Union Flex for Sale - Union County
Property Description - Contiguous to Greenville/Spartanburg
Discover the potential of 322 West South Street, Union, SC, a 127,000 SF as is - where is building steeped in history and ripe for adaptive reutilization. Originally constructed in 1921, this multi-purpose property offers endless possibilities for specialty investors, with zoning for exempt, workforce/student housing, special purpose, adaptive reuse, office, residential, and institutional use. With its exceptional flexibility and prime location in Upstate South Carolina, this as is - where is property offers a unique opportunity to create a space that meets diverse needs. Whether envisioned as a specialized facility or a distinctive residential conversion, this property invites innovative investment in a Tier Four Incentives County adjacent to the explosive growth of Greenville/Spartanburg.
This Adaptive Reuse Opportunity is extremely rare for a Hospital Conversion to Workforce, USC Students, and Senior Housing Focus. There are 246 parking spaces, and the property is adjacent to a new Baseball Field serving University of South Carolina Students. The massive structure itself is over 127,000 SF with a fully running physical plant serving the facility. Offices, Floor Plans delineated, Industrial Level Kitchen & Cafeteria, Conference Rooms, Offices, Areas for Coffee Shops, Study Areas, Retail Spaces Available, the List Goes On, located in the Center of Town, near the University of South Carolina Union Campus, with a need for Student Housing to locate here. Off-Campus Classroom Space - A massive workforce housing need can be served here, with ample onsite parking. Bailey Bill Tax Credits: https://www.masc.sc/uptown/11-2020/economic-development-tools-bailey-bill The assessed value is typically frozen for 15–20 years, preventing tax increases due to improvements. Based on an acquisition of less than $2M. In addition to that, Historic Tax Credits: https://www.masc.sc/uptown/10-2019/economic-development-tools-historic-rehabilitation-credits. Effectively, your profit and tax implications are frozen for up to twenty (20) years. Consult a Tax Attorney for finalized advice.
FULLY CONCEPTUALIZE EVERY ASPECT OF THIS LINK: https://uniondevboard.wpengine.com/
**DO NOT HESITATE TO CONTACT ME TO DO INDUSTRIAL, LAND-DEV, RETAIL, HOUSING DEVELOPMENT HERE TO ADD TO THE CAPACITY FOR THIS PROJECT AND UNION COUNTY AS A WHOLE**
Incentives:
The City of Union and Union County incentives are designed to lessen the tax burden and encourage growth. County incentives are determined on a case-by-case basis, with additional potential tax incentives for projects that address community gaps.
Incentives from the City of Union:
Capacity Fee (100%) – One-time
Building Permit Fee (50%) – One-time
Hospitality Fee (50%) – Annually (up to 5 years)
Building License Fee (50%) – Annually (up to 5 years)
Accommodation Taxes (50%) – Annually (up to 5 years)
Incentives from Union County:
Infrastructure Upgrade – Grants and Loans
Property Tax Incentives
Special Discretionary Incentives
Location Description
Hospital Adaptive Reutilization with a huge tier of Tax Credits and other structures within the scope of the University of South Carolina Union Campus. This is a massive facility with a fully operational Physical Plant, 246 parking spaces, and all the components of a Hospital, poised for change to serve Workforce Housing and Student Housing that are currently not adequately served. The valuation of this Hospital is over $7M, but this acquisition can be made for under $2M Contiguous to Greenville/Spartanburg.
**Conceptualize and understand this very clearly: Union County is a Tier Four Incentives County adjacent to the explosive growth of Greenville/Spartanburg. This is the Expansion Zone, and four new Industrial Projects are now under consideration. See: https://uniondevboard.wpengine.com/ as an absolute to understand the scope of this. This asset is the totality of a Hospital and its footprint for identified utilization. Massive Tax Credit Structure to proceed. Get in touch, and I can facilitate additional development as well. Success for all concerned.
+/- 19.6 Miles to Interstate I-26 Access
+/- 28.4 Miles to Interstate I-85 Access
+/- 38.4 Miles to Interstate I-77 Access
+/- 43.5 Miles to Greenville International Airport
+/- 76 Miles to Charlotte International Airport
Highlights
* Hospital Adaptive Reutilization for Workforce Housing - University of South Carolina Union Students | Nursing and Others $600+ per head per month estimated or more. All Aspects Buyer's Due Diligence.
* Bailey Bill Tax Credits: https://www.masc.sc/uptown/11-2020/economic-development-tools-bailey-bill The assessed value is typically frozen for 15–20 years, preventing tax increases due to improvements.
* In addition to that, Historic Tax Credits: https://www.masc.sc/uptown/10-2019/economic-development-tools-historic-rehabilitation-credits. Effectively, your profit and tax implications are frozen for up to twenty (20) years. Consult a Tax Attorney for finalized advice.
* Massive Industrial Development in Tier 4 Incentives County Adjacent to Greenville/Spartanburg Maxed Out Area. See: https://uniondevboard.wpengine.com/ and contact me regarding other development plans I can facilitate with the County.
