Tom Croft, the Croft Co. Inc. owner, plans to build between 98 and 110 units at 121 Rhett St. next to the Riverplace mixed-use development on Camperdown Way. If approval is granted, Croft expects to begin construction this summer and open doors in the first quarter of 2014.
By Liz Segrist
Published April 18, 2012
A new residential apartment complex coming to downtown Greenville could help alleviate some of the demand for downtown rental options.
Tom Croft, the Croft Co. Inc. owner, plans to build between 98 and 110 units at 121 Rhett St., which sits next to the Riverplace mixed-use development on Camperdown Way, developed by Hughes Investments.
The complex will have a pool, exercise facility, rooftop terrace, club room and the potential for a few retail spaces along Rhett Street. The residential component is not contingent on retail.
The apartment complex will mainly have one- and two-bedroom options, with some three-bedrooms mixed into the plans.
The Design Review Board and the Planning Commission plan to vote on this project at its May 3 meeting.
Croft bought the property back in 2007 with the intention of building condominiums. He received tentative approval of the building designs from the Design Preservation Commission, which is known as the Design Review Board today. The bank then backed out on lending for the condo development at the brink of the recession.
“Right before we started pre-selling those units, the economy hit a brick wall,” Croft said. “Since then, it has been very difficult to get any sort of interest out of lenders to lend for condominium developments.”
After seeing the McBee Station rental complex’s success, he decided to build a residential, apartment development.
The proximity to Riverplace, Falls Park, Fluor Field and the West End enticed Croft to maintain ownership of the property, and to now follow through on plans to build there.
“The location gets better and better as more things happen around it,” Croft said. “Most of the new ventures in the West End have all exceeded expectations of a lot of people. The West End has become a very vibrant, desirable location to be.”
The limited options for rental apartments in downtown Greenville has increased the demand, making downtown an ideal location for this development, according to the company’s market study performed last year.
“Downtown we don’t really see young families being attracted,” Croft said. “It’s more young professionals or married or single people, maybe some retirees.”
The Croft Co. received approval from the city’s Planning Commission last month to build a single lot subdivision at the intersection of McBee and McDaniel avenues.
The Croft Co. Inc. developed the 400 North Main Condominiums and the Field House Condominiums at Fluor Field. The company’s current project is Park View, four single-family lots near Cleveland Park. Two of the homes are now under construction.