News Summary
Lima One Capital has terminated its lease for the redevelopment project at Greenville County Square due to slower than expected development. Originally planning to establish a new headquarters and create 300 jobs, the company is now exploring alternative locations. Despite this setback, Lima One remains committed to expanding its presence in Greenville. Meanwhile, the $1 billion redevelopment project continues, with other tenants eager to fill the space vacated by the lender.
Greenville, South Carolina – Lima One Capital, a national mortgage lender headquartered in Greenville, has officially terminated its lease for the redevelopment project at Greenville County Square. This decision comes as the pace of development at the site has been slower than expected.
The company had originally announced plans to establish a new headquarters at County Square in 2023. Lima One was prepared to invest $51.4 million in this project, which included commitments to create approximately 300 jobs. However, the prolonged timeline for the redevelopment prompted the organization to seek alternative locations for its headquarters to ensure uninterrupted business operations.
Despite stepping back from the County Square project, Lima One Capital remains dedicated to expanding its presence in Greenville. The company is currently exploring a new potential location and plans to disclose further details once negotiations are finalized.
County Square Redevelopment Overview
Greenville County Square is a significant redevelopment initiative valued at $1 billion. The project is spearheaded by RocaPoint Partners and is spread across 40 acres near downtown Greenville. Ongoing activities include site work, infrastructure development, and utility installations, which are necessary for the project to move forward.
The departure of Lima One Capital has opened up opportunities for other tenants, as numerous interested parties have emerged to fill the space vacated by the lender. RocaPoint Partners expressed disappointment at Lima One’s exit but reassured stakeholders that completion of the infrastructure and the commencement of vertical construction will take place soon, paving the way for the announcement of new office tenants.
Future of County Square
The overall redevelopment plan features a range of national retailers, with Whole Foods confirmed to establish its second location in Greenville as part of this exciting initiative. Originally, the completion of the development was anticipated to coincide with Lima One’s operational timeline, but that schedule has shifted due to the recent developments.
Background of Lima One Capital
Currently, Lima One Capital operates from its headquarters at 201 East McBee Avenue in Greenville. The decision to search for a new site underscores the challenges faced by companies navigating the complexities of development timelines in a rapidly evolving real estate market.
As the County Square project continues to unfold, the focus remains on transforming the area into a vibrant hub that meets the needs of the community while fostering economic growth.
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Additional Resources
- Greenville Online: Lima One Capital Terminates Lease
- Wikipedia: Greenville, South Carolina
- Post and Courier: Lima One Capital Terminated Lease
- Google Search: County Square Redevelopment
- Greenville Journal: Timeline for County Square Redevelopment
- Encyclopedia Britannica: South Carolina
- WSPA: Anchor Tenant Backs Out of Greenville County Square Redevelopment
- Google News: Greenville County Square
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