Monthly Archives: July 2015
West Elm, the home furnishings division of Williams Sonoma and Pottery Barn, is set to open its first store in SC, on Upper King in the former Mescons space. Warren Wise of The Post and Courier has the brief announcement.
Field and Stream, the outdoor recreational gear arm of Dick’s Sporting Goods, will open its first area store in late August, a 50k SF store in N CHS near Tanger. Warren Wise has the announcement for The Post and Courier.
First Sports Authority had the market all to themselves, then Dick’s at Citadel Mall and a new store in Mount Pleasant in mid-2015, then Field & Stream will open next month near Tanger in N CHS, then BASS Pro Shop (kinda), and now Cabela’s. After a year of scouting out sites, the Midwest outdoor sporting good and retail chain Cabela’s will start on an 82k SF store in Nexton in Summerville that will open in late 2016. Warren Wise of The Post and Courier has the announcement.
Three years in the Lowcountry, Greenville-based Southern FIrst Bank plans to build a small office building at 80 Calhoun Street downtown. In June, the bank paid $1.8M for the site at the northeast corner of Calhoun and Elizabeth Streets. John McDermott of The Post and Courier has the article.
URS Capital Partners bought Summit Place on Ashley Phosphate Road in N CHS for its fourth acquisition in the area in the past two years. It paid $14.7M for the 226-unit community, or about $65k/unit. The buyer plans abut $2M in renovations. John McDermott of The Post and Courier has the announcement.
High-end home sales are up, with Kiawah reporting 12% more volume from the first half of 2014, and an average transaction size that is up 49%, while Daniel Island is reporting 26% more sales and pricing up 14%. So far, 30 properties have traded over $1M, double than that of the count of mid-year 2014. Warren Wise of The Post and Courier has the article.
Warren Wise and Diane Knich of The Post and Courier have an article about a proposed 603-space parking garage on Upper King that might be the game-changer to allow Upper King to attract a national retailer. We know a major retailer or two that have downtown on their radar screen, but Upper King might be a bigger challenge than some of these retailers have bargained for.
A few items to note from various sources on the CHS economy and the local technology and employment boom. CHS is now home to some 200 tech companies, and the CHS tech economy is reportedly growing 26% faster than the national average, according to a recent Post and Courier article. Consider:
From The Charleston Regional Development Alliance, 4 things to look out for:
- SC is now the 2nd most-popular destination for movers in the US according to United Van Lines with some 43 newcomers a day;
- Most of those movers are Millennials – people in their 20s and 30-somethings, with a Millennial population that has grown 58% from 2000-2012, higher than Nashville, Denver, Austin and Houston
- Job Growth will continue led by Boeing, BenefitFocus, Daimler, and PeopleMatter, and now Volvo; and,
- Aviation, a growing industry, supports 50k local jobs and accounts for $13.8B (thats a B for Billion) to the local economy.
CRDA also reports CHS is the #2 fastest-growing mid-size metro area for computer software engineers (Avalanche Consulting Headlight Data System, 2013), #5 of the Best Performing U.S. Metro Areas for High Tech GDP Growth (Milliken Institute, 2013), and #6 Fastest-growing software development region in the U.S. (Avalanche).
Thanks to Burnet Maybank, III, Esq., of Nexsen Pruet in downtown CHS.
The retail behemoth, Wal-Mart, is looking for additional sites for its small(er) footprint Neighborhood Market concept to follow two recently-opened stores, along with two more in the works. The five are:
Opened – Red Bank Road and St. James Avenue, both in Goose Creek
Planning – Dorchester at Bacons Bridge Road in Summerville and Ladson at Miles Jamison Road in Ladson
Permitting – Dorchester Road at Patriot Boulevard, across from Bosch and near a Golds Gym that was formerly a Pigg
In a somewhat related topic, Corner Bakery is looking to expand to CHS and Columbia with five or six new stores and is scouting for sites now as it plans to double its national store count (now at 185) in the next two years.
AZ-based Healthcare Trust of America announced it paid some $10.6M for a 40k SF building occupied by MUSC at 8992 University Blvd. in N CHS, its fifth purchase since 2010, now totaling some $65M. John McDermott has the story here for The Post and Courier.