Wallace Thomson Hospital Adaptive Reuse - Workforce & USC Student Housing Bailey Bill & Historic Tax Credits

Highlights:

• Bailey Bill Tax Credits: https://www.masc.sc/uptown/11-2020/economic-development-tools-bailey-bill
• Historic Tax Credits: https://www.masc.sc/uptown/10-2019/economic-development-tools-historic-rehabilitationcredits
• Massive need for Workforce Housing and Student Housing to be addressed via this solution.
• Tier Four Incentives County Adjacent to Greenville/Spartanburg | Expansion Zone.
• Plethora of Space, Equipment, Furniture, Physical Plant Equipment worth close to $1M by itself.
• Put in Coffee Shops and a Restaurant for Extra Revenue Streams.
• Visit USC Union Expansion Plan Update:

Description:

PROPERTY DESCRIPTION

Discover the potential of 322 West South Street, Union, SC, a 127,000 SF 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 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 significant workforce housing need can be served here, with ample onsite parking (246 Spaces). 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-rehabilitationcredits. Effectively, your profit rolls forward, and tax implications are frozen for up to twenty (20) years. Consult a Tax Attorney for finalized advice.

For this property, open this link: https://acrobat.adobe.com/id/urn:aaid:sc:US:54295e52-277c-40099d60-6069c518ec54 as a full Site Description. 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 offer incentives to reduce 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:
University Hospital Adaptive Reutilization with a huge tier of Tax Credits and other structures within the scope of the South Carolina Union Campus, envisioned here: https://acrobat.adobe.com/id/urn:aaid:sc:US:1c7107c1-cfaf-4e12-848a-e6722e9c5689

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.

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