Oct
12

Developers Put Downtown Four-Story Office Project on Hold

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October 10, 2008

By Rudolph Bell – The State

Frank Halter, chairman of the Coldwell Banker Caine real estate company, said he and partners had wanted to break ground on the 80,000-square-foot to 100,000-square-foot building early next year along East Broad Street.

They’ve shelved the plans for the time being, he said, because of high construction costs. To land tenants, the development needs to include a 300-space parking garage, Halter said, and that adds $4.5 million to the cost.

Also, he said, two potential tenants that developers had hoped to put in the building made other plans and the current credit crisis makes financing more difficult, though not impossible, to obtain.

“Now is not the time to do the job,” Halter said. “Six months, twelve months from now that might change.”

The building was planned on 2.8 acres right next to the Church Street bridge and the Elliott Davis Building.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.greenvilleonline.com/apps/pbcs.dll/article?AID=/20081010/BUSINESS/81010023/1003

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