Jan
08

Mount Pleasant Development Being Revived

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Shelmore Village, envisioned five years ago as a bustling mini-downtown between a Bi-Lo shopping center and Mathis Ferry Road in Mount Pleasant, was largely sidelined by the last recession. But now the stalled development is stirring back to life after being acquired by a Charleston-based real estate firm. Ecovest Development LLC recently purchased 31 of the 41 remaining units from Wells Fargo, for $3.8 million, according to Charleston County records.

Ecovest, touting its success reviving other properties, including the Ryland Square work-live project on Daniel Island, is retooling Shelmore Village’s business plan and cutting prices to entice buyers.

“What we see is the reason it didn’t work was for some reasons, one being it was mispriced,” said Jeffrey Roberts, managing partner at Ecovest. “We felt that the original pricing was substantially overpriced for the demographics.”

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