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Developer of $54M high rise requests Greenville County affordable housing tax abatements

Krys Merryman //December 6, 2023//

If it goes as planned, the 139-unit project called The Delano will start going up in 2024. (Image/Provided)

If it goes as planned, the 139-unit project called The Delano will start going up in 2024. (Image/Provided)

Developer of $54M high rise requests Greenville County affordable housing tax abatements

Krys Merryman //December 6, 2023//

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The private equity and real estate developer of a multifamily project that will overlook Unity Park is seeking tax breaks from Greenville County, which will help offset the costs of the project in return for a percentage of affordable housing units.

Plans for The Delano, which is a property owned by KVP Inc. developer and CEO Krish Patel, include approximately 139 units in a five-story $54 million residential building on Mayberry Street.

The Delano would be the first mixed-income residency in Unity Park and is seeking to become the “trendsetter in Greenville by promoting a space for residents to live, work and play while embracing the ethos of Unity Park,” according to the developer.

Patel’s company, KPWT No Limit LLC, holds the land and would owe only half its property taxes for 20 years, per the proposed agreement with Greenville County. At least 20% of the building’s units are required to remain “affordable.” The company anticipates investing $53.5 million in the project, which will consist of 28 workforce/affordable housing units, according to the agreement. Of the 28 units, approximately 20% will be reserved at 40% area median income, 60% will be reserved at 60% area median income, and 20% will be reserved at 80% area median income, the agreement states.

The area median income was $65,513 in 2021 in Greenville County, according to U.S. Census Bureau data.

The project would generate close to $700,000 of property tax value for the county and around $75,000 of that will go directly to the city of Greenville, Patel said in April, emphasizing his numbers are just estimates of the economic impact. The building will have in-house management and onsite engineering, creating several jobs.

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The county’s finance committee approved the agreement on Monday to move ahead to the full County Council for final approval, date to be determined.

In April, Patel said, “Unity Park is a place for Greenvillians and tourists to come and enjoy the beautiful outdoors and history the city has to offer. This is the first multifamily project at the park, which will give future residents the opportunity to live in an area full of activity and wellness, a place for people who want to be in the city while in a fitness-oriented community. This residential project is going to offer something new that Greenville doesn’t have right now. The Delano is going to be an effort to pioneer modern architecture, trying to bring cutting-edge designs to Greenville, something a lot of developers have done a great job here at, and we want to follow suit and continue that trend.”

The architect is MHK Architecture.

GSA Business Report reached out to KVP via email for further comment on Tuesday morning but had not received a response on Wednesday morning.

Patel said in April that he wants people to look at The Delano and see something they would normally see in a city like Austin, Miami or Atlanta, while also witnessing how it will serve an underserved community that is close to the action of the Swamp Rabbit Trail, where people can run, bike and do yoga.

KVP Inc. has focused on diversification in the real estate development industry, ranging from retail operations and self-storage to offices. The company’s portfolio comprises Fortune 100 company brands such as Verizon Wireless retail stores, mixed office space, yoga studios, fitness gyms, fast casual dining, self-storage. The Delano will be its first multifamily project in downtown Greenville.

If approved, the project is expected to begin in 2024 and take approximately two years to complete.