Location: Greenville, SC
Sponsor: The Hollingsworth Funds
Subject Area: Corridor Revitalization
Panel Chair: Alex Rose, Continental Development, El Segundo, CA
Background and Panel Assignment
The Urban Land Institute’s Advisory Services program was asked by the sponsor, the Hollingsworth Funds, to provide strategic advice regarding their real estate holdings in the Laurens Road Corridor.
Summary of Recommendations
The Panel recommended a series of organizational, planning and development options that provide a blueprint for the Hollingsworth Funds that will allow it to maximize its financial return in order to support its philanthropic mission. These recommendations include:
- Create a Vision and Value Structure for the organization by establishing a set of Tenets of Development to evaluate all real estate investment actions.
- Restructure the organization by separating the functions of philanthropy and investment. Further, separate investments from traditional investment vehicles (stocks, bonds etc.) and real estate development.
- Create a Development Fund (equity) to support the various real estate and infrastructure investments in the Laurens Road Corridor. Use the fund as the focal point to create Public/Private Partnerships.
- Embrace Real Estate as an asset class.
- Create Value, not Projects alone.
- Develop a dynamic town center as the centerpiece of the 90 acres on Laurens Road.
- Strive to be a leader in economic, environmental and social Sustainability.
- Create a great urban park.
- Provide housing options focused on affordability and attainability. Consider alternative housing typologies including cottages and micro-units.
- Create a phased and flexible development plan