Downtown Spartanburg gets new apartment complex
January 12, 2014 by Lisa
Lofts of Greenville developer Pace Burt recently announced that a building he purchased in downtown Spartanburg about a year and a half ago will be opened in mid-year, following a renovation costing between $5.5m to $6m that will add an apartment community to the city.
According to Burt, the building will be upscale in nature and include an art gallery, coffee shop, and two fitness centers. Each unit will have one bedroom and include bamboo cabinets, Venetian ceilings, and a plasma screen television. The units will each be 800 square feet in size. At the current stage, Burt added, about 70% of the painting in the building is completed.
According to GSA Business, Burt was able to charge reasonable rates for these new apartments as he managed to obtain historic status for the building. This means there are additional tax benefits which he is able to pass on to the residents.
Burt has a great deal of experience in renovating historic buildings and converting them to residential units. In Spartanburg in 2007, he renovated the Mayfair-Baily Building into an apartment community of 107 units that was named Mayfair Lofts. He has recently begun another Mayfair Lofts project that will have retail and parking space, and at least 50 apartment units. He has also developed two buildings in downtown Asheville and in other parts of the southeast.
Burt is most likely turning to flyer printing to promote the building and the 88 units of housing it will add to the downtown area.