Monthly Archives: January 2016
At 434 rooms, its the city’s largest hotel, but at 30 years old, it was admittedly “dated”, and now every room got a top-to-bottom overhaul, totaling some $34M, and over two years, all according to a recent article in The Post and Courier from Allison Prang. Another $3M in renovations to the meeting rooms, lobby and the spa are planned over the next year.
The Post and Courier has an article that focuses on the inconsistency of researchers and forecasters on figures prior to the Great Recession and current data and who is and is not “fully recovered” from 2009. But more importantly, some statistics are glaring and impressive about CHS and its full recovery:
- 43 new residents move to the CHS region EVERY DAY.
- Since the recession ended in 2009, some 54,000 jobs have been created in the region according to Dr Frank Hefner, an economist at The College of Charleston.
- And 63,000 persons have moved here (through year-end 2014).
- As a result, the three-county CHS region recovered from the recession years ago as did the Upstate thanks to the likes of BMW and Michelin.
- But the article adds that data suggests that some 93% of the nation’s counties have not fully recovered from the economic collapse, at least by the way a study from the National Association of Counties counts the numbers. But many of the U.S.’ major metro areas – and media outlets – have recovered and good or bad, that is what gets reported.
If you thought the airport was crowded lately, with passenger and airline growth, Charleston International Airport passengers (arriving and departing) rose 14% in the past quarter over the same quarter last year. From July through October 2015, 1.25 million passengers used the airport, an increase of over 150,000 persons. The Post and Courier’s Warren Wise has the story here.
We all knew it was strong, but wow – the final figures are in from the Charlestson Trident Association of Realtors and an article from Warren Wise of The Post and Courier: total sales for 2015 were 16,202 and a median price of $229,000, up 13.7% and 6.5%, respectively. In December alone, sales were up 9%. Expert’s biggest concern – less than 5k homes are available for sale, down from 9,100 in 2010, and pricing beyond what a lot of people can afford.
CharlestonCREblog comment: This is all good news for apartment owners as the jobs growth continues, and this all means more renters.
Dairy Queen is planning to open eight new stores in the Lowcoutry over the next five years; the first one opens in Goose Creek this week.
- new stores at South Windermere Shopping Center
- an expansion for Gywnn’s in Mount Pleasant
- Eggs Up Grill, a new restaurant coming in the Spring to the Cane Bay Publix center, and
- a new small (22k SF) retail development planned at Shadowmoss Plantation in West Ashley.
The Kimbrell’s-anchored center at 208 Saint James Avenue in Goose Creek was purchased in November and will reportedly be converted to self storage units, similar to the Food Lion that across St. James that was recently converted. An investor, SIG-Goose Creek, paid about $53/SF for the vacant retail box adjacent to Kimbrell’s that once housed a grocery store then a call center for National Car Rental then a call center for the now infamous JK Harris tax representation firm. No article(s).
In November, Seacoast Christian Community Church paid about $7.5M for the 74,400 SF Shoppers Port Retail Center at 2039 Savannah Hwy (at I-526 terminus). Seacoast already occupied a large portion of the center, along with many traditional retail tenants. No article.
Monarch Investments, a value-add retail buyer out of Atlanta, made their second purchase in the CHS region with the acquisition of Shoppes at Centre Pointe, a 140,000 SF center anchored by Ashely Furniture and Staples, located across from Tanger Outlets in N CHS. Monarch paid a reported $16.5M or about $118/SF in December to special servicer CWCapital that had foreclosed on the center in early 2014. Monarch bought North Charleston Center a couple of years ago, paying DDR some $68/SF for that asset about two years ago. No article.
After ranking as the #1 city in the U.S. and Canada in T+L’s World’s Best Awards – for the third straight year – readers of T+L voted CHS the #2 “Destination of the Year” award, behind only Nashville, TN. Allison Prang has the announcement here for The Post and Courier.
The former Holiday Inn adjacent to the Tanger Outlets in N CHS has been re-flagged to a DoubleTree by Hilton after a $4M renovation. It is owned by Lowcountry Hotels which also owns the Hilton Garden Inn at Tanger, along with the Ansonborough Inn downtown and is developing a Staybridge Suites in Mount Pleasant. Allison Prang has the story here for The Post and Courier.