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Spartanburg approves Barrett development agreement for downtown mixed‑use project including 220 apartments
Summary
City council approved a development agreement with Barrett Realty Investment for a mixed‑use project at 145 West Broad Street that staff said will include about 220 market‑rate rental units, retail and a wrapped parking garage, with an estimated $70 million private investment and an escalating tax‑payment schedule over 20 years.
City council approved a development agreement May 26 for a multi‑block downtown redevelopment at 145 West Broad Street, a public‑private partnership staff said will wrap private residential and retail development around a public parking structure and help complete a planned joint government complex.
City Manager Chris Story told council the Barrett developer will invest roughly $70 million in the private portions of the block and that the agreement will generate escalating tax payments over a 20‑year term—staff cited example figures that rise from about $84,000 in the early years to roughly $1.9 million by year 20 as an illustrative curve, while telling council the final payment schedule will be set once project costs are finalized.
The project design presented to council shows a nearly 1,000‑stall parking garage that will be wrapped by the private development. Staff said the private portion will include about 220 rental units (mostly two‑bedroom market‑rate apartments with some one‑ and limited three‑bedroom units), significant restaurant and retail space overlooking a new plaza, and resident amenities such as a pool deck. The plan also envisions the return of Blue Moon to a prominent downtown location.
Council members asked about unit mix, rental price points, and affordable housing commitments. Staff confirmed the 220 units in this agreement are market‑rate; they noted a nearby east‑end project planned separately will provide 48 affordable units targeting roughly 50–60% of area median income through a Low Income Housing Tax Credit (LIHTC) approach. Story said the city and county have been meeting weekly on the combined public and private work and that construction sequencing remains complex because public infrastructure and private construction depend on one another.
Council voted to approve the development agreement; staff said the county will execute aspects of the agreement once final cost and payment exhibits are completed, with a final schedule expected in the months after council consent.
The agreement is intended to add downtown housing capacity, active street edges and new commercial space, and to expand the city’s tax base through private investment while completing public facilities associated with the joint government center.
