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Peacock secures financing for apartment development


By Liz Segrist
lsegrist@scbiznews.com
Published Jan. 25, 2013

Local developer Grant Peacock recently secured financing for an apartment development on the site in downtown Greenville where he once planned to build the luxury Peacock Hotel & Spa.

Peacock projects 98 E. McBee Street Apartments to open sometime in the first quarter of 2014. Construction on the $16 million development — located one block from Main Street at the corner of McBee Avenue and Spring Street — is likely to begin in April.

The 98 E. McBee Street Apartments will be built on the former site of the planned Peacock Hotel & Spa in downtown Greenville. (Photo/firnFOTO)

The 98 E. McBee Street Apartments will be built on the former site of the planned Peacock Hotel & Spa in downtown Greenville. (Photo/firnFOTO)

Local developer Grant Peacock plans to begin construction on 98 E. McBee Street Apartments, above, sometime this spring. (Photo/Provided)
Local developer Grant Peacock plans to begin construction on 98 E. McBee Street Apartments, above, sometime this spring. (Photo/Provided)

The four-story development will have 55 units, consisting of eight studios, 36 one bedrooms and 11 two bedrooms. The rent ranges from roughly $1,300 to $1,500, but rents could change in the future.

“The demand for rental units in downtown continues and apartments are the hot ticket to get financing right now,” Peacock said. “I expect many tenants to be an older demographic looking to downsize and be in a downtown living environment.”

Builders will take advantage of the roughly $8 million worth of infrastructure already in place, building on top of the foundation and cement pillars originally placed for the $60 million Peacock Hotel.

Peacock and business partner Mark Kent of Kent Wool partnered on that high-end, luxury boutique hotel in 2006, with plans to open in 2009. Plans stalled when financing couldn’t be secured amid the recession, and the site remained vacant for several years.

The 98 E. McBee Street Apartments will have an exercise room; a bike storage and bike workshop area; storage units; two elevators; a secured entrance; a community room; a lobby; a laundry, dry cleaning and shoe repair pickup and drop-off service; housekeeping services and an outdoor community area with grills, picnic tables and possibly a pavilion.

“I envision this as the premier address for rental in downtown Greenville,” Peacock said. “In real estate, it’s all about location. Here someone could walk to a restaurant or take their bike to work.”

Outside of the future 98 E. McBee Street Apartments, the sidewalks will be lined with trees, bushes and plants, and two alcoves with benches for the public. There will be a small driveway and some parking spaces as well.

Peacock plans to work with the city for the streetscaping. The development still requires a building permit from the city.

Kent will remain as a partner for the new project, though Peacock is the lead on it.

Peacock also runs Creative Resources Global with his son, Craig Peacock, who spent more than 10 years in Shanghai developing relationships. The company, which operates in Greenville and Shanghai, makes parts in China for U.S. companies. It produces wood, metal, plastic and wiring for products, such as aluminum bases for tables, cans for shoe polish or parts for golf carts.

Previous coverage

Apartments to be built on Peacock site


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