An Atlanta investor has sold the former Pigg at 445 Meeting Street to a local JV of McAlister Development and The Peninsula Co. that bought the ground lease for about $10.8M, or about $113/SF of land area and a sub-5 cap rate. John McDermott of The Post and Courier has the story here.
More apartments are planned in and around CHS, as noted in an article by Warren Wise of The Post and Courier, as he points out plans submitted to the city for four new developments:
- An unspecified number of units at a site near the intersection of Meeting Street and Cooper Street, downtown. Plans call for a structure of up to 80′ though current zoning allows only up to 55′. The site would need to be re-zoned from light industrial/general business to mixed-use workforce housing. The developers are Gruca Properties and Frederick Fabian of Venters Capital.
- One block away, Atlanta-based Brand Properties is seeking to build a 5-story mixed-use building with 128 apartment units along Meeting Street between Jackson and Lee Streets. It would include a 208-space parking deck and 11,200 SF of office space.
- In West Ashley, next to Westwood Plaza shopping center, where Harris Teeter announced it would build a new grocery store, a developer wants to build a 174-unit apartment community in five 3-story buildings. Its would be a JV between Jim Kourafas of Caerus Construction Co. and Trident Construction Co.
- Another 78-unit, 3-story building would be an additional phase of the recently complete River’s Walk apartment community is planned at 301 Seaport Lane in Mount Pleasant, off Mathis Ferry Road.
Jupiter Holdings is finally showing its cards for a site it bought years ago at 600 Meeting Street, near the Ravenel Bridge on-ramp in the Upper Peninsula, a plan that would include a 9-story hotel including a 5-level deck. The Starwood flags are reportedly Element by Westin and Aloft. Plans go before the Board of Architectural Review on June 3rd. Allison Prang of The Post and Courier has the story.
A May 2016 story updates the earlier article with an opening date for the dual-flag development – an 88-room Element Charleston Historic Downtown and the 86-room Aloft Charleston Historic Downtown. Both are scheduled to open in 2018.
Federal Capital Partners along with some other investors, just bought the 72-unit East Central Lofts and plans another 264-unit building on the 3.5 acres of excess land at Meeting and Huger Streets on the upper peninsula. The 5-story building would include mostly 1BR and studio units, but also 2BR plans all above a two-level parking deck, plus about 16k SF of retail space, and a 3k SF leasing office. Warren Wise of The Post and Courier has the story.
Courier Square, the (partial) re-development of the Post and Courier site at Meeting Street and Columbus Street downtown, will seek its final approval from the city, this time the Board of Architectural Review this week. Construction on the $85M project should begin in May on the development which will include 226 apartments, plus 90k SF of commercial space, wrapping a 600-space parking deck. Warren Wise of The Post and Courier has the update.
One of the co-owners of Basil Thai is opening a nearly 7k SF brewery at 1513 Meeting Street in a $1M project that they hope to have open this Fall. Warren Wise of The Post and Courier has the announcement.
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.
CHS-based Jupiter Holdings is continuing its efforts to build a new dual-branded hotel and mixed-used development that would include office, restaurant and parking on a site at Meeting and Huger Streets downtown. It now includes a rooftop pool and an outdoor terrace with skyline views. The two hotels would be an Element extended-stay brand and an Aloft, a modern, boutique-style flag, both Starwood concepts. The plan is in front of the Board of Architectural Review for its approval this Wednesday afternoon. Abigail Darlington of The Post and Courier has the story.
After purchasing the former federal building in 2008 for $15M, John Dewberry of Atlanta has begun to work on what he expects to be a 5-star hotel that will open in late 2015 after he has now secured a reported $35M loan from NBSC. Abigail Darlington of The Post and Courier has the article.
Two Starwood flags, Element by Westin and its Aloft brand, will share a 9-story, 170-room development planned for the Upper Peninsula when it starts construction in 2016 in a development by Jupiter Holdings. The two concepts will share lobbies and common areas and parking, but have their own floors of rooms. The Grapevine from The Post and Courier has the brief announcement that surfaced in a zoning approval request for the site.