Archive for July, 2008

Jul
23

Development Cranks Up North Of Lake Marion

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July 23, 2008

By Staff – Charleston Regional Business Journal

Developers of a luxury gated community on the shores of Lake Marion in Clarendon County have started selling homesites as the entire area begins to anticipate a construction boom.

Across the lake, Orangeburg County has been bracing for an explosion of home construction since Jafza International announced plans for a logistics, distribution and manufacturing center east of Interstate 95 near U.S. Highway 301. The project could bring about 10,000 jobs to the area.

The single-family homesites in Polly’s Retreat, which average one-third of an acre, are priced from $69,900 to $85,000. The neighborhood will offer access to boating, fishing, hiking and other nature activities. At full buildout, Polly’s Retreat will have 34 homesites.

“These homesites are a unique part of North Shore at Lake Marion and represent some of the best lake-accessible property available in the South Carolina Midlands,” said Bert Shuler, president of The Shuler Group, which is developing North Shore at Lake Marion.

Regionally, the real estate market has been down 20% to 30% from 2002, when it was at its peak, G.W. Berry, president and owner of G.W. Berry Realty and Construction Inc. in Orangeburg, said recently. But Jafza could brighten the forecast, he said.

“Once the Jafza project starts hiring people and doing things, I think we’ll have a real boon here,” he said. “But I’m not sure what the timetable is on that. I think it’s a little premature to go start building houses but probably not too soon to start acquiring properties.”

North Shore at Lake Marion, scheduled for completion in spring 2010, will have 42 town houses, 84 condominiums and the 34 homesites at Polly’s Retreat.

LINK TO ARTICLE HERE:

http://www.charlestonbusiness.com/dailyjournal/3_194/full-issue.html#12470
Categories : Orangeburg
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July 23, 2008

By JEFF WILKINSON – jwilkinson@thestate.com

SCANA Corp. will begin demolition and cleanup today of one of the most prized pieces of real estate in Columbia — the old bus barn lot at Huger and Hampton streets.

Combined with the adjacent Kline Iron and Steel property, the clearing of the bus lot means 13½ acres of land in the heart of the Vista — Huger Street between Hampton and Gervais streets — is open for development.

Together the parcels are the largest developable tract in the Vista since the old 25-acre CCI prison site was sold for the CanalSide development.

“I could easily see $300 million in development there — $150 million on each of those sites,” said Fred Delk, executive director of the Columbia Development Corp., which guides investment in the Vista.

The tract would be prime for any type of high-density, mixed use development from office and condo towers to hotels and shopping, experts said.

The bus barn land was first developed in 1902 as an SCE&G manufactured gas plant — a time when Huger Street was a dirt road and coal gas lit city streets.

But the byproduct of that gas production was coal tar, which contains the contaminants benzene and naphthalene.

The $5 million to $6 million cleanup will take up to 10 months to complete, said SCANA project manager Bob Apple. Workers will tear down all the buildings, and remove soil to a depth of 25 feet.

“A bunch of dirt goes out, and a bunch of dirt comes in,” Apple said.

The 5.8 acres then will be turned over to the city of Columbia as part of 2002’s $71 million deal to transfer the bus system from the utility to a regional transit authority.

The land will be sold to developers. “Absolutely,” Mayor Bob Coble said.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.thestate.com/local/story/468496.html

Categories : Columbia
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Jul
23

Home Depot Plans $25 Million, 465,000-Square-Foot Warehouse in Columbia

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July 23, 2008

By Clif Leblanc – The State

Home-building supply company Home Depot plans to construct a $25 million regional warehouse near Dixiana that would hire up to 300 workers, Lexington County and company officials said Tuesday.

No construction date has been announced for the 465,000-square-foot facility along U.S. 321, said Chuck Whipple, Lexington County’s economic development project manager.

It will be built within the next three years, company spokesman Craig Fishel said Tuesday.

New salaries at the Home Depot warehouse would average $10.50 per hour, Whipple said.

The warehouse will serve stores in South Carolina, North Carolina, Tennessee and parts of Georgia, Fishel said, although he could not say how many stores it will serve.

Fishel said Home Depot has been moving toward more regional distribution centers in the past couple of years in an effort to restock stores more quickly. The company plans to open five regional centers this year and a total of 20 by the end of 2010.

