Mixed-use project at the US Finishing/Cone Mills Superfund site in Greenville, South Carolina

2. UNION DEVELOPMENT CORPORATION TEAM
Chris R. Martin Luc D. JosephClaire E. SandersJarad L. McCray
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3. SITE HISTORY
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4. SITE HISTORY
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5. SITE HISTORY
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6. HEXAVALENT CHROMIUM
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7. CONTAMINATION ON THE SITE
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8. SUPERFUND
1) Preliminary Assessment/Site Investigation (Site Assessment)
1) National Priorities List (NPL) Site Listing Process
1) Remedial Investigation/Feasibility Study (Site Characterization)
1) Records of Decision (Remedy Decisions)
5) Remedial Design/Remedial Action
5) Construction Completion
5) Post Construction Completion
5) National Priorities List Deletion
5) Site Reuse/Redevelopment
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9. DEMOGRAPHICS
Population: 7,900 - 8,671 - 9,241
- 1.28% growth
Median Income: $30,851
County Population: 506,000
County Median Income: $51,595
City Population: 70,000
City Mean Income: $74,340
Sans Souci Greenville (County/City)
Sans Souci Tapestry Segmentation
Sans Souci Tapestry Segmentation
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10. MARKET ANALYSIS - ECONOMY
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11. MARKET ANALYSIS - OFFICE
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12. MARKET ANALYSIS - MULTIFAMILY
Address: 201 Smythe St,
Greenville, SC
Category: Existing
Use:
Multifamily
1BR Rent: $1,065
2BR Rent: $1,355
3BR Rent: $1,555
Comparable - The Lofts of Greenville
Address: 25 Draper St,
Greenville, SC
Category: Existing
Use:
Multifamily
1BR Rent: $1,320
2BR Rent: $1,795
3BR Rent: $2,450
Comparable - West Village Lofts at Brandon Mill
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13. MARKET ANALYSIS - MULTIFAMILY
Sans Souci
- 750 total units
- 4.96% vacancy
- 42 Years - Average Age
- 0 Proposed/UC Units
Address: 1201 Cedar Lane Rd
Greenville, SC
Category: Existing
Use:
Multifamily
1BR Rent: $650
2BR Rent: $770
3BR Rent: $900
Sans Souci Comparable - Hawks Landing
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14. MARKET ANALYSIS - RETAIL
● Opportunity for traditional retail is limited.
● Shift towards experiential, service-driven retail.
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15. MARKET ANALYSIS - HOSPITALITY
● 2,154 rooms in Downtown Greenville by 2020
● Zero hotels in Sans Souci
● Opportunity to gain Furman University demand
● Proposed development will be the demand driver
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16. PHYSICAL SITE ANALYSIS: SITE LOCATION
3335 OLD BUNCOMBE ROAD, GREENVILLE, SOUTH CAROLINA
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17. PHYSICAL SITE ANALYSIS: SURROUNDING NEIGHBORHOODS
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18. PHYSICAL SITE ANALYSIS: SUBJECT SITE
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19. PHYSICAL SITE ANALYSIS: INFRASTRUCTURE & ZONING
I-1 : Industrial
Intended Uses: Industrial
Setbacks:
Front: 50 Feet
Side: 25 Feet
Rear: 25 Feet
Height Limit:
90 Feet
Coverage Ratio:
None
Parking:
1 per 500 SF
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20. EXISTING STRUCTURES
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21. PHYSICAL SITE ANALYSIS: TOPOGRAPHY
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22. PHYSICAL SITE ANALYSIS: TOPOGRAPHY
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23. PHYSICAL SITE ANALYSIS: HYDROLOGY
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24. PHYSICAL SITE ANALYSIS: HYDROLOGY
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25. PHYSICAL SITE ANALYSIS:
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26. PHYSICAL SITE ANALYSIS:
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27. REMEDIATION STRATEGY
Remediation Goals
- Create a safe and clean
property that can be for the
health and enjoyment of all
plants, animals, and peoples.
- Aggressively identify and
eliminate contamination in and
near historic structures that
contribute to the character of
the site.
- Maximize developable land by
concentrating fill and cap
locations
Remediation Process
1. Excavation of sludge,
treatment, and impermeable
lining of aeration lagoon
2. Demolition, treatment, and
deposit of concrete podiums in
aeration lagoon
3. Excavation, treatment, and
deposit of contaminated soils in
aeration lagoon
4. Structural compaction of
aeration lagoon and capping
inclusive of impermeable vapor
barrier
5. Long-term maintenance of
monitoring wells and
monitoring of water and
ecosystems adjacent
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34. GUIDELINES FOR DESIGN
● Identify areas on site of opportunity &
constraint
● Curate a master plan through public &
private input
● Connect the proposed development to
the past
● Propel the currently contaminated site
towards a clean buildable site
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35. DESIGN GOALS
● Create a detailed, flexible master plan that fits into today’s urban fabric and can be transformed to
meet the needs of future generations.
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36. DESIGN PRINCIPLES
● Emphasis on the importance of pedestrian and vehicular access to, and circulation within, the property
Pedestrian Trails Parking Lots Swamp Rabbit Trail
Road Circulation Pedestrian Circulation
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37. DESIGN PRINCIPLES
● Adaptive reuse of former structures & clear visibility of mill buildings throughout the site
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38. DESIGN PRINCIPLES
● Effective use of civic space and public parks throughout the site
Green/Park Space Planting Strips Civic Space
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52. DEVELOPMENT BUDGET
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53. SUMMARY DEVELOPMENT PRO FORMA & RETURNS
Unlevered IRR Levered IRR Equity Multiple
13.89% 23.72% 2.88x
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54. CAPITAL STACK
EQUITY
DEBT
GAP
Gap Financing
Equity Required:
$24,700,000
Union Development: $12,350,000
Equity Ask:
$12,350,000
Equity
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55. Q&A