Sep
03

Gateway Building on Hold; Downtown Project Going Up

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September 3, 2008

By Rudolph Bell – Greenville News

Plans for a development in downtown Greenville more than 20 stories high have been slowed because of the shaky economy, a partner in the project said Tuesday.

Rick Thoennes III, one of five local businessmen involved, said the group still plans to spend more than $100 million on a complex that would include apartments, condominiums, a luxury hotel and two restaurants near the Bi-Lo Center.

But because of poor market conditions, the partners no longer expect to break ground in the spring of 2009, Thoennes said. He said it would be harder to sell the condominiums and rent the apartments with the down economy right now.

“We just feel like it makes sense for us to slow down a little bit and let the economy strengthen before we move forward full steam ahead,” Thoennes said.

Thoennes and partners bought the development site, a 1.8-acre parcel between Beattie, Church and East North streets, in January.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.greenvilleonline.com/apps/pbcs.dll/article?AID=/20080903/BUSINESS/809030378/1003
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