Cost Seg Building

A Blog About Tax Savings for Building Owners

Category: Commercial Development (Page 1 of 2)

The Meridian Group Proposes 8 Story 175 Unit Building in Greenville’s West End

February 27, 2025 / / 0 Comments
Rendering Credit: Dynamik Design

Greenville continues to go vertical. Maryland-based The Meridian Group is proposing a new mulit-family project next to The McClaren in Greenville’s West End. The property is a one acre lot located at 2 Oneal St., Greenville, SC. The fact that TMG is looking to invest here in Greenville, SC is massive!

The multi-family property will have 8 stories but stair step down it sounds like to 6 stories. The presented this during a project preview meeting in Greenville this week.

There is always some outcry when these buildings are proposed although I don’t see what the issue will be with this one. My guess is if there is any push back it will be minimal given all that is occuring in this part of Greenville’s West End. The McClaren is a massive project and this won’t be quite a big. I am impressed with what they look to accomplish with a one acre lot though.

If history is our guide, they will have to make part of this property meeting the affordable housing criteria set forth by the City of Greenville. One can’t really building anything like this in the city without going through the hoops to show how you are complying with their regs when it comes to affordable housing.

I’m just going to put this here for my own editorializing, but this project would be an awesome one for Green Zip Tape. In case someone from The Meridian Group is reading this, I’d be happy to have a discussion and show you how it can benefit your project.

John Murphy CSSI

Supreme Court Overrules Chevron Deference Dealing Blow to the EPA and the Administrative State – Good News for Real Estate Development

June 28, 2024 /
FILE- Gulls follow a commercial fishing boat as crewmen haul in their catch in the Gulf of Maine, in this Jan. 17, 2012 file photo. TExecutive branch agencies will likely have more difficulty regulating the environment, public health, workplace safety and other issues under a far-reaching decision by the Supreme Court. The court’s 6-3 ruling on Friday overturned a 1984 decision colloquially known as Chevron that has instructed lower courts to defer to federal agencies when laws passed by Congress are not crystal clear. (AP Photo/Robert F. Bukaty, File)

In what will probably go down as one of the most important Supreme Court decisions in all of U.S. history, The Supreme Court rule today 6-3 against Chevron Deference which we can hope will mean the start to the dismanteling of the adminstrative state that has a choke hold on the U.S. It’s going to depend of course if Congress has the courage to start gutting these agencies. I expect this to be good news for real estate development in general.

Here’s a take from Doug Sheridan on LinkedIn. He does a great job of briefly explaining the impact.

Here’s Laurence Tribe’s tweet about the decision.

EnerSys Gigafactory LLC Purchased 321 Acres near Donaldson for $9MM – Plans to Build 500,000 SF Lithium-ion Factory

May 31, 2024 /
Image: MLS Tax Suite Powered by CRS

I was going through some recent sales and saw that EnerSys Gigafactory LLC just closed on 321 acres in the Upstate. I found this press release and I’m sure there are several other news storage out there regarding this. The press release says between the state and Greenville County, they got $200MM in incentives to come build here. They plan on a state of the art 500,000 square foot facility that will bring about 500 jobs. Here’s another article about the proposed factory.

South Carolina appears to be a key destination for many of these giant batter facilities as we’ve seen with other deals. The South Carolina Department of Commerce are excellent business deal makers and there are lots of excellent economic development groups in South Carolina that also help.

Green Zip Tape – Maximize Tax Savings on Commercial Development

May 23, 2024 /

Building Product with special tax status that few know of yet. Green Zip Tape is something every commercial developer should be considering to lower taxes, increase cash flow while being environmentally friendly.

For example…let’s take a $50MM project. They could see an additional $5MM move from 27.5 / 39 year class life to 5 year by using GZT. That’s nearly a $2MM income tax savings over 5 years. The tax benefits of building with GZT transfer to the new owner. This will be helpful in marketing the property. On top of that you’ll have those who are just thrilled about the sustainabilty / green building components of your building. The cost is a fraction of the benefit.

The IRS gives Green Zip Tape a special tax status because it helps eliminate sheetrock ending up in the land fills when owners need to renovate. The patented technology in the tape allow is to be removed easily from the sheetrock without causing a bunch of damage. The sheetrock panets can then be removed and reused so you end up with removable panels at a fraction of the cost. And you get the tax benefits! It’s genious!

