Interstate Plaza shopping center to get Zaxby’s, facelift
Published 11:12 am Wednesday, November 25, 2015
Greenville’s Interstate Plaza shopping center will soon have a new look.
On Monday, the Greenville City Council approved an incentive package that will spur the addition of a new restaurant to the shopping center, as well as upgrades to the façades of the existing buildings, which currently house businesses such as Marvin’s, Citi Trends and Tractor Supply.
The city purchased the former Walmart building, which is now home to Marvin’s and Citi Trends, seven months ago for $2.1 million. It now plans to sell the building to the Hix Snedeker Group for $1.7 million. The Hix Snedeker Group already owns the building that houses Tractor Supply.
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The city will also sell a portion of the property to LA Cluckers Holdings, LLC for $450,000. That property will become home to Zaxby’s.
“We purchased the old Walmart building about seven months ago, and we did that because we learned that the guy that had it was going to lose it,” Mayor Dexter McLendon said. “When we found that out, it was better for us to go borrow the money and buy the building knowing that we were going to sell it a little later on.”
In order to make the deal happen, the city has agreed to offer a tax rebate over the next five years to the businesses involved in the transaction.
“We’re giving the tax rebates that we’ve done for so many others to each of them, which means Zaxby’s, Marvin’s, Citi Trends and Tractor Supply, up to a designated amount over a period of five years, if it takes that long,” said city attorney Richard Hartley. “It probably won’t take that long because there is a ceiling on what the rebate is. In addition we are agreeing to pave and strip a certain portion of the lot in front of Citi Trends.”
Zaxby’s rebate will be capped at $160,000, while Marvin’s will be capped at $60,000, Tractor Supply will be capped at $40,000 and Citi Trends will be capped at $75,000.
All of the businesses will also receive a 10-year tax abatement that covers all state and local non-educational taxes.
McLendon said he’s excited about the changes coming to the shopping center, particularly the upgrades to the façade.
“That’s important because that’s the first thing you see,” McLendon said. “When someone gets off Interstate 65 coming south, that’s what they see. What happens in so many towns is that nobody ever goes in there and keeps the buildings up. This is going to update them all the way across. It’s a facelift.”
The deal for the sale of the property is expected to be completed sometime in December, or possibly January, according to Hartley.
McLendon said from discussions with Zaxby’s officials, he expects the restaurant to be open in May or June of 2016.
“They want to be able to catch the summer beach traffic,” he said.