GREENVILLE, SC /PRNewswire/ -- Greenville New Markets Opportunity ("GNMO") LLC announced that over $18.5 million in below-market financing for Project ONE, a mixed-use development located at the corner of Main and Washington Streets and developed by Hughes Development Corporation.
Project ONE removed abandoned business and retail spaces that had been closed for years in the center of downtown and will transform the area around the project into one of the downtown's focal points for business, retail, and community-based activities.
The project will include offices for the law firm of Haynsworth Sinkler Boyd, P.A., headquarters for CertusBank, and retail space, including Anthrolopologie. Project ONE will also be the first LEED Silver building in downtown Greenville.
GNMO's New Markets Tax Credit financing, combined with additional New Markets Tax Credit and debt financing by TD Bank, was critical in pulling the financing package together.
"Without the New Market Tax Credits provided by GNMO, the ONE project could not have happened,” said Robert E. Hughes, Jr., (top right photo) President, Hughes Development Corporation.
“New Market Tax Credits allowed us to afford a site that owners had been assembling for years -- many of them the high-priced years. They also allowed us to partner with the City, requiring less City investment for a project intended to revitalize this entire end of town.
“Not only will there be new jobs, new retailers, and new businesses on our site, there should be many more in the surrounding blocks."
For a complete copy of the company’s news release, please contact:
Tammy C. Propst
864.271.2737
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