Monthly Archives: December 2015
The N CHS hotel that was the Marriott three decades ago will undergo an extensive renovation and re-open as a new(er) Marriott this summer. JHM Hotels out of Greenville bought the hotel that later became a Hilton and most recently a Sheraton and currently the independent Charleston Plaza, bought the property for about $5.9M in mid 2014. JHM also owns the Marriott and the Courtyard by Marriott, both downtown. The Post and Courier’s Allison Prang has the story here.
Deepening the CHS harbor from 45′ to 52′ is one step closer with the signing of an agreement between the Army Corps of Engineers and the State Ports Authority, and $307M already set aside by the state. The deepening would allow CHS to accommodate some of the largest container ships in the world regardless of the local tides. David Wren of The Post and Courier has the story here.
A 15-property portfolio that includes three in CHS that are affiliated with either former Piggly Wiggly stores or current Piggs is under contract to a Virginia-based REIT, Wheeler Real Estate Investment. The assets include a James Island center that is now anchored by Harris Teeter after Pigg vacated in 2013, a Bi-Lo center in Ladson that was also a former Pigg, and an existing Pigg in Moncks Corrner. The transaction that combines 630k SF is set to close in January; pricing is reportedly at about $71M. Warren Wise has the story here for The Post and Courier.
Boeing reached a milestone with its 100th jet finished in N CHS in mid-December, according to an Associated Press article in The Post and Courier.
The Milken Institute is a California-based economic think tank that annually ranks Americas largest U.S. metropolitan areas by how well they are creating and sustaining jobs and economic growth. CHS ranked #17, up 22 spots from its 2014 ranking. In the Southeast, it ranked behind only Raleigh (#6) and Charlotte (#13) and ahead of other Southeast cities such as Nashville (#18), Atlanta (#27), Orlando (#28), Savannah (#30), Fort Myers (#40), and Fort Lauderdale (#41). In South Carolina, Greenville ranked #52, Columbia at #107 and Myrtle Beach at #108. The biggest assets of CHS – job growth, high tech, manufacturing and the port. David Wren of The Post and Courier has the story and rankings here.
The Beach Club, a 92-room waterfront hotel with a “residential feel” and adjacent a full-service marina will open in June. Average nightly rates are projected to hit $400 in the high season and $200 in off-season. The Post and Courier’s Allison Prang has the update here.
The Spectator, a 41-room boutique hotel in downtown CHS came in 7th place in USA Today’s top rankings for the country’s best new hotels. Allison Prang has the article here for The Post and Courier.
An institution in downtown CHS since the late 1800s is looking to be re-developed from a hardware store, lumber sheds and an equipment rental business into a major mixed-use development. Hughes Lumber submitted plans to the city to build a 600-space parking deck that could be tied into a major retailer taking the now closed Morris Sokol store that would also be re-developed, possibly into a mini-big box. Warren Wise has the story here for The Post and Courier.
Lat Purser & Associates has purchased the long-challenged Ashley Oaks retail center built back in 1985 at the corner of Ashley River Road and Wappoo Road in West Ashley. The Charlotte-based value-add buyer paid $5.49M or about $98/SF back in November. Current anchors are Alberts Attic (used furniture and thrift store), Arts for Fitness, and the SC DMV; surely that lineup will be changing soon. No article.