Last year, the City of Rock Hill and the Rock Hill Economic Development Corporation (RHEDC) launched an exciting effort to draw retail and restaurant development to the Downtown area. In-depth research indicates that the Downtown market is strong, providing a solid restaurant and retail environment. Based on successful similar program models, the City and RHEDC have developed a program that combines new financial incentives with affordable, available storefront properties to boost the downtown business environment, providing additional options for shopping and dining.
In order to determine the strength of the Downtown market, thorough research was completed to determine the feasibility of launching such a program. Researchers collected data on the number of workers and residents and average incomes in Downtown Rock Hill, and compared the information to that of similar cities and locations within Rock Hill. The results were surprising.
There are more workers in Downtown Rock Hill than anywhere else in the city, including the areas near Piedmont Medical Center and the I-77 corridor at Cherry Road and at Dave Lyle Boulevard. In fact, there are more people working within one mile of Downtown Rock Hill than there are working within one mile of downtown Greenville or Spartanburg, SC!
And Downtown Rock Hill’s population has more income, with greater household income levels than comparable figures for downtown Spartanburg, Lancaster and York. As Downtown residential development progresses and Winthrop University grows, these numbers are sure to increase.
The relocation of Williams & Fudge to the renovated Cotton Factory will bring an additional 200 people to the Downtown area daily. As the Textile Corridor continues to develop and more businesses and residents locate in the urban core, the number of Downtown workers dining out or shopping will continue to rise. With more residents and workers, the demand for retail and restaurants will grow, enabling new businesses to succeed.
Currently, there is plenty of affordable business space in downtown Rock Hill. While rents in many other retail locations in and around Rock Hill run more than $20.00 per square foot, Downtown retail space is available for about half that cost. There are currently 9 available prime, high-visibility spaces ideally suited for new retail and restaurant tenants.
The Downtown Retail Incentive program includes a variety of incentive plans designed to fit the needs of retailers and restaurateurs. Matching funds are available for façade rehabilitation while the Jumpstart Main Street program offers assistance with marketing and advertising expenses. Eligible businesses may also qualify for first-year subsidies to help with rent expenses or the cost of upfitting a space. And over a three-year period, a portion of the Business License Fee may be returned to the business owner.
These financial incentives will be offered for a limited time only, and eligibility requirements apply. If would like to start or expand your retail or restaurant business in Downtown Rock Hill and want more information on the DowntownNow program, please contact David Lawrence, Downtown Development Manager at 803.326-3827 for details.
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