Development Impact: Real estate projects can transform the built environment and have the power to revitalize a community, often beyond the boundaries of the project. The Development Impact Awards honor recent projects that have had a significant and measurable positive impact on the community.
Development Impact: Montgomery Building
The Montgomery Building was built in the 1920s and was barely occupied for nearly 30 years prior to it being purchased in 2017 by James Bakker and Tom Finnegan of BF Spartanburg LLC. They worked to bring the $29.5 million project to life by utilizing Federal Historic Tax Credit, South Carolina Historic Tax Credit, South Carolina Abandoned Building Tax Credit, and the Bailey Bill. Now, this 100,000-square-foot, mixed-use building is home to 63 apartments, 12,000 square feet of retail, and 30,000 square feet of office space. The renovation involved the removal of the exterior skin panels piece-by-piece which were sent off to be molded and recast. The windows were completely remodeled and handmade, one-by-one. The copper trim and decorative pieces were renovated or duplicated in strict observation of the National Park Service. The Montgomery Building is an iconic beauty and is a catalyst for change in downtown Spartanburg. Congratulations to the Montgomery Building project team!