Massive mixed-use development announced at Judson Mill
November 7, 2017
CBRE announced the sale of the former Milliken & Company textile mill at 701 Easley Bridge Road in Greenville, South Carolina. The 36-acre site was purchased by Belmont Sayre on October 16, 2017. CBRE’s Nick Hollstegge exclusively represented the buyer in the transaction.
Belmont Sayre is partnering with Three Corners Development to redevelop the historic Judson Mill site into an urban mixed-use project located minutes from the heart of downtown Greenville.
“We had been looking for the right project in Greenville for a few years,” said Ken Reiter, President of Belmont Sayre. “All of the accolades it receives are no accident. It’s a great community and one we really wanted to be a part of, so when the opportunity to redevelop Judson was brought to us, we jumped on it.”
According to Reiter, the County was very supportive in enabling the project to come together through an expedient rezoning and the passage of the Bailey Bill incentive, a powerful economic development tool provided via a special property tax assessment that encourages redevelopment activity. CommunityWorks, a local non-profit partner, was also instrumental in making the deal possible.
The scale of this live-work-play destination is unprecedented in the Upstate. The project, located in up-and-coming West Greenville, will include approximately 204 residential apartments, 215,000 sq. ft. of office space, 106,000 sq. ft. of industrial space, 35,000 sq. ft. of flex space and 12 acres of retail outparcels. The project will also possess abundant free parking. The anticipated delivery date of the redevelopment is set for Q2 2019.
“The project is being introduced to the market at a critical time,” comments Hollstegge. “The apartments will give downtown residents an alternative to the West End and Main Street corridors while the warehouse will help satisfy the market’s demand for quality industrial space in central Greenville County.”
“The historic character at Judson District will be a unique differentiator for residential and commercial occupants,” said CBRE’s Shelby Dodson. “Additionally, creative loft office space with sufficient parking is at a premium in Greenville’s CBD, with Class A asking rates reaching $30.00 per sq. ft.”
CBRE’s Blaine Hart, Dodson, and Hollstegge have been engaged to lease the office and flex/light industrial space at the Judson District. The design is to create a full destination experience where individuals are enjoying themselves seven days per week. Given the size of the existing structures, there are quite a few unique attributes that will be incorporated into the development.
Belmont Sayre, based out of Chapel Hill, NC, is a private real estate investment and development company specializing in mixed-use developments in downtown and urban settings. The company is an expert in the adaptive reuse of historic, environmentally-challenged buildings. Over the past five years in North Carolina, Belmont Sayre has planned an excess of 2 million square feet of urban, mixed-use developments.
Three Corners Development focuses on strategic, sustainable, master-planned communities, urban transformations and adaptive reuse initiatives. They are headquartered in Chicago, IL and are active in several business sectors, from healthcare to student housing, across the country.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
