Monthly Archives: February 2015
The King Street phenomena is getting national recognition in the big-time publication Shopping Centers Today in an article by writer Matt Hudgins. See the link here and go to p45 then zoom in. Some highlights:
- Vacancy of 1.3% in Q3 2014 (vs. 7.3% metro-wide)
- Three years ago – rents of $25 to $35/SF
- Today, $60-$65/SF
- 1000 hotel rooms nearby coming in 10 new hotels in next two years
- New office buildings are bringing more daytime shoppers
- Incomes are changing; high-income retirees who shop and eat…in that order
- An intentional mix of 75% local and regional tenants (vs. nationals)
I will add: new apartments and expanding College of Charleston (12,000 students, plus faculty), and an update on market rents – we’re hearing $80/SF recently.
Brenda Rindge and David Slade of The Post and Courier offer a great article on the mega-developments of southwest Berkeley County that will inherit even more growth of the Charleston region as infrastructure, schools, and more raw land gets developed into residential lots. What follows will be more retail options, office buildings, medical space and lessened commutes.
Urban Outfitters, under that retail name as well as Anthropolgie, Free People and Terrain, is closing its e-commerce distribution center near Aiken/Augusta to focus its e-commerce efforts at a new facility west of Philadelphia. Plans for the 459k SF facility in Trenton, SC are unclear. John McDermott of The Post and Courier has the story.
Chipotle has announced its opening for March 13 for its downtown Charleston store on King and Calhoun Streets. It is part of a 35k SF redevelopment of the former MIllennium Music building that will soon house the only Walgreens downtown plus a Carolina Ale House and other yet-to-be announced tenants. Warren Wise of The Post and Courier has the announcement.
Lennar Homes is holding a grand opening for Coosaw Preserve, its 550-lot subdivision it is building in Dorchester County off Patriot Boulevard in North CHS, between the town of Summerville and Wescott Country Club. Homes are generally in the $200s to mid-$300s. Warren Wise of The Post and Courier has the announcement.
Condos – they’re back! The fourth condo tower at The Tides in Mount Pleasant is set to start construction next month with seven stories and 54 units, priced from $500k to $2M. The units would be delivered in early 2016. Developer East West Partners has secured financing after a reported 13 units have fetched prices averaging $930k – and pre-sales started in just December. The existing three Tides buildings overlooking the Wando River contain 120 units. Warren Wise of The Post and Courier has the story.
The Hampstead Companies, a San Diego-based apartment developer, announced it will renovate the former St. Andrews Gardens off of Ashley River Road and rename it Palmilla Parkside. Warren Wise of The Post and Courier has the announcement.
The U.S. Commerce Department reports South Carolina’s exports totaled almost $30B in 2014, ranking it the #1 port in the nation for completed passenger motor vehicles (with 260k vehicles, that’s 21% more than in 2013), tires (30% of the nation’s tires exported), lawn mowers, synthetic stable fibers, ball or roller bearings and parts, and #2 in gas turbines ($1.7B), Most importantly, SC ranked number one among Southeastern states for export growth. And its top export partners are diverse – China, followed by Germany, Canada, Mexico and the U.K. David Wren of The Post and Courier has the story.
A study from the CHS Metro Chamber of Commerce suggests the aviation industry – primarily the big three of the airport, CHS Air Force Base, and Boeing – are responsible for some $13.9B and 51,000 jobs to the local economy. That’s 40% of the local economy and 16% of the local job base. Sounds like a lot, but the airport’s impact is huge; not to discount Boeing’s affect, but a similar study in 2011, pre-Boeing, suggested 34k jobs and 12% of the region’s employment, but the dollar figure has doubled from about $7B four years ago. Some interesting additional stats:
- Boeing alone accounts for $11B to the local economy, with 8,200 direct workers and sustaining another 20,000 jobs in the region
- Boeing’s growth will continue with its new paint hangar, the recently opened air inlet facility and when it begins its sole production of the 787-10, the largest version of the wide-body aircraft.
- The airport, now eclipsing 3M passengers a year, accounts for 3,915 direct jobs, while visitors using CHS account for some $450M in spending on their visits sustaining another 6,181 jobs.
- The Air Force Base employs 7,300 active-duty and civilian workers and supports another 5,000 jobs with a total economic impact of $1.7B.
The joke of a shopping center at Ashley River Road and Parsonage Road in West Ashley has finally been ordered to be razed by the courts. Good riddance. Prentiss Findlay of The Post and Courier has the story.