GREENWOOD — Greenwood's Redevelopment Commission on Thursday approved a $83 million plan to build apartments, condos and shops on the downtown site of the old middle school.
Under the plan, CRG Residential and Great Lakes Capital will build seven new structures on the 19-acre site at Madison Avenue and Smith Valley Road in the heart of the Johnson County city's historic Old Town neighborhood, the city said in a news release.
“This is an important milestone in our effort to revitalize Old Town and ensure its future as a thriving core," Greenwood Mayor Mark W. Myers said. “We’re creating diverse, authentic amenities, seamless integration of greenspace and opportunities for all ages to live, work and play in downtown Greenwood.”
Under the plan, developers will invest about $68 million to build about 300 apartments; more than 40 condominiums; more than 15 townhouses and 18,000 square feet of commercial space for shops and restaurants.
The city will invest another $15 million to make street improvements, add 450 surface parking spots and to build a 500-space parking garage.
The project is expected to bring in about $1 million a year in annual tax revenue.
Bonds for the project have to be approved by the Greenwood Common Council, which next meets on March 15.
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