POINSETT CORRIDOR DEVELOPMENT PLAN
The Greenville Revitalization Corporation recently retained Urban Partners to prepare a market analysis and economic development plan for the Poinsett Corridor. The purpose of our work is to identify potential redevelopment opportunities along this 8.9 mile corridor, stretching from the City of Greenville to Furman University and Travelers Rest, that will create economic value and provide needed amenities to the community. Our market analysis will identify what residential, retail, office, hotel and recreational/entertainment development opportunities exist for the Corridor as well as evaluate appropriate locations within the Corridor for specific uses, given physical constraints and adjacent uses. Public and private actions necessary to support redevelopment
efforts will be identified and a phasing schedule that recommends immediate revitalization activities that are feasible and can catalyze additional private investment — as well as longer-term activities that may depend on the implementation of earlier development actions or infrastructure upgrades – will be established.
We are currently completing our market analysis and have worked with GRC to identify six catalyst development sites within the Corridor for which we will prepare detailed pro forma financial analysis. This analysis will detail the characteristics of the project (SF, segment of market served, amenity level, etc.) and establish – based on regional market characteristics — the financing requirements of development, the on-going operational requirements of each development component and the sales and rental pricing levels of each development component. Our analysis will be formulated from the point of view of the tenant or developer an can be used by GRC and property owners to engage the interest of potential developers and investors in these projects. For each site, our analysis will identify whether the proposed development can be self-sufficient, whether it can
provide net operating income to support debt service or – depending on the use type – whether it will require annual operating subsidies and, if so, what the magnitude of those subsidy requirements will be. Potential sources of development, operating and endowment support will also be