GREENVILLE, S.C., April 27, 2016 /PRNewswire/ -- Greenville New Markets Opportunity II (GNMO II), a Community Development Entity (CDE) managed by taxadvantagegroup and Greenville Local Development Corporation in Greenville, S.C., has allocated $8.3 million in New Markets Tax Credits (NMTC) to Greenco Beverage Company for the construction of a 120,000 sq. ft. distribution center on Poinsett Highway in Greenville, SC. Established 100 years ago, Greenco is one of the area's largest beverage distributors. The new state-of-the-art, energy efficient distribution center will replace Greenco's current facility on White Horse Road, which is outdated and lacks sufficient space for expansion.
The Greenco project is the first major industrial development to occur along the Poinsett Corridor in nearly 40 years and is expected to have a catalyzing effect for the surrounding area. A major artery between downtown Greenville and Travelers Rest, Poinsett Highway has long been littered with abandoned buildings fronting poverty-stricken neighborhoods. Greenco's new distribution facility will be built on the site of a long vacant thrift store, replacing it along with an unsightly paved parking lot currently surrounded by chain link fence and barbed wire. The new distribution center will feature manicured landscaping that blends into surrounding green space. The project will also result in improvements to the Poinsett Highway/Furman Hall Road intersection, making it more usable and opening access to future development.
Russell Farr, President of Greenco Beverage, said, "During the company's 100th anniversary year, the Greenco Beverage team is excited to partner with GNMO II in the redevelopment of the Poinsett Corridor and to make this part of Greenville a dynamic business location."
An estimated 200 jobs will be necessary for construction and, once complete, Greenco expects to have 130 employees operating from its new facility. The combined wages will average 47 percent higher than the current community's per capita income of $8.70 per hour. To encourage accessibility of jobs to area residents and from the local community, Greenco will establish an apprenticeship program with Apprenticeship Carolina and Greenville Technical College.
Tammy Propst, Operating Officer of the GNMO II fund for GLDC and taxadvantagegroup, explained why Greenco was chosen for the $8.3 million NMTC allocation. "A recent market study has shown that the Poinsett Corridor can support more industrial activity, rental housing, a tech and entrepreneurship district, and even a mid-scale hotel in coming years, but someone must take the first bold step. Greenco has the vision, the willingness, and the perfect business model, and now with GNMO II's investment, they have the means to bring catalyzing change to the surrounding community."
The GNMO II Fund was established in 2014 with substantial support from U.S. Senators Lindsey Graham and Tim Scott and U.S. Congressman Trey Gowdy. The fund invests in qualified borrowers whose projects support job creation, economic mobility, and improve health and wellness services for Qualified Low Income Communities across South Carolina.
About GNMO II
Greenville New Markets Opportunity II, LLC (GNMO II) is a Community Development Entity under the provisions of the Community Development Financial Institutions Fund, which since its inception, has been awarded $73 million in allocation of New Markets Tax Credits. GNMO II's mission is to serve and provide investment capital for operating businesses and real estate development projects in low-income communities across South Carolina. GNMO II affiliates are the Greenville Local Development Corporation and taxadvantagegroup.