Sale of Marsh store to KennMar finalized

Jan. 31—ANDERSON — The final legal hurdle for the opening of a grocery and hardware store on Nichol Avenue has been completed.

Greg Winkler, executive director of the Anderson Economic Development Department, said Wednesday that KennMar development has closed on the property and assumed ownership.

Winkler said the Anderson Redevelopment Department received a $500,000 payment from KennMarr for the purchase of the former Marsh store.

He said the ARC sent KennMar approximately $600,000 for interior demolition and other work already completed at the store.

Developer KennMar is planning to convert the former Marsh store into a Needler's Fresh Market and Ace Hardware.

The grocery store, which will include a drug store, is expected to open this year.

Last week the ARC approved a request by KennMar to transfer the project development agreement to a newly formed limited liability corporation owned entirely by KennMar.

The commission's attorney, Mike Austin, said KennMar has already spent $423,541 for interior demolition work at the former Marsh store.

The Marsh store on Nichol Avenue closed in 2017.

KennMar is investing $1.5 million in the project.

The Anderson Redevelopment Commission is providing $7.2 million to be released in phases to upgrade the store.

The store needs a new heating and air conditioning system, flooring, electronics and plumbing.

Those funds will be recaptured from tax revenues on the increased assessed value of the property.

The developer has to commit to operating the grocery store and hardware store for a minimum of 10 years.

The stores have to be opened by July 1, 2024, or KennMar will be in breach of contract. The developer hopes to open the stores before that date.

Follow Ken de la Bastide on Twitter @KendelaBastide, or call 765-640-4863.