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Quick Facts

Project Name
MAIN@BROAD
CDE
Greenville New Markets Opportunity, LLC (GNMO)
Total Development Cost
$44,000,000
GNMO Allocation
$17,325,103
Location
201 South Main Street
Greenville, SC 29601
Developer
Windsor Aughtry Company
Square Footage
149,700
Leveraged Lender
Carolina First Community Development Corporation
Tax Credit Investor
Transcapital Solutions
Permanent Jobs
226 Direct
88 Indirect/Induced
Construction Jobs
471 Direct
222 Indirect/Induced
Low-Income Community
Poverty Rate 30.5%
TIF District
Financing Complete
July 2008

MAIN@BROAD


Greenville, SC

The Project

Located at the intersection of Main Street and Broad Street, the 6-story, 239,500-square-foot mixed-use project features 64,500 square feet of retail and office space; a 250-space 88,000-square-foot parking garage; a new 135-room, 87,000-square-foot Courtyard Marriott; and locally-owned Nantucket Seafood Grill. Project construction began when the economy was in bad shape, costs were high and the future uncertain. Those were not the times when most developers were willing or able to undertake a significant construction project, least of all one in a downtown urban center. “The project was a major expense. Major, major,” Project Developer Bo Aughtry said. “We built that project, one could argue, at the worst economic time since the Great Depression. That project was priced out at the absolute peak of construction costs at the cusp of the downturn.” What made the project possible, Aughtry said, was $27.5 million in New Market Tax Credits from Carolina First and Greenville New Markets Opportunity.

Community Impact

The concept for MAIN@BROAD was conceived in response to the City of Greenville’s request for proposal to better utilize a vacant city-owned-and-operated property. Formerly a vacant fire station and underground parking garage, the subject site was sold to the development team for the mixed-use project. As part of the design strategy, a large public green space was added to the master plan, which is open to the community and serves as a welcoming venue for public gatherings and events. At completion the public courtyard was gifted back to the City of Greenville.

“Its location in the heart of downtown Greenville is the greatest advantage MAIN@BROAD will offer tenants. The 250,000 annual Peace Center attendees will walk past our corner every day, with an additional 7,400 vehicles driving by. The visibility that the location offers to potential tenants is unsurpassed in Greenville.”

– Paul C. “Bo” Aughtry III, Principal with Windsor/Aughtry Company

Since 2006 taxadvantagegroup has managed its affiliated $89 million Greenville New Markets Opportunity, LLC (GNMO) NMTC fund, which provides investment capital for real estate development projects in low-income areas throughout Greenville, South Carolina.

For more information contact:

Tammy C. Propst | 864.271.2737 | tpropst@taxadvantagegroup.com