By Liz Segrist
lsegrist@scbiznews.com
Published Feb. 21, 2012

Several developers are capitalizing on the increasing demand for rental apartment options in the Greenville area.

“There is a huge hole in the market here for rental units,” said Ryan Peiffer, Hughes Investments leasing director.

Several developers recently submitted proposals to the city of Greenville’s Planning Commission for developments near Woodruff Road, Cleveland Park and Clemson University’s International Center for Automotive Research, or CU-ICAR. The commission will revisit the applications at its March 8 meeting.

The Easlan Investment Group Inc. of Greenville plans a complex called The Vinings at ICAR at the intersection of Laurens and Dallas roads. This gated community near CU-ICAR would have nine, three-story buildings on a 16.5 acre site. Laurens East LLC is the current property owner of the full 38-acre site.

The 244 multi-family units would be made of 86 one-bedroom units; 74 two-bedroom units; 42 two-bedroom units with basements; and 42 three-bedroom units.

Easlan plans to include a clubhouse, pool and playground. The St. Francis and CU-ICAR shuttle runs along this portion of Laurens Road, creating the opportunity for the Greenville Transportation Authority to potentially establish a stop at the community, according to commission documents.

Arlington Properties Inc. of Birmingham, Ala. plans to develop a multi-family development on Rocky Slope Road near Woodruff Road in Greenville. The planned development, the Tapestry

Park at Verdae, would have 241 units on 17 acres. The Hollingsworth Funds Inc. is the current property owner of the 52-acre site.

Another proposed development near downtown Greenville would create up to 40 units near Cleveland Park, at 130 Woodland Way, across from the dog park where horse stables are currently located.

“There is a high demand for rental units in this area, which is currently unmet,” Greenville developer Adam Chandler said in commission documents. “This zoning will allow for an upscale rental project to be developed.”

Chandler applied for zoning approval from the city on the 2.7 acre plot. Chandler said the stables are currently under-utilized and intend to close, according to commission documents. M.S. Shore Co. Inc. of Greenville is currently selling the property for $950,000.

“Due to the decline in the stables, value of surrounding properties would be adversely affected if the stables were closed and not redeveloped,” Chandler said. “Proposed use of upscale rental apartments will maintain quality and character of the area while providing sustainable use.”

Existing flood plains make it difficult to develop under current zoning ordinances, Chandler said. His proposed zoning would allow for a more compact development, while maintaining significant green space. Residents could access public park facilities, the Swamp Rabbit Trail and the Cleveland Dog Park. The Planning Commission unanimously denied the rezoning at its February meeting.

Downtown Greenville is set to receive two mixed-use developments off of Main Street, both of which are currently under construction. Greenville developer Phil Hughes’ mixed-use development, Riverwalk, on 101 W. Camperdown Way near Falls Park, is already leased out before construction has even finished.

This development has lower rental rates than some other downtown developments since it received a new market tax credit deal. A three-bedroom unit will rent for about $843 a month and a two bedroom will rent for about $639 a month.

The seven floor, 44-unit development offers 6,000 square feet of ground floor retail and about 18,000 square feet of office space on the sixth and seventh floors.

“We saw a huge demand for rental properties in downtown Greenville,” Peiffer said.

Russ Davis, the Davis Property Group LLC owner, is developing 100 East, a seven-story, mixed-used development at the intersection of Washington and Spring streets.

It includes a rooftop swimming pool; 6,000 square feet of commercial space on the ground floor; and six additional floors containing 48 residential units. The units will be smaller and more contemporary than Davis’ McBee Station development on McBee Avenue.

Read more in the Feb. 27 GSA Business issue. Subscribe here.