Boeing, BMW, Volvo, Mercedes, a successful inland port, new rail access, and some 1M containers a year are all creating the need for new warehouses and developers are listening and building. David Wren has the story here for The Post and Courier.
Warren Wise of The Post and Courier gives a quick update on all kinds of development occurring across CHS, from planned apartment projects to under construction single-family and townhome developments. A quick summary:
- The Charterhouse at James Island, a single 4-story 32 unit building at 1559 Folly Road
- 17 South Apartments – 220 units at Marginal Road in West Ashley between I-526 and Bees Ferry Road
- Sawgrass Apartments – 194 units on Bluewater Way near Bees Ferry Road, also in West Ashley
- Faison is proposing 315 units, a parking garage and retail space on 8 acres on Island Park Drive on Daniel Island
- 90-lot single family subdivision at The Oaks at St. Johns Crossing at 1566 River Road on Johns Island; by Sup Real Estate
- A 33-home subdivision by the same development group, Sup, for a site off Clements Ferry Road north of Daniel Island
- A 22-lot subdivision by Daniel Island Co for a 17-acre site on Brailsford Street
- A 20-home subdivision by FrontDoor Communities in Carolina Park in Mount Pleasant with prices starting at $430k
- An 85-lot subdivision off Bees Ferry Road in West Ashley in the Grand Oaks development
- A 52-home lot subdivision at Roustabout Way in Bolton’s Landing in West Ashley
- For townhomes, Ryland Homes has started an 84-home luxury community at Carolina Park in Mount Pleasant
- And for senior housing, the Daniel Island Co. and Maxwell Group are planning a 216-unit senior housing community at 722 Island Park Drive on Daniel Island
Warren Wise of The Post and Courier provides an update on the Meeting Street portion of the development of Courier Square, a mixed-use project with apartments, retail and office space and a parking deck that will all be delivered in 2017 with a price tag of some $85M in a joint venture of Evening Post Industries (owner of The Post and Courier), Lincoln Harris and Greystar. It still needs final approval from the city that is expected in early 2015.
Hotels are keeping pace, er leading, other developments in the cycle of new product additions to the CHS region, with new hotels under construction and planned across the metropolitan area. Abigail Darlington of The Post and Courier has an update on a variety of hospitality projects from West Ashley to the Peninsula to Mount Pleasant.
Warren Wise of The Post and Courier provides a great update on various commercial developments across the CHS region, ranging from retail, office, industrial and hotel projects, all in light of continuing job growth, unprecedented demand and rental rate pressures that can finally justify all this new construction.
Directly across from Tanger Outlet Center, a small multi-tenant retail center is coming to the pad out front of Shoppes at Centre Pointe on Centre Point Drive, between IHOP and Qdoba. Its only four suites and there have been leased – to Carolinas TelCo Federal Credit Union, to Sport Clips and an AT&T store; the fourth bay is not yet leased. Expected opening is by December. Abigail Darlington of The Post and Courier has the brief story here.
The Post and Courier’s Tyrone Richardson reports that CHS’ multifamily construction will add an unprecedented 8 percent to its inventory of existing stock, and that makes it one of the biggest percentage gainers in the nation. With about 45,000 total units and some 3,700 under construction, that is a lot of units, but it is dwarfed by our neighbor to the north, Charlotte that reportedly has some 10,000 units under construction, or a much larger city like Boston adding thousands of new units and 5% to its inventory. Jobs are being created and that is the big generator for the boom, jobs at Boeing but also high tech and software firms like BenefitFocus that announced 1,200 new jobs. The Apartment Guide summed it up, saying Charleston’s employment is “a hotbed of activity…the numbers are staggering compared to the rest of the state and nation for job growth…” The Apartment Guide, however, did not cite statistics in high growth markets Charlotte, Dallas, Houston, South Florida or Washington DC, so reporting that it leads the nation is probably a stretch.
Liz Segrist of The Charleston Regional Business Journal reports on the tightening warehouse market resulting in increasing rental rate pressure, justifying new construction. Colliers colleagues, Peter Fennelly, SIOR, MCR and Hagood Morrison, SIOR, are quoted saying new development will come by the end of 2014.