the first ground up multifamily developments of over 100 units in downtown Spartanburg.
City officials, community leaders and the Northside Development Group are in support of the planned development, saying the project will help the city achieve its goal of having a good mix of market rate, workforce and affordable housing on the north side of town in order to attract retail and improve the community while still honoring its past.
The City intends to, for the first time in its history, directly utilize some of the tax proceeds from this new development to go into a fund to subsidize additional affordable development immediately nearby.
This housing initiative will provide needed walkable housing options near Spartanburg Regional and downtown, off-campus housing for students of nearby local colleges and more room for Spartanburg’s growing young professional base.
“This apartment community will be a great fit and asset to our community as we move towards our goal of bringing more residents to the downtown area. As Spartanburg grows, it is important that our housing is in step and we are providing the infrastructure and foundation needed for the people and businesses to prosper. We are extremely pleased to have found a developer like Arlington Properties, who we know will take great care to honor the historical significance of the site in their work and deliver an aesthetically pleasing multifamily development our community can be proud of.” – Chris Story, Spartanburg City Manager
“This is yet another example of a successful economic development project which highlights the collaborative nature between local leadership, economic investors and our community. Spartanburg Area Chamber of Commerce, Economic Futures Group, and the City and County of Spartanburg have all worked together to create a pathway of success for Arlington Properties which will lead to something truly amazing for our community. Our partnership with an experienced regional developer like Arlington will allow us the opportunity to maximize the potential of one of our most unique assets in downtown Spartanburg.” – Katherine O’Neill, Chief Economic Development Officer of the Spartanburg Chamber of Commerce Economic Futures Group
“With its proximity to Spartanburg Medical Center and downtown, the apartments at Bon Haven will offer a convenient housing option for our associates and medical residents. As we continue to grow as a community, new residential space plays a critical role in talent recruitment, economic development and quality of life. Certainly, this initiative will add to Spartanburg’s vibrancy.” – Phil Feisal, President of Spartanburg Medical Center
About Colliers International
Colliers International | South Carolina has over 150 staff members, including 65 licensed real estate professionals, covering the entire state with locations in Charleston, Columbia, Greenville and Spartanburg. Total 2019 brokerage volume exceeded $419 million, which included over 452 sales and leasing transactions. In addition to traditional commercial real estate representation services for our clients, the company is actively engaged in Corporate Solutions and Healthcare Services. Colliers International is an Accredited Management Organization (AMO) through the Institute of Real Estate Management (IREM) and is the largest manager of commercial real estate properties in South Carolina, with a portfolio of nearly 14 million square feet of office, industrial, retail and healthcare properties. Colliers International’s staff hold 44 professional designations, the most of any firm in South Carolina. Colliers | South Carolina’s partner, LCK, provides project management services for new facilities and renovations across South Carolina.
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn
