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Flournoy 300 unit downtown apartment project


gman430

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Maybe someone with more knowledge about this can tell me, but did Gateway postpone because of worry about the market for housing like this? I'm sure they wouldn't go to the trouble without doing market research, It's just a little but between this, Broad Street, and Stadium apartments, that's a whole lot of apartments

 

I like it and it's a much better site than I initially thought, just curious.

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This looks A LOT nicer than most of the plain boxy architecture we've been seeing lately.  Overall looks very nice, though the building looks awfully close to the river.  Would be nicer to give a little more of a buffer to the river so it didn't feel like it was going through a tight channel in this section.

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Maybe someone with more knowledge about this can tell me, but did Gateway postpone because of worry about the market for housing like this? I'm sure they wouldn't go to the trouble without doing market research, It's just a little but between this, Broad Street, and Stadium apartments, that's a whole lot of apartments

 

I like it and it's a much better site than I initially thought, just curious.

I don't think anyone here knows the exact reason for the Gateway postponement.  They may be reconsidering the project given the flood of similar projects or it may be something totally different.  

 

By my count there are 1,980 units either under construction or on the drawing board/announced.  That doesn't include about 100 units completed within the last year (100 East and Riverwalk) nor the 'for sale' units that have been announced.

 

Supposedly the market research shows sufficient demand for that and more, but that is a lot of units hitting the market at once.

 

I'm sure at least one or more of the proposals will fall by the wayside.  I hope the Gateway and Flournoy projects do get built because they have the best architecture IMO.  Ideally, all of them will get built, but we will see.  

 

I think there will be lots of attention given to how quickly 98 East McBee and 400 Rhett lease up, since they will be the next ones to complete.

Edited by vicupstate
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Would this be visible looking up the river from Main Street?

Edit: It looks like this would fall more behind the Embassy Suites, etc based on sight lines from Google Earth. You might catch a glimpse of a corner, but not much (if it's even tall enough to really be seen past the Academy Street Bridge...)

Edited by GvilleSC
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I don't think anyone here knows the exact reason for the Gateway postponement. They may be reconsidering the project given the flood of similar projects or it may be something totally different.

By my count there are 1,980 units either under construction or on the drawing board/announced. That doesn't include about 100 units completed within the last year (100 East and Riverwalk) nor the 'for sale' units that have been announced.

Supposedly the market research shows sufficient demand for that and more, but that is a lot of units hitting the market at once.

I'm sure at least one or more of the proposals will fall by the wayside. I hope the Gateway and Flournoy projects do get built because they have the best architecture IMO. Ideally, all of them will get built, but we will see.

I think there will be lots of attention given to how quickly 98 East McBee and 400 Rhett lease up, since they will be the next ones to complete.

Good story this morning from the G-News on this:

Now, the Greenville-based firm gets those requests from at least one developer every other week, said broker Kay Hill.

And those developers aren’t just looking to build downtown. Demand is also heavy in the suburbs, she said.

“We are fielding multiple calls from developers both for downtown and suburban markets,” she said. “We think demand has been pent-up for so long here that we are still in need of new doors. We really don’t see that slowing down for quite some time.”

Industry experts agree.

A recent report by UBS, the Swiss global financial services giant, ranked Greenville as one of the top metros in the country for multifamily investing.

Brian Schick of Arlington, Va.-based Woodfield Investments, said the UBS report, along with his firm’s research and its work with Greystar Real Estate Management in Greenville, played a role in the decision to pursue a project here.

Woodfield recently purchased 19.33 acres on the Millennium Campus, at the intersection of Laurens Road and Innovation Drive, to build a 336-unit Class-A unit apartment community. The deal will be the company’s first Upstate project, Schick said.

He said the company is looking for additional sites in Greenville, particularly in the downtown West End and the suburb, for other communities.

Edited by gman430
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