Downtown Developments (North of Calhoun)

[Spartan]

This thread is dedicated to new projects and developments in downtown Charleston that area located North of Calhoun Street. This includes the neighborhoods of Radcliffeborough, Cannonborough/Elliotborough, Wraggborough, MUSC, the Eastside, Wagener Terrace, Hampton Park, the Citadel, etc. (Please let me know what neighborhoods I have left out.)

[Spartan]

Please contribute to this thread! I know there are lots of projects under way or planned in this area.

[Spartan]

I found some info on the project at Cannon and Coming.

"According to initial plans, the former corner service station will be razed and replaced with a cluster of three-story buildings with residential units over ground-floor offices, retail shops, and maybe a restaurant or two."

So far, there are 3 or 4 separate buildings going up in that location that span half the area of that block fronting Cannon Street.

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Also, the streetscape on Upper King St is well underway. They have replaced the curbing in many places, though the sidewalks are still being upgraded. They are working from south to north.

I sincerely hope that they replace the street too. The ride down from the Crosstown is rediculously bumpy.

[Infinite1]

Received a mailer for the 400 Meeting st project with a price list. Looks like $350K gets you 750 Sf and prices go up to $715 for 1942 SF two story townhouse. The website has also been updated.

www.400MeetingStreet.com

[lsgchas]

Received a mailer for the 400 Meeting st project with a price list. Looks like $350K gets you 750 Sf and prices go up to $715 for 1942 SF two story townhouse. The website has also been updated.

www.400MeetingStreet.com

Wow. It'll be interesting to see how they do in that location and in this economic climate. Are people going to shell out that much in a slowing R.E. market? I bet the developers are repeating over and over, "Just hold out till the baby boomers retire... Just hold out till the..."

Edited August 17, 2006 by lsgchas

[Spartan]

You should take a look at the prices of condos and houses on the peninsula. Its hard to find a crappy house in a crappy part of town for less than $200k

You should take a look at the prices of condos and houses on the peninsula. Its hard to find a crappy house in a crappy part of town for less than $200k

[lsgchas]

You should take a look at the prices of condos and houses on the peninsula. Its hard to find a crappy house in a crappy part of town for less than $200k

It's the square footage that throws me. 750 sf is a tiny, tiny amount of space. There are at least two other large condo projects going up on the Peninsula as we speak, with more to come in Concord Park. Several 1200+ sf houses in my neighborhood, which is a more established Peninsula neighborhood than where the condos are located, have been sitting on the market for close to 9 months now. No takers, even though they are priced less than $350K. There's also the fact that nationally the condo market is in much worse shape than single family homes. Like I said, I'm curious to see how well these condos do.

[tablrock]

it appears that real estate prices in charleston have already surpassed that in atlanta!! i'm talking the nicer parts parts of atlanta!

[Infinite1]

I have personal knowledge of a condo thats about to break ground where the 1st phase of construction sold out in less than 10 days. Apparently, there is still an appetite for these things.

Though, I am not sure about those prices in that location. The problem is that land costs and construction costs are so high, that this is what you are going to get. You will recall, this development was originally slated to be in the $300K/unit price range. THat proved undoable, so they went back to the drawing board and came out with this.

[Spartan]

Indeed. Both Charleston and Atlanta have reputations as expensive palces to live.

[lsgchas]

I have personal knowledge of a condo thats about to break ground where the 1st phase of construction sold out in less than 10 days. Apparently, there is still an appetite for these things.

I'm just guessing, but I'd bet that the condo complex you're talking about is priced much lower. With single family housing being so expensive, a lot of first-time buyers are turning to condos instead.

[Charleston native]

Again, too much preservation and neighborhood interference have blocked a project that developers hoped would bring in a mixture of incomes into an area that sorely needs it. This involved a former church on Francis St. that is a boarded-up eyesore. The developers wanted no government subsidies. It was supposed to be a great opportunity for those looking for affordable homes in downtown Charleston.

The Francis Street condos would be Charleston's first development of one-bedroom units sold at below-market rates. Other housing initiatives have received substantial financial support from the city, and have generally been two- and three-bedroom homes meant for families with children.

However the neighborhood residents and community leaders opposed the plan at a zoning hearing last week over concerns about parking. The link for the article is below.

Developer's plan hits major hurdle

[Spartan]

Again, too much preservation and neighborhood interference have blocked a project that developers hoped would bring in a mixture of incomes into an area that sorely needs it. This involved a former church on Francis St. that is a boarded-up eyesore. The developers wanted no government subsidies. It was supposed to be a great opportunity for those looking for affordable homes in downtown Charleston.

The Francis Street condos would be Charleston's first development of one-bedroom units sold at below-market rates. Other housing initiatives have received substantial financial support from the city, and have generally been two- and three-bedroom homes meant for families with children.

