Caldwell Dr. & Reidville Rd.
Spartanburg, South Carolina

Old River Place is a mixed-use land development opportunity located on the southeast side of Spartanburg, South Carolina. The development consists of an assemblage of approximately 47 acres which will be developed into a retail parcel (17 acres), a high density residential or office parcel (9 acres), single family parcels (12 acres), and open space (trails, parks, etc.).

The extension of Caldwell Drive is supported, in part, by Spartanburg County, through a Development Agreement providing for a portion of the cost of road construction. This extension will connect a number of high end residential communities, originally developed on a dead-end road (Caldwell Drive), through to a major transportation corridor (Reidville Road). In addition, the road extension will relieve traffic and safety concerns for the residents living off Caldwell. The County’s Development Agreement requires developments on this Property adhere broadly to the general planning principals of “New Urbanism”.

The retail parcel is situated at the point of the new intersection, and will benefit immediately from high traffic counts for both roads. Within one mile of the site, there are over 1000 existing homes with a median household income of $93,418, with many more homes planned. Within three miles of the site, there are over 8500 homes with a median household income of $70,236. This area represents the highest income concentration within Spartanburg County. Traffic counts on Reidville Road are currently in the 30,000 to 35,000 car per day range, while the projections on opening for the Caldwell Road extension are 5000 to 7000 cars per day (exclusive of the impact of any new development).

Certain parcels will be acquired in the Fall of 2007, while others will not be acquired until May, 2008 (but may be acquired earlier, if desired). Full engineering work for the road will commence in late 2007, with construction of the road beginning in June of 2008, although some preliminary engineering and estimating has already been done. The developers’ preference would be to have the retail parcel sold, with site work for that major parcel being coordinated with the construction of the road extensions.

Currently, the developers project the total sellout, based upon retail land pricing, to be as follows:

Retail Parcel 17 acres $4,250,000
Office/High Den. Res. 9 acres $1,080,000
Other Dev. Parcels 12 acres $ 480,000

Total Retail Sellout $5,810,000

The developers of this parcel are willing to work with individual parcel purchasers, or will consider venture or purchase offers for the entire development.