The Magnolia Project

[vicupstate]

Houston firm closes on former magnolia tract

A Texas real estate firm has finalized its purchase of the Magnolia site in a deal that's expected to jump-start the long-stalled urban development project.

The sale of the 182-acre property near the Ashley River in the Charleston Neck area required multiple transactions that were recorded this week.

The buyers are affiliates of Highland Resources Inc.

The Houston-based firm was the high bidder at a U.S. Bankruptcy Court auction last year for part of the Magnolia tract. It offered $8.6 million for that 31-acre portion and closed on the purchase this week.

At the same time, the rest of the land changed hands in a series of privately negotiated transactions. 

[Charles Pearson]

This is great! Here's hoping the Bridge to nowhere is finally going to go somewhere...

 

[erm1981]

On 3/17/2018 at 11:23 AM, vicupstate said:

Houston firm closes on former magnolia tract

A Texas real estate firm has finalized its purchase of the Magnolia site in a deal that's expected to jump-start the long-stalled urban development project.

The sale of the 182-acre property near the Ashley River in the Charleston Neck area required multiple transactions that were recorded this week.

The buyers are affiliates of Highland Resources Inc.

The Houston-based firm was the high bidder at a U.S. Bankruptcy Court auction last year for part of the Magnolia tract. It offered $8.6 million for that 31-acre portion and closed on the purchase this week.

At the same time, the rest of the land changed hands in a series of privately negotiated transactions. 

Crazy how long this has taken to go somewhere.

 

On 6/21/2018 at 1:32 PM, Spartan said:

That's a really great looking building. I wish more developers would build things like that in other cities too.

 

[Spartan]

Whoever ends up building/developing this site is going to make a ridiculous amount of money. The demand for housing in Charleston is crazy, and to have a land connection to downtown is huge. Some day, the whole neck area won't be as run down, and people will be clamoring to live there.

[erm1981]

On 7/2/2018 at 2:59 PM, Spartan said:

Whoever ends up building/developing this site is going to make a ridiculous amount of money. The demand for housing in Charleston is crazy, and to have a land connection to downtown is huge. Some day, the whole neck area won't be as run down, and people will be clamoring to live there.

I have never seen anywhere in South Carolina grow like Charleston has since Ive been here the past 8 years.  I think its similar to Charlotte in the 90's / early 2000's

[Spartan]

Yeah, it's bonkers down there. Any no new roads are getting built either... 

[erm1981]

On 7/14/2018 at 6:51 PM, Spartan said:

Yeah, it's bonkers down there. Any no new roads are getting built either... 

I worked on the road widening in Mount Pleasant  on Jonnie Dodds and a few other large road projects when I moved here from Greenville 8 years ago.  While Greenville has a lot of people the layout of Charleston is so different in a not so convenient way.  Charleston has the linear east to west commute from Summerville to Mount P.  If any thing happens it cripples the other infrastructure.  Lots of water also makes it more expensive to build new roads.  You must have lots of elevated roadways.  It's a challenge I hope the area can overcome but the population boom has not helped.  Atlanta is a good teacher that extra lanes dont always work to your advantage.  Charlotte did a good job planning its light rail system(dont talk about 485 though lol).  It was on the news the other day that Charleston was trying to implement a bus rapid transit system by 2025.  Maybe there is hope?

Edited July 19, 2018 by erm1981

[Spartan]

Transit might actually work in Charleston simply because there are so few ways to get between the various islands and parts of the metro area. However, I think the region as a whole will have to embrace and encourage more walkable development patterns and work to make it possible to exist without a car if they actually want to make significant progress. I think that without significant changes in the growth patterns down there SCDOT is going to have to suck it up and pay for more bridges and road widenings.

[erm1981]

Here is a pic going into Mount Pleasant this morning.  One wreck caused a massive backup.

[Spartan]

4 minutes ago, erm1981 said:

Here is a pic going into Mount Pleasant this morning.  One wreck caused a massive backup.

This is a case study example of why parallel street networks are necessary for a city to function well, and why building more suburban sprawl is bad.

[erm1981]

52 minutes ago, Spartan said:

This is a case study example of why parallel street networks are necessary for a city to function well, and why building more suburban sprawl is bad.

Yep.  Sure is!

[ZUMAN2]

Magnolia project update in the P&C today:

https://www.postandcourier.com/business/magnolia-tract-s-new-developer-getting-long-idled-charleston-project/article_76b5346e-93c1-11e9-a591-53c2b97660e1.html

 

[vicupstate]

I hope this  works out this time.  I would like to see mid and high rises only here. The demand for housing is so strong and the gentrification so pervasive, they need to start going up and not out as much. 

[ZUMAN2]

Magnolia Project (finally) gets underway:

https://www.live5news.com/2020/05/25/magnolia-project-underway-develop-neck-peninsula/

Phase I will occur at the SE quadrant of the development.

 

 

[ZUMAN2]

Construction of roads and utilities is scheduled to begin in the spring (finally) in the long awaited Magnolia project.  The first 20-acre of the development will include office, retail and apartments on the south end of the Magnolia 190-acre tract according to the Post and Courier.

[ZUMAN2]

Here's the latest update on Magnolia:

https://charlestondaily.net/new-189-acre-development-will-add-10k-residents-to-the-city-of-charleston/

Essentially the EPA has approved the site for development.  Construction still not scheduled until 2024 but I believe infrastructure work has begun.