The renovation of the Piedmont Plush Mill site has received $9 million in new markets tax credit financing. The site sits along U.S. Highway 123 near west Greenville. Consulting firm Tax Advantage Group assisted in the closing of the financing.
The project, located in an Appalachian Regional Commission Distressed Area with 44.2% poverty and 36.8% median family income, includes remediation of a brownfield site, restoration of the Plush Mill, and development of a pocket park for the city of Greenville, according to a news release. The revitalized 24,500-square-foot building will house Serendipity Labs, a coworking and shared office space.
"The availability of the new markets tax credits and South Carolina Textiles Communities Revitalization programs were essential to completing this project and restoring vibrancy to this long-neglected neighborhood,” said project developer Mark Peters, in the release. “Tax Advantage Group was able to guide us through the multi-faceted financing package to successful completion."