Let us take a look at your project and show you the numbers. In today’s world, an additional 2-3% can make all the difference in the world. Were talking 5-10+% of your construction costs. It’s a game changer.
#commercialdevelopment #commercialdevelopers #multifamily #studenthousing #seniorhousing #buildtorent #BTR #mixeduse #hospitality #hotels #greenziptape #taxbenefits #5yearclasslife

Cost Segregation for AFC Urgent Care Building

April 11, 2024 /

I happen to have been driving by this one regularly as I saw the parcel being developed along Butler Road in Mauldin / Greenville area. So it was nice to get the call from one of the brokers involved in selling the building to see if I could run some numbers for the new owner for cost segregation study.

These buildings are very nice. I enjoy working with brand new buildings – who doesn’t, right?

This one is just getting underway so I don’t have any ballpark results to share but I do expect that it will perform quite well. Medical offices generally do very well with studies. There is often lots of specialty plumbing, electrical, lighting etc. that get identified as 5 year class life property. Whereas most “offices” seem to produce maybe 8-12% for 5 year class life property, most of the medical offices I’ve been working on are seeing 18-20% for the 5 year. 15 year will do fine of course as there is a decent parking lot that surrounds this building.

The Franklin Executive Office Suites Greenville SC

March 19, 2024 /
Image Credit: Franklin Real Estate Development and the Upstate Business Journal

Franklin Real Estate Development has just opened these gorgeous newly renovated executive offices in downtown Greenville. Developer Kurt Wallenborn has done an outstanding job it appears on the renovation and restoration of this historic property. Upstate Business Journal has a story about the renovation.

Check out the office spaces offered at The Franklin.

Tesla’s Electrifying Transformation: Diner, Drive-In Theater, and Charging Station to Replace Shakey’s Pizza Parlor on Santa Monica Boulevard

October 9, 2023 /
Image Credit: @HowardModels – Twitter

Tesla to build a very cool diner and drive-in theater charging station in West Hollywood. Check out Tesla’s new diner proposed for Santa Monica Blvd, Los Angeles, CA.

BizNow has a details on it as well. It’s a great concept and one that I think other developers could mimic. When do we start to see these in Charlotte, Raleigh-Durham, Atlanta and Nashville?

The South Carolina Success Story: Advanced Manufacturing’s Rise in the Palmetto State

October 9, 2023 /
BMW Spartanburg, SC

This is a remarkable article about the growth and success of South Carolina as a business powerhouse in the southeast. There has been a lot written about South Carolina and its transition from textiles to advanced manufacturing but this is the most comprehensive piece I have found on the subject.

South Carolina continues to garner attention on the global stage. BMW and Michelin certainly have had a massive impact on that. They are in the Upstate of South Carolina. Boeing in Charleston now also plays that key anchor role in the other part of the state.

There are so many assets here in South Carolina. From a business perspective, it’s a very friendly business climate that starts at the state level. Most counties are friendly as well. The Port of Charleston is a huge driver of commercial success as well as the Inland Port Greer which allows ships to unload in Charleston and run the boxes on rail right to the Upstate where it can then be readily trucked all up and down the east coast.

The quality of life is also quite good across the state. Worldclass beaches and resorts run all along the eastern seaboard of the state from Myrtle Beach down to Charleston and Hilton Head. The Blue Ridge Mountains can be seen and visited through the Upstate just north of Greenville, SC about 45 minutes to an hour.

The cost of living is generally cheaper here in SC than you’ll find in most parts of the country. Property taxes in particular are some of the lowest you’ll find anywhere.

Benefits of Cost Segregation for Flex Buildings in Spartanburg, SC

October 7, 2023 /
New Flex Industrial Space – Spartanburg, SC

Nearly every week I’ll get asked the question if a particular building would be worth studying. My comment is generally they are all worth studying. Would it be worth it if the fee were $15-$20k? No. But under $5k for a lot of these buildings…all day long. What if you could accelerate or depreciate 10-20% of your building’s cost in the first year? (Each building will vary).

Here’s a brand new development by Jordan Skellie, CCIM with Lee and Associates in Greenville, SC. This is an excellent brand new flex building located in Spartanburg, SC. These kinds of small industrial spaces are in high demand. In other parts of the country they might call these Contractor Garages. This building is within about 3 minutes of entering and exiting the all important I-85 that runs between Atlanta and Charlotte and goes right through Greenville and Spartanburg in the Upstate of South Carolina.

Jordan still has some some available as he just got the Certificate of Occupancy. Reach out to Jordan Skellie if you’re interested in the space.

 

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