Project OverviewMcBee Station is a mixed-use infill development located in downtown Greenville, South Carolina. The project includes 197 apartments, 22 condominiums, approximately 79,716 square feet of retail space anchored by Publix and Staples, structured parking, and supporting infrastructure improvements. Located adjacent to the Haynie-Sirrine neighborhood, the development helped connect the surrounding community to Greenville’s downtown corridor while supporting expanded retail and residential access in the area. The CommunityAt the time of financing, the project was located in a low-income community with a poverty rate of 30.2%. The surrounding area faced infrastructure and pedestrian safety challenges, particularly between the Haynie neighborhood and the Main Street corridor. The City of Greenville identified the need for infrastructure improvements, including streetscape enhancements, traffic signals, stormwater improvements, and improved pedestrian connectivity as part of broader redevelopment priorities outlined in the Haynie Master Plan. The development also addressed gaps in retail access for downtown residents and businesses by introducing the area’s first downtown grocery retailer and office supply retailer. |
TOTAL DEVELOPMENT COST: NMTC ALLOCATION SECURED: NMTC CLOSING: CDE: ADDRESS: NMTC INVESTOR: CENSUS TRACT: HIGHER DISTRESS COMMUNITY OUTCOMES: Business Access: Infrastructure Improvements: |
The Need
The scale and complexity of the project created financing challenges that required multiple capital sources. In addition to mixed-use construction costs, the project included substantial infrastructure and connectivity improvements intended to support long-term redevelopment efforts in the surrounding area.
New Markets Tax Credit (NMTC) financing helped provide additional capital needed to advance the project and support associated community improvements.
The Project
The NMTC transaction provided approximately $16.5 million in financing as part of the project’s broader capital stack. The transaction included two leveraged loans and two tax credit loans to Wallace Enterprises. Separate from the NMTC financing, Wallace Enterprises contributed approximately $4 million in equity, while the City of Greenville supported approximately $2.2 million in infrastructure improvements.
The project also involved the creation of a roadway connection between the site and Greenville’s Main Street corridor to help improve pedestrian access and traffic flow between downtown and the Haynie-Sirrine neighborhood.
The Impact
At closing, the project was expected to create approximately 227 construction jobs and 189 permanent jobs. The development expanded residential, retail, and infrastructure investment in downtown Greenville while supporting improved pedestrian connectivity and access to essential retail services for nearby residents and businesses.
Mayor Knox White noted the importance of increasing grocery access for downtown residents as Greenville’s urban core continued to grow.
But‑for Analysis
Without NMTC financing, the project would have faced challenges securing sufficient capital to move forward at its planned scale. The additional financing supported completion of the mixed-use development and related infrastructure improvements that may otherwise have been delayed or reduced.
The financing also supported broader redevelopment activity connecting the Haynie-Sirrine neighborhood with Greenville’s downtown corridor.
