Tyger River Industrial Park South

-SOLD-

HOW PACOLET MILLIKEN DEVELOPED 142 ACRES OF RAW LAND INTO PRIME INDUSTRIAL ​ REAL ESTATE IN SPARTANBURG COUNTY, SC ​

Tyger River Industrial Park South ​

142 ACRES ​ | ​ SOLD

The Development Process:
From Raw Land to 100%
Occupied in 365 Days

Tyger River Industrial Park (TRIP) South consists of 142 acres of land on the Hwy 290 corridor in Spartanburg County, South Carolina.

The land, originally purchased by Milliken & Company in 1969, was left undeveloped until Pacolet Milliken decided to position the site for its benefit and the economic welfare of Spartanburg County and the state of South Carolina.

The site, located at the southern tip of Tyger River Industrial Park, was assessed for its potential development opportunities. Once its potential was confirmed, Pacolet Milliken began preparing the property for sale.

SITE PREPARATIONS

Phase 1 of the project included land clearing and development of basic infrastructure.
The site was fully cleared, enhancing speed to market and allowing users to visualize their goals.

UTILITY PROVISIONS

A pivotal step in TRIP South’s site preparation was to ensure all available land was supplied with the proper high-capacity utilities – the most crucial of those being sewer.

Spartanburg Sanitary Sewer District (SSSD) had an existing 30” sewer line approximately 2,200 feet from TRIP South. A lateral sewer line would be required to provide high-capacity gravity sewer service to all three sites.

Once engineering and design for the new line was completed and the required rights-of-way were secured (which necessitated boring under a CSX rail line), installation of sewer commenced.

 

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DUE DILIGENCE

Concurrent with utility acquisition, the due diligence phase of the project was also well underway.

A comprehensive package including Phase I and II Environmental Site Assessment (ESA), geotechnical, wetlands delineation, protected species, cultural resources, slope and elevation, flood zones, soil types, subsurface, and air quality reports were completed to establish the suitability of the site.

Compilation of a complete due diligence package was an important step in attracting end users to TRIP South. With these reports in hand, the time to market was greatly shortened and potential concerns and/or site or service related questions had already been addressed.

SITE CERTIFICATION

Once the site had undergone all development critical improvements, an application was submitted and approved by the South Carolina Department of Commerce and the designation “shovel ready” was earned.

This designation allowed users looking to relocate and/or expand in the Upstate of South Carolina to ensure the site in question was not only suitable for their intended use but also best positioned to allow projects to commence with minimal delays.

DEVELOPER NEUTRALITY

Pacolet Milliken made the decision to protect all land from developer control – allowing important financing, building configuration and site decisions to be made by the respective owners, Ritrama, Kobelco and Sterling Packaging.

This move-in ready status proved to be extremely attractive to companies and helped fast-track the successful and timely development of TRIP South.

RESULTS

Within 90 days of sewer extension completion and completion of the site certification program, all three sites had potential suitors.

These companies were able to take advantage of the site preparation process and were ready to begin construction of their facilities within 30 days of executing a contract for the sale.

Initial investment by these companies constituted $155 million and created approximately 330 new jobs in Spartanburg County, fulfilling the vision of Pacolet Milliken to maximize the land potential and provide maximum benefit to the local economy.

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​ © 2019 ​ Pacolet Milliken, LLC

Information herein has been obtained from sources deemed reliable; however, its accuracy cannot be guaranteed. The user is required to conduct their own due diligence and verification.