City Council approves development agreement for new downtown office building
83,000-square-foot building planned for Liberty Street lot adjacent to St. John Street parking garage
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 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 Monday's City Council meeting, see the full video below.