Council Gives Initial Approval to Watts Mill Developers
In a unanimous decision, the Laurens County Council gave initial approval for a project proposed by the Clear Mountain Properties real estate company on the former Watts Mill site just North of Laurens.
Greenville-Based Developers Get the Green Light
The primary developmental project, known as “Project Onward,” includes the realization of 178 townhomes in the historic mill site. Clear Mountain Properties, a Greenville-based development company, requested a Special Source Revenue Credit (SSRC) for their ambitious $50 million venture.
Impact of the Tax Incentive Plan
The SSRC model that Clear Mountain Properties has proposed seeks an approximate 65% tax break over 15 years, with the majority of this concession focused on the initial stages of development. Stormie Ellenburg, Clear Mountain’s director of development, explained it was because the first stages of development were when they would be making a significant bulk of their investment.
Ellenburg further stated that once complete, they expect that the townhomes could fetch monthly rentals ranging between $1,200 – $1,800. However, the Council is yet to finalize the incentive amount, even though the initial readings have been approved.
Incentive Agreements in Laurens County
Although this SSRC scheme is a first for Laurens County, it’s a tested and mature model in surrounding Spartanburg, Greenville, and Anderson Counties. Similar to fee-in-lieu-of-taxes agreements, the SSRC is allowed under State law and requires the creation of an “industrial park.” Such an arrangement, despite not referring to a conventional physical park, forms the framework for such incentive agreements.
Rebirth of Watts Mill
Located off Highway 221, the erstwhile Watts Mill site is set to become a hub of roving activity. The developers intend to refurbish the boiler room as a common area for residents and maintain the Watts Mill smokestack, an iconic part of the mill site, as a key feature of the development. Other construction would be entirely new, considering most of the Watts Mill site has been razed due to disrepair.
Plans also include commercial spaces such as a coffee shop or a public gathering area reminiscent of similar projects created by Clear Mountain elsewhere. The council members have been largely supportive of these development plans, celebrating the potential for urban growth and revitalization in the region.
Community Involvement
Apart from providing much-needed housing, the development expectedly anticipates attracting more families into the district, thus spurring an enrolment surge in local schools. Meanwhile, the Laurens County Council has scheduled a public hearing as it commences reviewing the county’s comprehensive plan for approval. The meeting will be held on Thursday, July 18, and the council has invited members of the public to partake and share their thoughts and inputs.
The proposed development promises to act as a gateway into Laurent County and the City of Laurents, providing a fresh boost to the local real estate scene and infusing a new lease of life into the historic Watts Mill site. However, the final stamp of approval for the SSRC and the project lies with the Council, which still requires two more readings and a public hearing.
