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vicupstate

Evening Post Property Redevelopment looms closer

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http://www.charleston.net/assets/webPages/...ubDate=4/1/2007

I was not aware that the holding was so large. When you're talking about DT Charleston, 12 acres is ENORMOUS. While it sounds like anything will be a huge improvement, I hope the city, Clemson and the Evening Post will really try to make the very most of this project.

Opportunities like this are once in a lifetime. Fortunately, the bar is always set very high in Charleston, so the prospects are good for that to be the case here.

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It's very interesting that the city's newspaper is sitting on so much valuable land downtown and that the land has been used in an industrial fashion since the 1800's. The area is definitely an "urban wasteland" I had the dubious pleasure of sitting in my car on their property a few months ago and saw nothing in the area but roaming street toughs, washed up looking men and abandoned buildings.

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I had to read this thing twice to figure out what the point of this article was.

"In a deal that indicates how valuable the land has become, Monarch assembled a collection of six properties between King and St. Philip streets and planned to develop homes and retail shops there, but instead sold the land to the newspaper company for $4.9 million in December.

Manigault said Evening Post Publishing bought the land to prevent the development and improve its own property holdings."

This isn't a good thing.

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I had to read this thing twice to figure out what the point of this article was.

"In a deal that indicates how valuable the land has become, Monarch assembled a collection of six properties between King and St. Philip streets and planned to develop homes and retail shops there, but instead sold the land to the newspaper company for $4.9 million in December.

Manigault said Evening Post Publishing bought the land to prevent the development and improve its own property holdings."

This isn't a good thing.

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Not if they're planning to sit on it for 10 more years.

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Nothing in the article alludes to them waiting ten years to do something. In fact it says they will focus on there property this year. My estimate would be that they will wait for Clement to commence or even finish his project, and perhaps some of the others floating around the vicinity, then they will develop their site. From a financial standpoint, that would be the most logical IMO.

Let the area redevelope, and then bring your own project when the value has been enhanced by those other projects.

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