The Post and Courier’s Warren Wise has an article about the initiative of the city administrators to combine forces with developers, residents and workers along Morrison Drive on the 865-acre district and its future, especially with 30% of that area undeveloped and as housing, office, hotel and retail forces compete for land as the Peninsula expands and develops northward with land options to the south limited to say the least.
Jobs create housing demand. And all the jobs we are creating are creating opportunities for multi-family developers. The ApartmentGuide.com lists some 9,131 new rental units planned for the tri-county region in coming years; that includes the nearly 4,000 units under construction now, mostly in Mt. Pleasant and Daniel Island. A quick summary of some of the more notable projects across the region:
– The Avenues at Verdier Point (304 units) off Bees Ferry Road in West Ashley
– The Standard at James Island (280) off Maybank Highway on James Island
– Springs at Essex Farms (272) off Glenn McConnell Parkway/I-526 in West Ashley
– 930 NoMo (152) a student housing development on Morrison Drive on the Peninsula
– Cooper River Farms (288) off Clements Ferry Road north of I-526 and Daniel Island
– Unnamed project (300) on Daniel Island across from the Family Circle tennis complex
– Cypress River (280) off Blue Horse Road in North Charleston/Ladson
– Parks at Nexton (320) at I-526 and US 17.
This just in – jobs stimulate housing… A USC economist, Joey Van Nessen of the University of South Carolina Moore School of Busines, says home sales activity is tied to job growth and he expects that job growth to continue through 2014. While the state’s wage growth has been stagnant, Charleston’s has fared better than most because the jobs are in higher paying disciplines, such as engineering. We are also benefiting from retirees moving here. Tyrone Richardson of The Post and Courier has the article of Mr. Van Nessen’s speech at the Charleston Home Builders Association mid-year update on earlier this week.
A meeting with local housing officials addresses the need for affordable housing that concluded with four action items: higher density development, product that takes into account changing demographics, the need for a long-term transportation plan, and replicating innovative developments. The Post and Courier’s Tyrone Richardson has the full story.
Our congrats to friends at SWH Residential Partners of Atlanta is seeking permits to build a 280-unit luxury apartment community in Carolina Park, near Roper’s St. Francis Mount Pleasant Hospital. Tyrone Richardson of The Post and Courier has the story.
Liz Segrest of The Charleston Regional Business Journal offers highlights of the CRBJ’s Power Breakfast on Thursday that was focused on mixed-use developments around CHS and how they can help keep our quality of life the #1 reason for population and job growth. Love the comment on “drive til you qualify” for housing in the far suburbs and commuting in to the job, more reason for mixed use developments and communities (e.g., Nexton) that could house both your home and your place of employment.
After two years of pursuing the former Turky’s Towing site at 35 Folly Road, just south of the CHS Peninsula, Flournoy Construction of Columbus GA has closed on the site and begun construction of a 300-unit mid-rise luxury multi-family project. Ashley Barker of The Charleston Regional Business Journal has the story.
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.
The Easley-based bank opens it first banking operation in the Lowcountry with the opening of its new regional headquarters at 177 Meeting Street in downtown CHS, developed by Atlanta-based Holder Properties. Warren Wise of The Post and Courier has the brief story here.
Ashley Barker of The Charleston Regional Business Journal reports on the planned demolition this summer of The Sergeant Jasper Apartments and the re-development of that site for a new multi-family development – just not the 14-story version.