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Columbia Business Monthly

#YeahTHATAgenda: The Stunning Swell of Apartments in South Carolina, White House OKs Greenville-built F-16s-to-Taiwan deal, SC's Bid for New Auto Plant, Citadel Mall's Stunning Transformation

Aug 16, 2019 10:09AM ● By Chris Haire
South Carolina's apartment market still going strong in the Big Three Metros: Thanks in part to the arrival of nearly 6,000 new households to the Charleston, Columbia, and Greenville markets, apartment vacancies fell and rents rose over the last four quarters, according to a new report from the commercial real estate firm Marcus & Millichap. And in case there was any questions, that nigh 6K figure is for each metro, not combined.

As everyone who lives in the Lowcountry can attest, a host of new multi-family housing is set to the hit the market in the coming quarters, with M&M predicting the Charleston market will see inventory additions at its "highest level in nearly 20 years."

That said, apartment deliveries are "slowing in Columbia" while Greenville-Spartanburg will see "deliveries [falling] to the lowest level in four years," M&M says. 

Year over year,  3,050 new units were added to inventory in Charleston, 1,050 in Columbia (including The Roseberry pictured above), and 580 in Greenville, according to the report. In Greenville, 1,250 are under construction, while Columbia can boast 800 under-construction units and Charleston a massive 3,500.

And in the Holy City area, those apartments may be more attractive options than buying a home.

Marcus & Millichap notes that the affordability gap -- the difference between average effective rent and a mortgage payment -- in Charleston is $505. That's over three times Columbia's ($146) and nearly double Greenville's $257.

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Greenville-built F-16 deal with Taiwan gets White House approval: The Trump administration has given the thumbs up to a plan to sell 66 F-16 fighter jets to the island nation of Taiwan, a move that will surely anger China. The deal awaits the approval of Congress, where support for the $8 billion deal has been largely encouraged. 

Taiwan is currently in the process of modernizing its air force, according to The National Interest magazine. The foreign policy magazine notes that this modernization, along with the purchase of new F-16s and a revamping of other F-16 fighters, could potentially give Taiwan the ability to "contest" an air attack from China.

Formerly manufactured in Fort Worth, Texas, the F-16 program began its Greenville shift two years ago. In April, Lockheed representatives and South Carolina elected officials celebrated the unveiling of the new production line at the S.C. Technology and Aviation Center, with the first jets expected to roll off the lines in 2021.

If approved, the Taiwan deal would joined several other recent F-16 deals. Bulgaria recently agreed to a $1.7 billion deal to buy eight F-16s. Three other nations have agreed to buy new F-16s, Bahrain, Slovakia, and Morocco. Last year, Bahrain inked a deal for 16 F-16s, with Slovakia placing an order for 14 fighter jets, while earlier this year Morocco agreed to buy 25 new planes.


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4,000: The number of students who have registered for SC Codes, a free online service from the S.C. Department of Commerce to train much-needed Palmetto State web developers. (Upstate SC Alliance)
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NC, SC in the running for lucrative auto plant that could bring 2,000 jobs (Charlotte Observer)

$10M plan, 210 new jobs breathe life into Lancaster Co. site. (The Herald)

Citadel Mall investors outline Epic plans for Charleston shopping center (Post & Courier)

Carolina Panthers facility to cause a ‘sports entertainment migration’ to SC (The State)

Teacher shortage in SC? Not for these Upstate school districts. Greenville News)

Repo Woman: Meet The Greer Businesswoman Who Runs A Nationwide Repossession Empire (Greenville Business Magazine)

A Clemson apartment complex, turned residents away after learning portions of the building weren't ready (Greenville News)

Flying Biscuit expected to open in September in West End (WYFF)

Waterfront hotel in downtown Charleston one step closer to reality (Live 5 News)

Curtain falls on Panthers training camp at Wofford which had an annual economic impact of $13 million on Spartanburg (GoUpstate)

The State has launched its annual The State's Best contest (The State)

Rock Hill could ban electric scooters (The Herald)

The Cook’s Station owners partner with Spinks family for new downtown Greenville facility (Upstate Business Journal)

Peep the eclectic menu for Food Fight, opening soon on James Island (Charleston City Paper)

22 Charleston-area companies make list of fastest-growing firms in the U.S. (Post & Courier)

Customers wait hours for opening of new Food Lion in Florence (SC Now)

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Hires & Honors
Attorneys Edward J. Schafer and James F. Knox have joined the Turner Padget team's Columbia office. Schafer and Knox will be a part of the the firm's newly formed Government Relations and Public Policy unit.

Greenville-based THS Constructors, Inc., has hired Jon Upton as superintendent and Scott Hutsell as assistant superintendent.

The City of Columbia has named Henry M. Simons the new assistant city manager for operations, a role that puts him over Parks and Recreation Department, Support Services, Fleet Services and the Columbia-Richland Communications Center (CRC 911 Center).

Josh Greb, a 12-year veteran of the Marine Corps, has joined the Boyer Commercial Construction, Inc. team in Columbia.

Charleston's SpiritLine Cruises has hired Sally Harper as senior sales and event manager, with Wes Creed and Brogan Knight joining the sales team. 
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Announcements & Openings
Florida's Adornus Cabinetry, LLC, plans to move its corporate headquarters to Lancaster County. The site will also manufacturer Adornus products, which include kitchen cabinets and bathroom vanities. Adornus will invest $10 million and hopes to create over 200 jobs. (SC Commerce)

Following a $3 million renovation, the Best Western Plus Roper Mountain Road Inn & Suites at 831 Congaree Road Greenville is open. The property is owned by Vijay R. Patel and features 145 guest rooms, including 23 suites. (Best Western Plus)

A new apartment community in northeast Columbia,  The Roseberry, is now in operation. Offering apartments with up to 1,523 square feet from around $1,100 to nearly $1,900 a month, The Roseberry (see image at top) features "a resort-style saltwater pool with an expansive sundeck; a library and quiet gathering space; a concierge; and a highly 'Instagrammable' outdoor mural," along "with sprawling community gardens featuring pear, fig, peach and apple trees."  (The Roseberry)

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Deals

Trinity Partners recently facilitated the subleasing and lease extension for a full floor in the TD Building at 1501 Main St. in Columbia. Trinity’s Roger Winn, Rob Lapin, Paul Hartley, and Braden Shockley were all involved in the deal. (Trinity Partners)

Jimmy Wright of NAI Earle Furman represented the landlord, Shops by the Mall, LLC, in leasing a 13,800 SF retail space located at 1175 Woods Crossing Road, Ste. 7A, Greenville, to Classic Carolina Home. (NAI Earle Furman)

Ted Lyerly, CCIM of NAI Earle Furman represented the tenant, Mavis Discount Tire, in leasing an 8,636 SF retail space located at 1534 E. Main St., Spartanburg, from Associated Realty Partners East Main, LLC. (NAI Earle Furman)

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