Lexington County Councilman Todd Cullum, whose district includes Dixiana, said this investment is a glimpse into the future of the U.S. 321 corridor. In addition to plans for a new state farmers market, Cullum says he expects other distribution facilities and manufacturing plants to locate in the area.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thestate.com/local/story/468500.html
Categories : Columbia
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Jul
23

City Commons Construction Underway in Myrtle Beach

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July 23, 2008

By: Jessica Foster – The Sun News

Construction is under way on City Commons, a mixed-use development that will be anchored by an Eagles Beachwear store surrounded by restaurants, shops and homes.

The site at 4301 N. Kings Highway in Myrtle Beach is the spot where the landmark Pink House used to stand. The Pink House was built in 1947 and took turns as an inn, a restaurant and a Christmas shop before it was torn down in 2005. Plans then to build Mediterranean-style, luxury condominiums didn’t pan out.

In its place will rise 60,948 square feet of commercial space for lease. Preliminary plans also call for 48 homes, which could either be condos or townhouses, said Michael King, the leasing agent for City Commons and owner of King One Properties.

Construction has been split into four phases, he said. The Eagles store is in the first phase, and it’s slated to open in about 90 days, King said.

King declined to name the shopping center’s other future tenants, but he said they include a national restaurant chain, an Italian restaurant, a Jamaican restaurant and a health food store.

LINK TO ARTICLE HERE:

http://www.myrtlebeachonline.com/business/story/529583.html

Categories : Myrtle Beach
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Jul
23

Columbia’s Trenholm Plaza to Get Extreme Makeover

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July 23, 2008

By Neil White – The State

Trenholm Plaza, a Forest Acres shopping institution since 1960, will be getting a brand-new look over the course of the next year.

Developers Edens & Avant plan a $8.5 million facelift that they hope will result in a trendier, more upscale shopping center that will attract higher-end shops.

“It’s basically an extreme makeover,” Lyle Darnall, the company’s vice president of development, said Tuesday.

He cited the affluent, highly educated residents in the neighborhoods surrounding the prominent intersection of Trenholm Road and Forest Drive as the reason for the planned upgrades.

“We felt the shopping center needed a significant makeover to be representative of the clientele,” he said, adding the center expected to be able to boost annual sales up to the $75 million mark, an increase of about $15 million.

Rents also will rise, but developers declined to say by how much.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thestate.com/business/story/468410.html
Categories : Columbia
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Jul
22

What is a "Megasite" and Does South Carolina Need One?

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Following Tennessee’s recent success in drawing a new Volkswagen plant to a 1,350-acre site near Chattanooga, there has been a lot of talk about South Carolina’s lack of “megasites”. What exactly is a megasite? Most economic development officials seem to define a megasite as:

1.) having over 1,000 acres, although some say over 1,250 acres
2.) being fully served by utilities of adequate capacity to serve a large manufacturing operation
3.) being available for immediate sale
4.) having no natural (wetlands) or man-made (roads) features to affect development potential

The size of the site is important, buy the key appears to be able to allow the target company to begin construction immediately. No extending utilities……….no rezoning applications……..no wetlands mitigation – just start building.

One such megasite appears to have local residents wondering if their megasite is good enough. This article highlights the concern over the unsold megasite in Pooler, Georgia.

http://savannahnow.com/node/532913

Interesting…….
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MBD

Categories : South Carolina News
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Jul
22

Housing Demand Grows as Buyers Struggle to Overcome Obstacles

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Despite obstacles to home buying in today’s market, the underlying demand for homeownership remains healthy and a significant share of households say they expect to purchase a home, according to a new survey conducted by Harris Interactive for Move, Inc.

Nearly half (41%) of the current home owners who were surveyed said they did plan to purchase a home again, and 80% of all renters indicated that they expected to eventually become home owners. Forty-seven percent of the renters participating in the poll indicated that they planned to purchase a home within the next five years.

For the most part, people who are planning to move won’t be doing so for financial reasons, including a rent increase (2%) or to get out from under an expensive mortgage (less than 0.5%). Instead, they are far more likely to expect to be moving to obtain more living space (26%) and for changes related to life stages (17%), such as having children, the survey found.

Most prospective home buyers (78%) reported that they would be willing to make sacrifices to save and earn extra income for downpayments and will compromise on neighborhood features and residential amenities in order to buy a home in the current market. Many of their choices reflect changing values shaped by factors that include a growing concern over the environment, the importance of community features and the rising cost of fuel.

