CAYCE, SC – The Simpson Organization has purchased 36 acres of land within the 260-acre, development corridor, Otarre Pointe, owned by Dominion Energy, in Cayce, SC.
The Atlanta-based, real estate investment banking firm plans to develop a 36-acre mixed-use project on the land, which will feature apartments units, a hotel, restaurants, retail space, office space and an entertainment area.
The project's construction and development costs are expected to total more than $65 million.
"We envision this mixed-use village as a true live, work, and play destination offering entertainment, shopping, and a place to call home," said the Simpson Organization's owner, Boyd Simpson. "Some of the planned amenities include a gracious plaza and fountain at the entry area and a multi-family residential and lifestyle storage component. Our phasing strategy is to allow the village to grow over time. This will allow the village to respond to market shifts as various uses evolve. We expect to break ground on the first phase of the project in late 2021."
For the development's leasing and marketing services, The Simpson Organization has partnered with EB Development. Paris Projects will provide construction management services for the development and ODA Architects has been retained to lead the project's design.
The development corridor is located at the intersection of I-77 South and 12th St. Extension within Lexington County.
"12th St. is an important economic corridor and a welcoming point to our city," said Cayce Mayor Elise Partin. "This mixed-use village will give our residents and visitors another great place to dine, shop, and be entertained. It already embodies the same traits of excellence that we have intentionally included in the growth of our city. The team has been great to work with, and we look forward to their breaking ground."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
