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Spartanburg County attracted $1.1B in new investment in 2023

Krys Merryman //January 9, 2024//

Workers at Time Bicycle's Landrum facility will make bikes from carbon fiber. (Photo/Time Bicycles)

Workers at Time Bicycle's Landrum facility will make bikes from carbon fiber. (Photo/Time Bicycles)

Spartanburg County attracted $1.1B in new investment in 2023

Krys Merryman //January 9, 2024//

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In 2023, OneSpartanburg Inc. landed 24 economic development projects on behalf of Spartanburg County and the city of Spartanburg resulting in $1.1 billion in capital investment and the creation of 1,146 new jobs in the county.

This is the third consecutive year that Spartanburg County has recruited $1 billion or more in economic development projects.

“Our county’s 2023 economic development figures come out to a little over $3 million and three new jobs created per day over the course of the year,” said OneSpartanburg Inc. President and CEO Allen Smith. “The ultimate beneficiaries of our success are the people and families who call Spartanburg home, and I’m excited to see what Spartanburg County’s 2024 turns out to be.”

Statewide, South Carolina recruited $9.2 billion in capital investment, with more than 14,000 jobs announced. It was the second-highest capital investment total in state history.

New Spartanburg County projects announced in 2023 including projects underway:

The Grain District/Fifth Third Park: A consortium of public and private partners including the city of Spartanburg, Spartanburg County, the state of South Carolina, OneSpartanburg Inc., The Johnson Group, and Diamond Baseball Holdings, an organization that owns and operates select Minor League clubs affiliated with Major League Baseball, announced in May that a Minor League Baseball stadium, along with residential, retail and office space, would come to the $425 million Grain District on the western edge of downtown Spartanburg. Fifth Third Park will have 3,500 fixed seats and a 5,000-square-foot club room and will be available year-round for public and private events.

Time Bicycles: A carbon fiber bicycle manufacturer, Time announced plans to establish a facility in Landrum, along the soon-to-be-developed Saluda Grade Rail Trail. Time is an international cycling company, manufacturing bikes that have won Olympic gold medals, world championships, and numerous stages of the Tour de France. The investment totaled $6.5 million and is expected to create 105 new jobs.

Milo’s Tea Co.: The well-known beverage company announced it would invest $130 million, creating 103 new jobs, in a Moore facility where its teas and lemonades will be brewed and bottled.

Taylor Enterprises: Efforts to attract corporate headquarters to Spartanburg continued when Taylor Enterprises moved C-suite operations downtown.

Saluda Grade Rail Trail: Work on the trail set to run from western North Carolina through Campobello, Landrum and Inman could begin in 2024, bringing new development to the area.

Converse Mill: New residential space at the historic mill, originally built in 1886, should be completed soon bringing 173 loft-style apartments near the Pacolet River.

Expansions announced in 2023 included:

Cytiva: With an extensive bioprocess product portfolio, Cytiva invested $63 million to expand operations in Spartanburg County.

Keurig Dr. Pepper: KDP announced it will continue the development of its state-of-the-art coffee roasting and manufacturing facility in Spartanburg County. The company will invest $100 million into the work, creating 250 new jobs by 2027.

Toray: Having previously paused manufacturing at its carbon-fiber facility due to the pandemic, Toray roared back in 2023 with a $200 million expansion that will create 125 new jobs at the composite materials plant in Spartanburg County.

Lockhart Power: The utility provider invested $14 million toward key infrastructure expansions in Tyger River Industrial Park North and in Pacolet.

Other notable downtown Spartanburg projects underway include:

Planetarium: A 45-foot planetarium will be the centerpiece of a learning center next to the Spartanburg County Headquarters Library.

Spartanburg County Government Complex: The sales tax funded a new county courthouse and a new Spartanburg Police Department headquarters and will fund a joint city/county government complex. A new, consolidated County and City Government Center will contain the existing administrative functions located at the County Administration Building and City Hall. The new joint complex will be approximately 189,000 square feet, will cost an estimated $52.3 million, and will be the first of its kind in South Carolina. The joint complex will be located at the site of the existing Spartanburg City Hall. Plans for the joint complex will be refined in subsequent planning and design stages.

111 Main: The new, mixed-use development will feature more than 7,000 square feet of retail space, and 25 apartments in the heart of downtown Spartanburg.

Morgan Square: Work on the new design should being in 2024, with additions of public gathering spaces and family friendly areas.

West Main: The former Coca-Cola plant will be redeveloped into a mixed-use space with apartments, office space, retail storefronts and an event space.

M Peters Group: Plans for their mixed-use development downtown are being finalized, and they plan to build a manufacturing facility at the former Pepsi plant.

Multifamily: Residential space continued to grow, with the opening of The Charles, the Fitzgerald, The Lively, and Boxcar along Union Street.

“There is a lot on the horizon that Spartanburg County has to be excited about, and many of our county’s successes wouldn’t be possible without a long list of public and private partners working hard to bring economic opportunities to Spartanburg,” said OneSpartanburg Inc. Chief Economic Development Officer Katherine O’Neill.