According to the results of the online poll, which were released on July 15, 81% of home buyers indicated that they remained nervous about the current housing market and cited significant barriers to homeownership

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.nbnnews.com/NBN/issues/2008-07-21/Economics+&+Finance/3.html
Categories : National News
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Jul
22

Dodds Participates in Podcast on the Greenville Market

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This was interesting – my first podcast. I sat down with Francis Allgood with GSA Business last week to discuss the commercial real estate market in Greenville. If interested, I would definitely recommend right click, and save file………it is a big file.

LINK TO PODCAST HERE:
http://www.gsabusiness.com/index.php?option=com_content&task=view&id=28&Itemid=42
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MBD
Categories : Greenville, INTEGRA NEWS
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Jul
22

Mount Pleasant Park West Land Sold For $9.3M

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Health care rehab center planned for part of site

July 22, 2008

By Katy Stech – The Post and Courier

A tract of land in Mount Pleasant’s Park West subdivision that was supposed to be the site of a thriving commercial center for the neighborhood has changed hands from one California developer to another.

Charleston County property records show that Aldo J. Baccala, whose Petaluma, Calif.-based Baccala Realty Inc. bought an East Cooper retirement community several years ago, and other investors paid $9.3 million for the 17-acre undeveloped property earlier this month. The site surrounds a heavily traveled traffic circle that connects Park West Boulevard with Greymarsh Road.

The new owners plan to build a health care rehabilitation center on about one-third of the land and sell the rest to other investors who might follow the original development plan, which called for shops, restaurants and residences, Baccala said Monday.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.charleston.net/news/2008/jul/22/park_west_land_sold_m48289/
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BLOG NOTE:
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In case you don’t have your calculator handy, that price equals $12.56 per square foot for 17 acres – a pretty hefty price for that sized tract.
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MBD
Categories : Charleston
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Jul
22

Bluffton Tanger 1 Rebuilding Plan Sent To County Council

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July 22, 2008

By Jim Faber – Island Packet

Despite concerns that its proposed design still needs a great deal of work, plans to knock down and rebuild Tanger Outlet Center 1 on U.S. 278 are moving on to Beaufort County Council.

Six members of the council’s Land Management Committee voted Monday night to recommend a requested zoning change for the 20-year-old outlet mall to the full council. The committee’s seventh member, Steven Baer, was not at the meeting.

Tanger requested the zoning change on its 25-acre parcel in greater Bluffton to allow it more flexibility when the outlet mall is knocked down in phases and rebuilt.

Tanger 1 originally was built in 1988, before the 1994 adoption of county architectural, landscaping and sign standards.

Tanger Outlet Centers wants to retain some of the current features that don’t meet county requirements, among them those dealing with the number and size of trees and the property’s buffer, the space between the mall and the roadway.

But the mall won’t get everything it’s asking for.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.islandpacket.com/news/local/story/556208.html
Categories : Hilton Head Island
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Jul
22

Charleston Bridge Area Might Get 3 New Hotels

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July 22, 2008

By Prentiss Findlay – The Post and Courier

A $56 million multi-hotel project being proposed for Mount Pleasant could bring three lodgings with a combined 385 rooms to an area between Patriots Point and the Arthur Ravenel Jr. Bridge, a developer said Monday.

The first of the hotels — a six-story, $26 million Marriott SpringHill Suites — is set to open in the spring of 2010. Plans call for 157 guest suites, 5,000 square feet of meeting space and a rooftop bar, said Sam Fowler, founder and managing member of Fowler Hospitality LLC of Columbia.

“It’ll have a nice view of the harbor and the bridge,” Fowler said.

He said two other proposed hotels with a total of 228 rooms would be housed in an adjacent seven-story building projected for completion in spring 2011. Fowler has not yet lined up franchise deals for those projects,but said he expects the SpringHill Suites would be the more upscale of the three.

