Introducing CHPL - A New Opportunity Zone Project in Greenville

There's a new project in Greenville, and it's not like the others.  

Chapel is not just a 40,000 square foot warehouse renovation in the neglected Poe Mill neighborhood.

It's more than another mixed-use real estate development in a fast-growing city. We are a spark for a community, built with and for its residents.

It is a challenge to the status quo - of real estate development, of business investing, of entrepreneurship.

Chapel is a meeting place, a neighborhood resource, and intentional investment into a community of neighbors, entrepreneurs, and the under-resourced among us.

The Vision

The recent Opportunity Zone legislation is meant to open up doors for new types of projects to thrive, in areas that may not otherwise see an influx of capital. The program provides significant tax benefits for investors, into both real estate and operating companies.

Many fear this is simply a recipe for accelerated gentrification and yet another tax break for the wealthy. I don't disagree that this is likely to happen in some instances. Abuse will occur, but to ignore the real potential for great projects in areas that need a spark is shortsighted.

The underlying vision of Chapel is to showcase the power of long-term, community-focused, ground-up, job-creating development. This is what Opportunity Zones and intentional development can help enable at scale across the country. We want to get the momentum started in the right direction, and Greenville is a great place to do so.

The Strategy

The trick is to figure out how to build both inclusively and profitably. I know this is a difficult proposition. Lots of people would do it if it wasn't. Land is expensive, materials are expensive, labor is expensive. Under the conventional real estate development model the only ways to make money are to charge high rents or get subsidies from the government, and there are limited amounts of subsidies available (usually in the form of tax credits).

What if we found new, sustainable ways to subsidize inclusive development?

Chapel will have ownership and help operate the retail components of the project. Rather than being limited by the amount a space will lease for, we will capture more value by running the restaurant, bar, cafe, and event space within the building. This not only gives us the power to curate the experience, but the freedom to take worthwhile risks in other areas of the project.

We will have some traditional office space available for lease, but much of the space will be held by companies we are also investing into with Opportunity Zone capital. We are looking for local entrepreneurs who may have been overlooked in the past, startups from around the country looking for a great city to plant meaningful roots in, and anyone committed to participating in an innovative community of neighbors.

Finally, this space is meant to be a meeting place and resource for our neighborhood. We want local groups and churches to use our event space. We see our partners teaching classes, providing vocational training, and helping each other's businesses prosper through their own areas of expertise. Our restaurant and cafe will be places to gather over food and drink amongst people from all walks of life. We believe life happens at its fullest when done together, with intention, and in a place we can call home.

The Opportunity

As we continue the process of developing Chapel into a beautiful space, we are looking for partners who want to be a part of what we're doing. We'd love to hear from you if you are...

• A Business Looking for Space and/or Funding. But not just any business. While we'll look at any type of company (software, service, etc), you'll need to be fully committed to this vision and willing to get your hands dirty for the sake of others. If you found yourself nodding and saying "mm-hmm" to anything in this note, that's a pretty good start
• A Person or Organization Looking to Make an Impact. If you have resources (connections, capital, encouragement) and would like to see those put to use in a sustainable, impactful, and profitable way, we'd like to meet with you. Feel free to reach out directly here, leave a comment, or email me at [email protected]

This is just the beginning, and we feel so grateful for the opportunity to build something great alongside all of you. If you feel moved to do so, please spread the good word by sharing this post and following our progress on Instagram.

We can't wait to open the doors to Chapel in 2020. Cheers!

www.chapelgvl.com