Greenway Development Co. decided to invest in Morganton and build a multi-million dollar apartment complex.
That was before the economy took a nosedive.
However, the company’s subsequent decision to stay the course and go ahead with construction is a good sign that things are looking up, say some local observers.
The Glenwood Hills apartment complex’s total estimated development cost is $7 million, said Mark Richardson, senior development manager for Greenway Development in Spartanburg.
The apartment complex will be at 1300 Burkemont Ave. across from Walker Road Baptist Church.
The 60-unit complex will have 12 one-bedroom units, 36 two-bedroom units and 12 three-bedroom units, Richardson said. They will range in size from 750 square feet to 1,150 square feet.
Earthmoving has been under way and work has started on pouring foundations. WXZ Construction, based in Fairview Park, Ohio, is the general contractor. Speedway Plumbing of Concord has the plumbing contract. F&D Electric Inc. of Irmo, S.C., has the electrical contract.
Greenway Development Co. chose Morganton for the project because its market analysts told company officials that Morganton was a growing city, Richardson said. He said they were told Burke has the second-largest number of state employees in North Carolina, so company officials felt like the area would support a new complex.
Richardson said they still believe the area is the right place to build, even with the high local unemployment since the national economy started to decline toward the end of 2008.
Lee Anderson, director of development and design for Morganton, said the fact that Greenway Development still plans to build the complex gives him hope that things are looking up in the local economy. He takes it as good signs that developers are making investments and that some outside developers see opportunities in Morganton.
Greenway Development Co. develops properties up and down the East Coast, according to Anderson.
He also pointed out that work is under way on a new Bojangles Restaurant on Burkemont Avenue and Anderson said plans are still “a go” for an estimated $7-million housing complex for senior citizens on College Street.
Burke County received a $250,000 Community Development Block Grant in connection with Greenway Development’s project. The money will be used for sewer installation and inspection services, according to information from the county.
The board of commissioners is expected to award those contracts in the near future.
Email
Facebook
Google
Twitter
Favorites
More
Advertisement