A site on Daniel Island that once hosted professional football matches and music and food festivals will soon become a place to live, shop and eat.
Atlanta based Owner properties plans to transform the 36-acre property surrounding the former MUSC health stage in a 320-unit apartment community, approximately four dozen single-family homes, as well as food and beverage outlets.
The sports site along I-526 was demolished earlier this year to make way for a mixed-use project called Nowell Creek Village. It will include dock access to Nowell Creek to the west and Beresford Creek to the east as well as other outdoor amenities and recreational opportunities.
CEO of Holder Properties John Holder described his company’s latest local development as “a lowcountry-inspired mixed-use village in a natural setting that fits the larger context of Daniel Island.”
The razed stadium site was the long-standing ground for the Charleston Battery, who has since moved to Charleston Collegeof Ralph Lundy Field at Patriots Point in Mount Pleasant.
The incumbent’s company bought the property for $ 6.475 million, along with the former 25-acre nearby Blackbaud Inc. headquarters and parking lot for $ 35.5 million, both in 2019. Blackbaud, a global software company that sells technology services to nonprofits, has moved most of its local workforce to 2018 to a newly built corporate campus nearby.
The apartment complex of eight buildings will be called Daniel Island from the Atlantic and will take about nine acres, according to plans. It will include an entertainment center, clubhouse and swimming pool.
Middle Street Partners of Charleston will develop the site at an estimated cost of $ 60 million, founder said Adam monroe.
Monroe said construction could begin at the end of this year or early 2022, once plans pass through the city’s review canals. The work is expected to take about two years.
The apartments on offer range from studios to three-bedroom units, with the majority of rentals designed for multiple tenants.
âThree-bedroom units are doing well in this market,â Monroe said.
Rental rates are expected to be similar to others on Daniel Island, tentatively varying from about $ 1,600 to $ 2,500 per month.
A few smaller commercial buildings and single-family home sites will be set up along Nowell Creek, west of the apartments. They are independent of the multifamily development.
Holder Properties’ 230,000-square-foot former Blackbaud head office is in need of an interior redesign so that it can be marketed to multiple occupants. The building, originally designed for a single tenant, is currently undergoing an overhaul and construction could begin later this year.
An investor from North Carolina recently bought a pair of apartment complexes in the Charleston area for a total of $ 45 million.
Based on Gastonia Southwood Realty bought the multi-family communities of The Kalikow group of Westbury, NY, according to the commercial real estate company Cushman and Wakefield, who negotiated the sales.
In North Charleston, Southwood purchased all 182 units Wescott Apartments on 28 acres off Dorchester Road for $ 32.2 million. Kalikow built the complex in 2018 with equity partners KEP Wescott LLP, BCP Wescott LLC, Pipe Dream Investments LLC and development partner EYC Wescott LLC.
The development includes one to three bedroom units, as well as a clubhouse, fitness center, swimming pool, detached garages, and storage space for residents.
On Johns Island, Southwood recovered all 80 units Fenwick Apartments for $ 13.2 million. Kalikow owned the site off River Road across from Fenwick Hall Plantation since 2018, and he has renovated many units with upgraded kitchens and bathrooms.
Fenwick features two bedroom / two bathroom units with a fitness center, clubhouse, pool, and community gas / barbecue area.
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The first phase of a new residential development on Johns Island will include 43 townhouses and 29 single-family residences on the Maybank Highway near the Stono River.
The 72 units, Indigo Grove the initial phase of development will span approximately 33 acres across from Fenwick Hall Allee, according to site plans presented to the City of Charleston.
Stanley Martin Companies Inc. is the developer of what is called the Kerr Tract. which is owned by a resident of Asheville, NC.
The proposed name of the community comes from the remains of a brick foundation preserved from an old indigo-making vat on the property.
The plans show a second phase with 27 townhouses and 15 single-family homes south of the original construction area.
Reach Warren L. Wise at 843-937-5524. Follow him on Twitter @warrenlancewise.