A big boost to the stock of Class A office space in downtown Spartanburg is on the way after Spartanburg City Council unanimously approved a development agreement with Liberty Street Investors, LLC, for a $30 million development to be built adjacent to the St. John Street parking garage (view map of location here).
In addition to holding space for around 300 new downtown Spartanburg white collar jobs, the four-story building is also expected to feature ground-floor retail and a rooftop restaurant.
The planned development marks a major win for local economic development leaders who’ve sought in recent years to lure more white collar office projects to a Downtown Spartanburg that has seen a boom in residential and mixed-use development over the last decade. In a memo to Spartanburg City Council, City Manager Chris Story said that terms of the development terms include the City selling the City-owned property to the developer for a fair market value price and a fee-in-lieu of tax arrangement that will generate City revenue of around $265,000 in the first year and growing thereafter.
The project’s developer expects to break ground in late 2022 or early 2023. For more from the Spartanburg City Council meeting on March 28, see the full video below.
Spartanburg City Council meeting, March 28, 2022 from City of Spartanburg on Vimeo.
Prepared by the City of Spartanburg.