322 W South St, Union, SC 29379

PROPERTY DESCRIPTION

KEY FOCUS: CALL ME AT (843) 532-1641

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 as is, where is 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, 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. Take advantage of the totality of the South Carolina Upstate Market and Interstate I-85 Industrial Corridor where value, capacity, and opportunity exists close to everything. Closer as well to the I-77 Corridor and Charlotte, 23 minutes from Interstate I-26.

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 All aspects Buyer’s Due Diligence.

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.