Jan
08

Mixed Use Planned for Mount Pleasant

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mount pleasant mapA Spartanburg-based real estate firm plans to redevelop about 38 acres along U.S. Highway 17 in Mount Pleasant into apartments, commercial space, a tech incubator, a self-storage facility and a hotel. Johnson-Mount Pleasant Investments LLC, an affiliate of Spartanburg-based Johnson Development Associates, bought the property known as the Gregg Tract for $11.5 million out of bankruptcy court, according to Ben Graves, Johnson Development’s multifamily division president. The tract sits along Highway 17 between Interstate 526 and Town Centre in Mount Pleasant.

“We were approached by a friend in the real estate community about this parcel being a high-profile piece of property that’d be well-suited for mixed-use development. Since it was in bankruptcy court, we had the opportunity to move quickly,” Graves said, referring to former property owner William Maxwell Gregg II of Columbia, who filed for bankruptcy protection in 2013, according to S.C. Bankruptcy Court filings.

Plans call for a mix of residential and commercial space, including a 123-room hotel, a 600-unit self-storage facility, a 456-unit apartment complex, 62,000 square feet of retail space and an unspecified amount of office space. Graves did not disclose the name of the planned four-story hotel but said it is a national brand.

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