Investing in Spartanburg County Opportunity Zones
Spartanburg County is home to three Opportunity Zones, as designated by the state of South Carolina under the new Congressional community development program.
These three zones - comprised of six census tracts - offer a variety of investment opportunities in one of the fastest growing counties in South Carolina. Located along the Interstate 85 corridor between Atlanta and Charlotte, Spartanburg County is recognized globally for its thriving economy and commitment to innovation. We are home to more than 200 foreign-owned enterprises, including BMW’s largest plant in the world and the global headquarters of Milliken & Co.
Downtown Spartanburg — the heart of the county — boasts more than 19,000 jobs within 1.5 miles of Morgan Square - more than half of which are white collar. Six colleges call downtown home, fueling a vibrant city center that has seen more than $218 million in capital investment in the last decade.
Established by Congress as a part of the Tax Cuts and Jobs Act of 2017, Opportunity Zones encourage long-term private investments in low-income areas by providing federal tax incentives for those who reinvest capital gains into Opportunity Funds. These funds are dedicated to investing in businesses and projects within Opportunity Zones.
In Spartanburg County, these three Opportunity Zones offer tremendous potential for economic success. These zones include:
Zone: West Main Street and the Northside
Spartanburg’s downtown is thriving. During the past 18 months, downtown Spartanburg has opened or announced more than $142.5 million in development, including the restoration of the iconic Montgomery Building.
Pedestrian foot counters show an average of 235,000 foot traffic counts per month.
In 2018, the Downtown Cultural District saw 305 entertainment experiences, featuring 58 different musicians.
The West end of downtown is emerging as the next hotspot for redevelopment. South Carolina’s first AC Marriott opened in 2017 across from Spartanburg’s oldest brewery, RJ Rockers. This zone also will better connect downtown to Spartanburg’s Westside, which is home to Westgate Mall, numerous restaurants and a variety of hotels.
This zone is ideally suited for a large-scale, mixed-use development.
Located within one mile of the heart of downtown Spartanburg, the Northside has seen tremendous revitalization in recent years, and is home to the Edward Via College of Osteopathic Medicine Carolinas Campus, the Hub City Farmers Market, Wofford College, Spartanburg Medical Center and the new T.K. Gregg Community Center.
With an established residential neighborhood at its core, the Northside is poised for even greater future success.
For additional reading, you may visit the City of Spartanburg's Opportunity Zones webpage.
industrial zone
Spartanburg County is a critical hub for the East Coast, with Interstates 85 and 26 intersecting here, and the Western Spartanburg County opportunity zone is booming with opportunity.
Positioned roughly 30 minutes between Spartanburg and Greenville, this Opportunity Zone is one of the fastest growing areas in the Upstate.
In addition to being home to BMW’s largest manufacturing facility in the world, this zone includes South Carolina’s first Inland Port and the Greenville-Spartanburg International Airport. Major thoroughfares including Interstate 85, Highway 101, Highway 290 and U.S. 29 make this area of the county extremely desirable for residential, commercial and industrial growth.
Zone: South Church Street Corridor
Just two miles south of downtown Spartanburg, this Opportunity Zone includes the Spartanburg Downtown Memorial Airport and numerous residential neighborhoods. Major roadways including Highway 296, U.S. 29 and U.S. 221 make this property easily accessible from downtown and Spartanburg’s Westside.