The site of the project is a roughly eight-acre tract on the north side of Patriot’s Point Boulevard and east of Wingo Way Extension. The town’s Planning Commission is scheduled to consider an “impact assessment” for the development Wednesday.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.charleston.net/news/2008/jul/22/bridge_area_might_get_new_hotels48290/

Categories : Charleston
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Jul
22

Lowe’s Looks to Locate In Clemson

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Retailer seeks to build where Wal-Mart unsuccessfully tried

July 22, 2008

By Anna Simon – Greenville News

Now that a public hearing has given Clemson residents an opportunity to react to plans for a Lowe’s store on Issaqueena Trail at U.S. 123, the developer has been asked to bring back answers.

Clemson residents — some who spoke out against a Wal-Mart proposed for that site for several years — aired concerns in the city Planning Commission public hearing, and the developer had a chance to answer some questions.

The hearing was on a rezoning request for a proposed 18-acre site on Issaqueena Trail at U.S. 123.

Myrtle Beach developer David Harner has asked Clemson’s city Planning Commission for a zoning change to allow a 153,000- square-foot Lowe’s Home Improvement Center on property zoned for no single building of larger than 100,000 square feet.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.greenvilleonline.com/apps/pbcs.dll/article?AID=/20080722/PCN/807220306/1001/NEWS
Categories : Clemson
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Jul
21

Analysts Predict ’09 Housing Rise For Grand Strand

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July 20, 2008

The Grand Strand’s housing market should start to stabilize by the end of this year and start rising in 2009, local experts predict.

Local housing statistics for the first half of the year, which came out this week, show the number of home sales has continued to fall. Single-family house sales fell 27 percent compared with the first six months of 2007, and condo sales dropped 34 percent, according to statistics from the Coastal Carolinas Association of Realtors. The median price of houses sold fell 7 percent; condo prices dropped 20 percent.

Coastal Carolina University economist Don Schunk said he’s grown more pessimistic about the length and severity of the current economic slowdown on the Grand Strand.

Each month, as further declines become evident, his projections for a turnaround get pushed back.

However, both he and CCAR market analyst Tom Maeser expect a comeback in 2009 based on data that show excess housing inventory is starting to get bought up and the expectation that the overall economic climate will have started to improve.

LINK TO ARTICLE HERE:

http://www.myrtlebeachonline.com/business/story/526539.html
Categories : Myrtle Beach
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Jul
21

Hilton Head Home Sales, Median Price Down So Far In 2008

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July 18, 2008

By JIM FABER – Island Packet

In the first half of 2008, local real estate sales continued to fall, along with prices, according to data from the Multiple Listing Service of Hilton Head Island.

Condo prices, however, increased in the first half of 2008, when compared with 2007, but the total number of condos sold fell significantly.

Home sales were down 15.2 percent in the first half of the year, while median prices dropped 16.5 percent, according to MLS data for southern Beaufort and Jasper counties.

Condo sales fell 34.4 percent, but median prices rose 10.2 percent.

Despite mostly negative sales information, Realtors said they were confident buyers would come back as soon as 2009.

“Buyers are really understanding there’s a good selection, that prices are better and that properties have had improvements done to them,” said Rob Reichel, a top Realtor with Sea Pines Real Estate Co.

Although it’s a buyers’ market, sellers who have owned their properties for more than a few years stand to profit, even though they didn’t sell at the peak of the boom, he said.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.islandpacket.com/news/local/story/553550.html

Categories : Hilton Head Island
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Jul
21

New Subdivision Planned In Greer

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Homes to cost $300,000 to $400,000

July 21, 2008

By Lorando D. Lockhart – Greenville News

Land that was in the Watkins family for generations will become a community of 16 upscale homes, according to developer David Norton.

Norton Co. LLC bought the property with its century-old oak and maple trees in 2007.

The Watkins Farm subdivision is about 21/2 miles from Woodruff Road’s Five Forks and is near BMW and Greenville-Spartanburg International Airport.

Lot prices will start in the $80,000 range. Homes will range from $300,000 to $400,000 and from 2,962 to 4,423 square feet.

The Arts and Crafts-style homes, which builder Michael Johns said is a more practical version of Victorian-style homes, will feature plenty of stonework. Exteriors will be painted in earth tones.

“It’s a very warm and inviting home,” Johns said.

Norton said the entrances will be made of local creek stones. He said the subdivision will be served by Spartanburg’s District 5 schools.

LINK TO ARTICLE HERE:
http://www.greenvilleonline.com/apps/pbcs.dll/article?AID=/20080721/NEWS01/807210318/1001/NEWS

Categories : Greer
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