Spartanburg City Council unanimously approved a development agreement at a recent meeting that paves the way for a new 95-unit townhome development near the city’s northern boundary.
Located along Florida Ave., near Spartanburg Medical Center, the $23 million development will have ten of its units set aside for tenants at or below 80 percent of area median income as part of the development agreement. Units will average 1,550 square feet and will feature three bedrooms and two baths.
The development will also feature around 2,000 square feet of commercial space, with a restaurant concept expected to occupy that space.
Under terms of the agreement, some portions of the development currently outside city limits will be annexed, and the City will maintain public improvements related to the development. The agreement also includes a fee-in-lieu of tax payment plan. According to the City Manager, the development will generate annual local government revenues of over $250,000 in the first year of the agreement and will step up to over $600,000 in year 10.
For more from the meeting on August 26, 2024, follow this link to view the full video.
Written by the City of Spartanburg.