Jun
12

Magnolia Developers Work to Ease Tensions with City Leaders

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June 9, 2008

By Molly Parker – Charleston Regional Business Journal

Charleston developer Robert Clement is once again in charge of the Magnolia residential and commercial project slated for Charleston’s Neck area overlooking the Ashley River.

In early May, Clement was named CEO of Magnolia Development LLC on the heels of a terse City Council directive to the company to either fix the communication problems with area neighborhoods or jeopardize the project’s progress.

Clement replaced Dan Proffitt, a real estate veteran brought in from Atlanta by Cherokee Investment Partners, Magnolia’s main financial backers.

In a sign that tensions have eased, the City Council voted in late-May to reverse a moratorium on any aspect of the project that would need the city’s approval.

“I would think we will go vertical in the next 18 to 24 months. I think we’re off and running now,” Clement said.

Magnolia’s blueprint calls for up to 4,400 residential units and 1.3 million square feet of commercial space at completion. The project is a massive undertaking. Much of the 150-acre property is little more than a vast industrial wasteland dotted with various commercial enterprises.

Environmental efforts are ongoing to clean the site of remnants from its heyday in the late 1800s as a fertilizer provider, when chemical plants there churned out one-fifth of the country’s supply.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.charlestonbusiness.com/current/14_12/news/12169-1.html

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