Jun
20

Office Space Coming to West Ashley in Charleston

By
Despite decline in demand for office space, local group thinks time is right

June 20, 2008

By Katy Stech – The Post and Courier

The Ripley Point section along the Ashley River has been transformed in recent years as developers gradually have built condominiums and commercial space.

Now, a local real estate group is planning to add to its office inventory to the area, even as demand is softening.

J. L. Woode Ltd. LLC has submitted drawings to the city for a four-story, 57,800-square-foot building and 280-vehicle parking garage on Albemarle Road.

The developer bought the two-acre site for $1 million in 2005. The company also owns the neighboring four-story office building, Albemarle Pointe Center.

As the economy has slowed, service-sector businesses locally and nationally have been cutting back, driving up office vacancy rates.

Even so, Charleston-based J.L. Woode thinks the time is right to kick off its project, said J. Luzuriaga, partner.

Luzuriaga noted that the building could take 2 1/2 years to complete, giving the office leasing market time to recover. Also, he said, the location and the planned garage will appeal to tenants who want to be near the city’s business district and need plenty of on-site parking for employees and customers.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.charleston.net/news/2008/jun/20/developer_eyes_ripley_point45111/
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