This $1B development for retail and more in SC just lost a major tenant. Here’s why & what’s next

A $1 billion mixed use development in Greenville has lost a major tenant due to the groundwork taking longer than anticipated.

Lima One Capital, a Greenville-based company that lends money to real estate investors, announced it would terminate its lease at County Square Development, a $51.4 million investment. It was going to lease 65,000 square feet and hire 300 more employees.

The company said it has a new spot in mind, but has not released the location, a company news release said.

“Unfortunately, the pace of development at County Square was slower than anticipated,” the company said. “To ensure continuity of our business operations and provide an exciting new headquarters for our employees, we felt it necessary to terminate the lease at County Square and explore alternatives.”

RocaPoint Partners, the developer, could not be reached for comment but told other media the loss of LimaOne would not affect the project.

“We regret that Lima One will not be locating its offices in the building planned across from the County Administration Building as hoped. The decision comes as a result of the overall site development timeline not aligning with Lima One’s operational needs.,” RocaPoint said told Fox Carolina.

The development is being built on 40 acres where the former Greenville County government office building was located. It was torn down at midyear after a $65 million county building opened within the complex. There is also a $24 million parking garage on the site.

A number of retailers have signed leases, including Pottery Barn, Williams Sonoma and Whole Foods Market. The project will also include space for offices, retail, entertainment, walkways and green space, and a hotel.

County Square is the first major redevelopment of downtown property since RiverPlace located on the south end of Main Street in the early 2000s.