Most of the value of Mr. Hollingsworth’s gift to Hollingsworth Funds consisted of 42,000 acres of predominantly raw, undeveloped land, meaning Funds did not have readily available cash to distribute grants at the outset, unlike like most traditional foundations.
In the early years, the board of Hollingsworth Funds was tasked with divesting of key parcels of land to raise capital for the endowment to then generate grants for its beneficiaries.
Large tracts of timber and hunting land that he accumulated in the Lowcountry were sold, much of which has conservation easements on it today. Additionally, key parcels in and around Greenville were sold that also contributed to Greenville’s economic growth with the development of the Shops at Greenridge, the Millennium Campus, Clemson University’s International Center for Automotive Research (CU-iCAR), and ZF Transmissions. Other key parcels contributed to Greenville’s education system with land that ultimately became Kearns Elementary, Beck & Fisher Middle Schools, Camperdown Academy, and Greenville Tech’s Center for Manufacturing Innovation.
But perhaps the most important decision was to initiate the 1,100-acre master-planned community of Verdae and to establish Verdae Development, Inc., a real estate subsidiary to Funds, to oversee and manage this transformative project in 2005. Since the original masterplan was announced in 2006, Verdae has grown over time into a vibrant community with 8000+ residents and more than 160 businesses.
Along the way we also continued to generate value from our real estate to grow the endowment and contribute to Greenville’s growth, which included:
- land for the development of Parkside at Verdae, a 56-unit LIHTC project as well as Parklyn, a 90-unit LIHTC project, both of which are serving individuals and families at 60% AMI and below;
- Donated land for Greenville Fire Station #1 in Verdae;
- Sold land for the development of Southern First Bank’s headquarters;
- Launched a revised masterplan for Verdae focusing on redevelopment opportunities along Laurens Road; and
- Donated land and easements to support the expansion of the Swamp Rabbit Trail, Legacy Connector, and the soon to be constructed pedestrian bridge over Verdae Blvd.
