GREENVILLE, S.C. — Miami-based 13th Floor Investments has acquired 168 acres in Greenville with plans to build the first phase of On The Trail, a mixed-use project. The sales price for the land was not disclosed.
In partnership with Miami-based developers Dean Warhaft and Warren Zinn, the team plans to redevelop the abandoned 250 acres surrounding Greenville’s historic Union Bleachery mill, which fronts the Swamp Rabbit Trail, a 22-mile, multi-use recreational greenway. Originally built in the 1990s, The Union Bleachery mill formerly was used as a commerce center but has sat vacant since a fire shut down its operations in 2003.
13th Floor Investments, which now owns a majority ownership stake in the development project, will take over the management, construction and implementation of Warhaft and Zinn’s strategic vision for the site. Warhaft is a licensed professional land surveyor with experience as a real estate development lawyer and manager of all aspects of construction projects. Zinn is an attorney with experience acquiring, developing and managing commercial properties.
On The Trail will be built in multiple phases, featuring a variety of residential, commercial, office, retail and hospitality uses. Construction of the project’s first phase is slated to begin later this year and will encompass primarily multifamily development with commercial frontage along Blue Ridge Drive.
Located at 3335 Old Buncombe Road, the property is situated 2.5 miles north of downtown Greenville. The project is also 3.1 miles from the Clemson University at Greenville campus and 15.3 miles from the Greenville-Spartanburg International Airport. The property currently has a mile of the Swamp Rabbit Trail on its site, with the development plan calling for over one mile of new extensions and miles of multi-user trails.
“We’re seeing incredible demand for new residential and commercial development in proximity to the city’s thriving downtown district,” says David Resnick, vice president at 13th Floor Investments. “With so much scale, we’re excited for the opportunity to transform this site into a destination in and of itself — a ‘city within a city’ — for the Greenville community.”
On the Trail will provide sustainable regional benefits, including housing, local jobs, educational opportunities, civic spaces and art in public places.
13th Floor Investments is focused on value-add and opportunistic real estate projects in Florida and across the Southeastern U.S. The firm has invested over $784 million of equity in 55 real estate transactions including residential, commercial, industrial and multifamily properties.
— Julia Sanders