Tyrone Richardson of The Post and Courier has an article on the resurgence of the Charleston condo market. While the article references Palmetto Place as a condo being converted from rentals, that development initially was a condo deal that failed and was converted to rentals and now the Florida buyer is selling the units (again). Seth Clark, our resident condo expert at Colliers, says the best barometer of a resurgence is new development, and we haven’t seen that yet, but we suspect we will by the end of 2014, first on the Peninsula, second infill sites, and third in the suburbs.
The Post and Courier and Warren Wise have a story about the substantial amount of new developments underway and planned in downtown CHS, from housing to retail, hotels, restaurants, office space, College of Charleston and government projects and so on. Amazing. And it is not just talk; it is happening before our very eyes.
The Post and Courier’s Abigail Darlington has a story about the demise of the recently foreclosed Citadel Mall in suburban Charleston and insights as to the next steps and the future of the site. Experts suggest it should be razed or at least re-developed, that the old enclosed malls have given way to open air lifestyle centers or mixed-use developments. Complicating things is the fact that the anchors own their own pads at the mall. Now the city is weighing in on the subject. Lastly, CBL, the Chattanooga operator of B malls, including Northwoods Mall in North Charlesotn, lost the mall to foreclosure in January and a special servicer controls the asset for the bondholders while a property manager in New York is doing the management and leasing. What could possibly go wrong?
The Southend Brewery, at 161 E. Bay Street, sold to a NJ-based firm at a price of $5.5M, or about $337/sf. The Post and Courier has the story here.
The Grand Bohemian, a 50-room boutique hotel in downtown Charleston, had its groundbreaking recently. Our friends at SCRENEWS have the story.
Check out our year-end investment market report for Charleston. If you need any specifics on some transactions, trends, or opportunities, just call me.
A great recap article on 2013 (and announcements for 2014 activity) for Boeing at CHS. This is gonna be huge! See the article by John McDermott and Warren Wise of The Post and Courier.
The Charleston Post and Courier reports on the opening of the new 30,000 SF Belk Men’s Store at Mt. Pleasant Towne Centre.
East Cooper Medical Center announces it is spending $11M on a new MOB of 42,000 SF that will focus on its women’s services and orthopedics. See the article by John McDermott of The Post and Courier.