However the neighborhood residents and community leaders opposed the plan at a zoning hearing last week over concerns about parking. The link for the article is below.

Developer's plan hits major hurdle

Thats crazy. Below market in Charleston still means average people can afford it.

[MikesLogic]

I read this article this morning and just shook my head, the developer should go ahead with the 3 luxury units in the same building and make a killing off of this(he doesn't need approval for the 3 units.)

[krazeeboi]

It looks like the term "affordable" was being interpreted in the strictest sense here. Just because people with more modest incomes wouldn't be able to afford to live there isn't a reason to block the entire project. It is certainly affordable by Charleston standards. Crazy.

[Charleston native]

^ What's really crazy is the opposition to something that will substantially benefit the neighborhood and significantly improve a derelict building. Guys, this is what I was talking about in the CAC thread. I realize the city in many instances needs to placate residents, but sometimes I feel like these residents disapprove of a project with only emotional involvement. I'd be willing to bet that the project has plenty of parking spaces since it was a prior church, but the residents might not be receiving any of this information.

[Spartan]

What I don't get is that its not in a very nice neighborhood to begin with. I'm not 100% sure where the NorthCentral neighborhood is, but if its anywhere near where its name implies then its not the best seciton of town. This developer has good intentions, and you dont see that very often. I don't see why they won't let him do it.

[Charleston native]

Another project on the backburner is C of C's Science Center which is a $47-million facility to be built on Calhoun and Coming Streets. The BAR disapproved of its design, and the ever-benevolent city councilman Henry Fishburne (surprise!) disapproved of the project. I'm only being sarcastic with Mr. Fishburne since he opposed just about everything that is proposed DT, but I think the BAR was right in asking the architects to tweak the building.

BAR members were worried that the building resembled more of a factory than anything else. The last think DT needs is a dull building which looks like a factory. Unfortunately, the P & C did not have a rendering in the article.

Science Center at C of C on ice

[Charleston native]

The Riverview HoJo at Spring Street is no more. According to the article below, the hotel has lost its HoJo flag and is being bought by investors for $8.75 million. The buyers are also preparing to pay $3 million more for renovations to the hotel and obtain a Best Western flag.

Personally, I would demolish the whole building and construct a 20-story hotel under the Hyatt or Best Western name. This mid-rise is really just an obsolete box and adds nothing to the skyline in western DT. This is why I need to win the lotto!

HoJo no more

[Spartan]

So the Ho Jo is No Mo' ?

[Charleston native]

That is correct! It will become a "Best West".

[Greenville]

Indeed. Both Charleston and Atlanta have reputations as expensive palces to live.

Nationally, Atlanta is pretty cheap compared to other large metros. It's a little more than Greenville or Columbia, but it is still a great value compared to what you pay in most other parts of the country (northeast, west coast, etc.). I have had a couple of friends from other parts of the country comment at how cheap Atlanta is, how they can't believe they got so much space for so little money (comparatively speaking).

I agree that Charleston has a reputation for having expensive real estate (and I think it does).

[krazeeboi]

I've heard people describe Atlanta as both cheap and expensive--I guess it depends where in the metro area you're located, which is pretty much the same for Charleston.

[Spartan]

I have never heard anyone describe Atlanta as inexpensive.

[Greenville]

I agree that Atlanta has a wide range of prices (very expensive to very inexpensive, depending on the area of town), but I still contend that it is very affordable compared to other US cities. Here is a pdf of median home prices for many MSA's from the National Association of Realtors:

http://www.realtor.org/Research.nsf/files/...LE/REL06Q2T.pdf

Here are the median home prices (second quarter 2006) for some selected US metros:

San Francisco-Oakland-Fremont, CA: $751,900

Los Angeles-Long Beach-Santa Ana, CA: $576,300

New York-Northern New Jersey-Long Island, NY-NJ: $473,700

Washington-Arlington-Alexandria, DC-VA-MD-WV: $443,400

Boston-Cambridge-Quincy, MA-NH: $421,200

Orlando, FL: $271,700

Milwaukee-Waukesha-West Allis, WI: $227,700

National Average: $227,500

Richmond, VA: $227,300

Charleston-North Charleston, SC: $213,800

Charlotte-Gastonia-Concord, NC: $191,400

Nashville-Davidson-Murfreesboro, TN: $177,900

Atlanta-Sandy Springs-Marietta, GA: $173,900

Birmingham-Hoover, AL: $169,700

Houston-Baytown-Sugar Land, TX: $152,700

Greenville, SC: $151,400

Columbia, SC: $145,100

Louisvilla, KY-IN: $138,000

I find it interesting that Charlotte is more expensive than Atlanta. Also, as is to be expected, southern cities are cheaper than cities in many other parts of the country.