In a meeting with an otherwise light agenda, Spartanburg City Council gave unanimous final approval to a development agreement with Drayton Holdings for a new 320-unit apartment project to be located across the street from the redeveloped historic Drayton Mill.
In a memo to council, City Manager Chris Story said the project will help address housing demand and fuel continued growth on the east side of the city.
As part of the agreement, 32 of the project’s units will be leased at below market rents to tenants with incomes at or below 80 percent of area median income. The developer is expected to invest a minimum of $44 million in the project, and the agreement provides a fee-in-lieu of taxes arrangement for the property, rising from $880,000 to over $1,200,000 in 10 years.
For more from the Spartanburg City Council meeting on October 26, see the full video below.
Spartanburg City Council meeting, October 26, 2020 from City of Spartanburg on Vimeo.
Prepared by the City of Spartanburg.