09/19/2023
September 2023.
We wanted to provide everyone in the Piedmont Community with an update on the project. Yes, we are still moving forward with the restoration of the The Piedmont Manufacturing Company Mercantile Building! We submitted for our construction permit in June of 2022 and were told to expect the process to take 3-4 months. We did not receive the permit until January of 2023, almost 7 months later. During that prolonged period of time, interest rates skyrocketed so rapidly that we had to restructure things. The cost of the entire restoration increased significantly due to the interest rate increase. That meant we would have to pass along tremendous rent increases to all Tenants to cover the cost increases. That, in our opinion, was not an alternative. After meeting and consulting with all Tenants, the decision was made to put a temporary pause on construction until rates ease up. It is our hope that we can get construction back on track in spring of 2024. We do have our permit in hand and stand prepared to begin once the government eases up on the rates. Until then, we are working diligently with Greenville and Anderson Counties in supporting the efforts to get the riverfront parks and trails moving along. Thank you Piedmont for your continued patience with our restoration.
