Investor group makes offer on property at Landrum’s Exit 1

Published 10:22 pm Tuesday, March 3, 2015

COVER I-26 Web

An offer is on the table for the 38-acre commercial site located at Exit 1 off I-26 in Landrum, bordered by I-26, Hwy. 14 and Fairwinds Dr.

According to Rep. Bob Walker, Dist. 5, Spartanburg County Council, a group of investors from outside the Spartanburg County/Landrum area is interested in the property, listed with Spencer Hines Realty. Walker made the announcement at the March 3 meeting of the Landrum Area Business Association at Landrum City Hall.

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The 38 acres consists of two parcels. One parcel is four acres and was years ago considered a possibility for a Holiday Inn Express, but the deal never reached fruition. That parcel is listed for $450,000, and is within Landrum city limits.

The second parcel is 34 acres and includes a retention pond behind the Shell gas station as well as property behind Auto Money Title Loans, Maston Homes and Hospice Thrift Barn. It is listed for $1,995,000, and is outside city limits.
Water and sewer infrastructure is available for the entire acreage.

“That gives us the plus,” said Walker, referring to other nearby interstate interchanges that do not have sewer capacity for large-scale commercial projects, such as restaurants and hotels.

Walker said that he has had meetings with the investors, but that he did not know the terms of the offer, other than that it was contingent upon an engineering study of the property that would determine what types of buildings, and how many, could be constructed. Walker said that he has conveyed to the investors that Landrum needs a hotel, and that the location would also be ideal for family restaurants and a variety of retail space.

According to Walker, Spartanburg County’s economic development office has also been involved in discussions with this investor group. Walker indicated that the county could possibly be approached for assistance with incentives pertaining to road improvements and access.

“Fairwinds is in good shape,” said Walker, “but some enhancements will need to be made. Walker indicated that access to whatever is eventually built on the property will be from Fairwinds Dr.

Landrum’s mayor, Bob Briggs, and city administrator, Caitlin Martin Cothran, have also met with the group. Neither Walker, Briggs nor Cothran would say who the investors are or how many are in the group.

Walker said that he does not know the time frame for the investors’ due diligence period.

Walker said that he “feels comfortable that it [the deal] probably will take place.”

A call for comment from the listing agent, Andy Hayes, was not returned as of press time.