Work could begin this fall on the Horizon Redevelopment Project on the southwest tip of the peninsula, according to Horizon officials who presented an updated master plan to city officials this week. The first step would be a parking garage followed as soon as Spring 2015 by two buildings for residential, retail and restaurant space. Diane Knich of The Post and Courier has the story.
Monthly Archives: July 2014
Mellow Mushroom announced it will open a 6,000-SF store at Centre Pointe in N CHS to take advantage of all the hungry retail shoppers and workers in N CHS and from the airport and Boeing, as well as pre- and post-event crowds at the N CHS Coliseum. The Post and Courier’s Hanna Raskin has the story.
Thanks to Southwest and JetBlue, CHS can boast some of the most affordable airfares in the nation according to online service cheapflights.com. I have a couple of clients that can attest to this, while others (Atlanta) say it is still ridiculous what a certain airline still gets away with here; I am a 1M miler with that airline, so I will watch my language here, but I digress. Cheapflights.com reported an average round-trip ticket of $191, the cheapest in the nation, and rising 30 spots to the claim the lowest airfare in the nation. On the other hand, in Q4 2013, the US DOT said CHS round-trip ticket cost $397, more than double what cheapflights said; while the DOTs figure was down 31% from year 2000, the DOT ranked CHS the 40th highest route in the nation. (I think my Atlanta clients had no choice, and for that they got the DOT’s airfare, er, actually more). The Post and Courier’s Warren Wise has the story.
The mid-year 2014 investment market report for the CHS market is hot off the press and available for download here. Highlights:
Commercial property sales in the Charleston region totaled $270 million for the first six months of 2014, just behind the mid-year 2013 pace of $275 million. The darling of the lending community, multi-family, led the way again with $110 million in sales followed by shopping centers at $54 million and office buildings at about $21 million. The largest transaction thus far in 2014 was the sale of The Boulevard, a new multi-family/retail development in Mt. Pleasant to Heitman for $66 million. By the end of the year, odds are we will beat the record-setting 2013 aggregate of over $550 million.
Colliers International’s 2nd Quarter office market report is out and available here. Highlights:
– Vacancy rates declined to 10.45% at the end of the second quarter of 2014 from the first quarter vacancy rate of 11.12% and will continue to decrease throughout 2014.
– Class A asking rental rates averaged $27.20 per square foot full service for the market.
– Average asking rental rates increased to $20.33 per square foot full service for the market.
– With vacancy rates trending downward, speculative development is necessary for future growth.
After years of discussion and even political “footballing”, the Beaufort Marine Corps Air Station finally welcomed last week the Marine Fighter Attack Training Squadron 501 from Elgin Air Force Base in Florida. Training will begin in October and some 15 F35B will be in Beaufort by next summer. Overall, the squadron means about 300 new members to Beaufort, many with families that will relocate here as this is a permanent training squadron that will train pilots, mechanics and support teams to replace the aging F/A-18 Hornets that were formerly flown out of Beaufort. Eventually, plans call for two attack squadrons and the training squadron to eventually call Beaufort home, about an hour south of CHS. The State newspaper has the article.
Wal-Mart’s planned significant expansion of its Neighborhood Market concept is finally resulting in a new store in CHS. They have submitted plans with Dorchester County for their new grocery concepts at Bacons Bridge and Dorchester Roads in Summerville. Wal-Mart Neighborhood Markets has existing and planned stores in the Upstate and recently opened a store in Myrtle Beach, while two new stores are planned for Orangeburg. Abigail Darlington of The Post and Courier has the story.
Jobs, jobs, jobs. Summerville-based Sportsman Boats Manufacturing announced it will more than double its facility size and hire another 150 people. This is on top of the May announcement of Scout Boats that would add more than double its workforce, adding 300 jobs. Warren Wise of The Post and Courier has the story.
As a side note to another story, Warren Wise of The Post and Courier reports that Boeing announced on Monday some $6B in new orders from air carriers in Ireland, England and China.