Greer Greenlights Downtown Development Deal

Hotel, retail space and parking garage

Roger Davis
October 11, 2017 - 5:50 pm
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Greer City Council unanimously approved a midtown development Tuesday night centering on a four-story hotel with retail space and an adjacent multi-level garage with at least 300 parking spaces. 

It's a lease-back deal between the City of Greer and developer Sycamore Greer LLC.  The company will purchase the 2.6 acre site and construct a 100+ room Hilton-brand Hotel "of traditional design" (probably a Hampton Inn), on the North Main St. site formerly occupied by The Tire Exchange.  In turn, the city will acquire land fronting on Jason St. for construction of the parking garage, then lease ninety spaces back to Sycamore Greer for the hotel's use at $30,000 per year for thirty years. The city will also construct a pedestrian bridge between North Main and Cannon Street.

Terms of the investment also require the city to reimburse Sycamore Greer LLC $1.8 million for "infrastructure costs," and to issue $10-12 million worth of public bonds to finance construction of the parking garage on a 25-30 year payment arrangement that stipulates no tax millage is to be allocated for the debt.

Greer Mayor Rick Danner noted that the investment will replace a blighted area of mostly vacant buildings with a significant attraction to enhance the city's appeal as a place to visit and do business as well as relieving some of the parking problem in the downtown area.

 The project should be started and finished "within 24 months," according to the agreement approved Tuesday.

 

 

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