Managing Director and Principal at Great Lakes Capital Clay Scheetz speaks on Tuesday during a groundbreaking ceremony for The Madison, the $83 million redevelopment of the former Greenwood Middle School site. SCOTT ROBERSON | DAILY JOURNAL
SCOTT ROBERSON | DAILY JOURNAL
Under cloudy skies on a chilly fall morning, Greenwood officials broke ground on an $83 million project that is years in the making.
Dubbed The Madison, construction of the redevelopment of the 19-acre former middle school property located along Madison Avenue in downtown Greenwood is underway.
The development will include seven buildings with nearly 330 market-rate apartments, more than 40 condos and more than 18 townhomes, along with more than 18,500 square feet of office and retail space on the first floors of the buildings. The condos and townhomes will likely start at about $300,000, though specific prices have not yet been determined. It is unclear how much the apartments will cost to rent as it will depend on the market at the time.
A 36,000-square-foot, three-story parking garage with more than 356 spots will also be built on the properties. Additional surface parking and garages attached to apartment buildings will bring total parking to more than 1,000 spots, with some set aside for residents, and others for the public visiting the area for dining and shopping, or for recreation at nearby parks and the soon-to-be completed fieldhouse, which will anchor the project when it is completed sometime in 2022.
There are now two additional buildings proposed that could house condos along Surina Way, just south of the Greenwood Public Library, according to the latest plans.
The project will diversify options for future Greenwood residents, and provide future opportunities for development in Old Town.
“We talk about quality of life quite a bit and what that really means. Quality of life is what this project is … It’s a necessity,” Greenwood Mayor Mark Myers said.
The Greenwood City Council and redevelopment commission have been strong supporters of the project, he said.
The vision for the project dates back to 2013, when a master plan for the area was first imagined. The development is a public-private partnership between the city and developers, CRG Residential and Great Lakes Capital.
“The project we are beginning today is a monumental moment for the downtown revitalization of Greenwood,” Myers said.
The Madison will be a community within a community, and will promote growth. The multi-use project will give residents a place to live, work, play and enjoy, said Clay Sheetz, managing director and principal at Great Lakes Capital.
“Following the city’s strong economic development activity and growth throughout the years, we are confident in our decision to invest in Greenwood,” Sheetz said.
Old Town Greenwood has made strides in the last 10 years, and the city plans to continue on that path, council member Ezra Hill said.
The Madison is a big piece of the city’s vision for Old Town, and is hoped to boost to the city’s nearby small businesses. The project will also bring improvements to infrastructure in the area, including roads and sidewalks.
“Not only is this a fantastic addition to our downtown, it will generate tax revenue all Greenwood residents can benefit from,” Hill said.
The project is expected to add an additional $1 million to the city’s annual tax revenue without increasing taxes for residents, said David Hopper, a city council and redevelopment commission member.
The project was years in the making because Greenwood is very methodical with its development. City leaders want to invest in the right projects to grow the city strategically, Hopper said.
“This is a marathon, not a sprint. Just stay with us. We’re going to put something there and it’s going to be amazing,” he said. “I think we’ve done that today. This is going to be fantastic for the city of Greenwood and our residents.”
