Cliffs Communities Reorginization
Faced with bankruptcy and foreclosure of properties at their high end Golf Course Communities at the foot of the Blue Ridge Mountains, the Cliffs Club & Hospitality Group Inc (Clubco) has agreed to an acquisition bid from Steve and Penny Carlile. The Carliles are currently shareholders in Clubco, which was formed to raise $64 million last year when the Cliffs faced financial shortfalls due to lagging lot sales. They have partnered with SunTxUrbana, which is the largest owner of Cliffs real estate, and Arendale Holdings, which has golf course development experience. Controlling the real estate portion will be a key factor; according to Jim Anthony, the Cliff’s founder, there are 4,500-5,000 unsold or undeveloped lots in all the communities. Worthington Hyde Partners is the second largest holder after an auction last month, while many lots are still owned by banks and Anthony. At this stage, Anthony is considering bankruptcy for the land development part of the Cliffs Communities and will relinquish any ownership in the organization. The Carliles are putting their own equity into the project and appear strong enough to continue the projected communities at Mountain Park and High Carolina without the need to leverage funds or sell a certain number of lots. The venture still needs to be approved by a bankruptcy judge, and there could be other bidders, but if successful, the Carliles and partners will be in position to set up a management company for the Cliffs.
USC Upstate Looking at Downtown greenville
The University of South Carolina is considering a four-year campus in downtown Greenville, just up river from the new Kroc Center, and hopes to be in business by the fall of 2014. They currently offer classes at the University Center at McAlister Square, but capacity is limited and they believe they could easily double the 800 current enrollment. The location on Mayberry Street is in prime development area, which has been undergoing revitalization efforts and is near a new proposed city park. The actual size of the campus is still undetermined, but there are several parcels that could be combined for the project. In other higher education announcements, Clemson University is moving its MBA program to One, the new development on Main Street. USC is also opening a business school at the other end of Main Street. For more Downtown Greenville SC real estate information, click here!
Upstate History Museum Partners with Furman
Furman will take a step back toward Greenville and a downtown presence when it begins managing and operating the Upstate History Museum – Furman University. The popular museum was created to preserve the history of the Upstate region and having Furman involved will bring an incredible resource to the table. While the history content will continue to be the focus, Furman will be able to offer other programs that will enhance the museum. Before Furman consolidated their campus near Travelers Rest, the former women’s campus was located at the Heritage Green where the museum now resides.
Spring is here in a big way with everything blooming and amazing beautiful. Lots of sun this week after a nice Easter weekend. Highs will be in the 60s and 70s while lows will be in the 40's but will warm up to the 60's as we progress through the week.