Pre-Construction Condo Risks in Downtown Greenville

"The good news is that we are at the end of the road here with this pause. We've got to have a project that is economically in line, and that's what we're accomplishing now."

That's Kyle Keene, founder of Keene Development Group, describing The McDaniel to the Post and Courier in May 2026. The project sits at East McBee and McDaniel avenues, a few blocks from Cleveland Park, and it was supposed to be finished last summer. Instead, the wood-frame shells that were meant to become 30 limestone-faced condos are still framed in particle board, three contractors say they're owed a combined $274,367, and two of them have filed mechanics liens against the property.

If you're shopping for a condo or townhome in downtown Greenville right now, you've almost certainly seen a rendering that looks a lot like The McDaniel: pre-construction pricing, a sales page, a countdown to a delivery date that feels close enough to plan around. The McDaniel's story doesn't mean every pre-sale project downtown is in trouble. It highlights the period between a sale and receiving the keys, when buyers should understand the project's timeline and their contract terms.

The Six Weeks That Explain the Whole Model

The McDaniel launched its Phase 1 pre-sale in July 2023, before construction had even started. Keene Development and its sales partner told the press that half of the planned 20 townhomes had sold within six weeks, at prices between $1.4 million and $2.2 million. By the time Phase 2 launched in early 2025, the pricing had climbed to $1.95 million to $2.5 million for the final 10 units.

That speed is the point. A fast pre-sale lets a developer lock in buyer commitments, and often buyer deposits, before a single foundation is poured. GSABusiness reported that buyers who put down refundable deposits during Phase 1 had a 30-day window to make final design selections before those deposits converted to non-refundable. That's a normal structure in new construction. Once your money is non-refundable, your financial commitment is tied to the builder's timeline, subcontractor payments, and cash flow.

What "The Pause" Actually Looked Like

Construction on The McDaniel started in October 2023. Work stalled in 2024, and the unfinished wood shells sat exposed through Hurricane Helene that September, with no protective envelope in place. At some point the project changed general contractors, bringing on Prescott & Foushee Construction to take over from the original builder. None of that is unusual on its own. Builder swaps happen. Storms happen. What matters to a buyer is whether anyone tells you when it does, and whether your contract gives you a way to respond.

The Liens Arrive

By May 2026, three contractors were pursuing Keene Development and the project entity, McBee Townhomes, in Greenville County court: H&H Concrete, PK Legacy Builders, and Yoder's Building Supply, collectively claiming $274,367 in unpaid work. H&H and PK Legacy went a step further and filed mechanics liens.

A mechanics lien isn't just an accounting dispute. Levelset's South Carolina lien-law FAQ says lien claimants have a defined window to act (a lien generally has to be filed within 90 days of the last labor or materials furnished, and a suit to enforce it within six months after that), which means a project can go quiet for months before a lien shows up in the county's records. If you're a pre-sale buyer waiting on your unit, check whether a lien has been filed against the building you're buying into.

Other Projects in the Greenville Pipeline

Keene Development has more than one project in the Greenville pipeline. In February 2026, Fidelity Bank filed a foreclosure action against Keene, other investors, and the holding company tied to 100 N. Markley Street in the West End, the site once planned for The Kimpton, a hotel and condo project. Fidelity's suit claims $4.39 million in unpaid mortgage debt. Keene told the Post and Courier he's no longer involved with that project.

At the same time, Keene said a third project, Biltmore Walk, a similarly priced luxury townhome community, began vertical construction in July 2026. Before signing, buyers can consider a developer's overall financial position as well as information about the specific building they're considering.

Two Very Different Ways to Buy Downtown Right Now

Downtown Greenville buyers today are choosing between two fundamentally different risk profiles, and it's worth being honest about what each one actually is.

Buildings like The Davenport, downtown's oldest large-scale multifamily building, or Broadview, which finished construction in 2024, have already survived the part of the process where things go wrong. Their HOA has a track record. Their reserve fund has a real balance, not a projection. You can ask for financials that reflect actual years of operation instead of a pro forma. That doesn't make an established building risk-free, but it does mean the risks are visible and documented rather than sitting somewhere in a contractor's unpaid invoice.

What to Actually Ask Before You Sign a Pre-Sale Contract

None of this means pre-construction is a mistake. It means the due diligence looks different, and most buyers don't know to ask for it.

Before signing anything with a deposit attached, ask the developer or their sales team when the deposit converts from refundable to non-refundable, and get that date in writing. Ask whether a Notice of Project Commencement has been filed with the Greenville County Register of Deeds. Ask directly whether the general contractor has changed since the project launched, and if so, why. And before closing, have your attorney or agent pull a lien search on the property itself, not just a title search on the unit.

If the developer has other active projects in the market, it's fair to ask how those are going. A developer juggling multiple luxury projects at once is managing multiple sets of subcontractor payments, multiple construction loans, and multiple points where a cash crunch on one site can bleed into another.

FAQ

How do I check if a downtown Greenville project has liens filed against it? An agent or attorney can check for liens before you sign anything.

Is buying pre-construction always riskier than buying something already built? Not always, but the risks are different in kind. Pre-construction risk is financial and procedural, tied to the builder's execution. An established building's risks are more visible, since you can review actual HOA financials, maintenance history, and reserve levels rather than projections.

If I already put a deposit down on a stalled project, what should I do? Review your contract's language on delivery timelines and default remedies, and consult a real estate attorney familiar with South Carolina construction contracts before making any decisions.

Downtown Greenville's condo market is genuinely active, and plenty of pre-sale projects deliver exactly what they promise. The point of The McDaniel's story isn't to scare you off new construction. It's to show you where to look before you commit money you can't get back. If you're weighing a pre-sale unit against something already built and occupied, Amanda Holmes can walk through the specific building's history, the developer's track record, and what your contract actually protects before you sign. Schedule a consultation before you put down a deposit, not after.

This article is general information, not legal, tax or financial advice. Consult a qualified professional about your situation.