Archive for Mount Pleasant

Jul
23

Planned Mount Pleasant Development Worries Residents

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Next door to a vacant Food Lion, developers propose building a new grocery store off Long Point Road in Mount Pleasant along with fast-food restaurants and nearly 200 apartments.

Some residents of the nearby Belle Hall subdivision are already bracing for a fight. They say the development would create traffic problems on already-congested roads, while the proposed businesses would duplicate what’s already available within walking distance.

“We have plenty of gas stations and restaurants,” said Belle Hall resident Ryan Nelson. “They need to work first on the (traffic) flow on Long Point Road.”

Josh Martin, a consultant working with the developers, said the Belle Point development would generate $4 million in traffic impact fees for the town of Mount Pleasant, which the town could potentially use for road improvements. He said the developers, all of whom live on Daniel Island and regularly drive on Long Point Road, would naturally want good traffic flow near their new development.

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Jun
30

Charleston Residential Market Leads Most of State

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The tri-county residential real estate market continues to hold its own compared to its peers throughout the Palmetto State.

A recent statewide report by South Carolina Realtors, a Columbia-based trade group, shows the Charleston region leads the state in volume of sales and fewest number of days for a home to sell. This has been a recurring theme for the last several months.

The trade group’s report shows that through the first five months of the year, the tri-county region had 5,042 home sales. That compared to 3,896 transactions in the Coastal Carolina region and 3,645 for Greater Greenville.

The report says the average home in the Charleston area was on the market 78 days from the time it was listed to the point of sale for the January-May period, seven fewer days from the year-earlier period. The figure for Greenville was 90 days, down from 96 days last year.

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Jun
23

Mount Pleasant Marina Sold

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Carolina Commercial, LLC has announced the sale of the Magwood Marina in Mt Pleasant. The property is an 80 slip dry stack marina built in 2007 at 110 Haddrell St in Mount Pleasant, near the mouth of Shem Creek.  It is situated on a 0.57 acre site. While the sales price was not disclosed, the asking price was $2.1 million.

Dunston Powell CCIM, was the sole broker in the transaction.

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Mar
06

Mount Pleasant Self Storage Facility Sold

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Charlotte-based Morningstar Properties recently purchased a 379-unit storage facility in Mount Pleasant.

This purchase marks Morningstar’s re-entry to the Charleston market. In 2013, Morningstar sold 43 storage centers to Public Storage, including its facilities in Charleston.

The 59,000-square-foot facility sits on nearly nine acres at 2988 N. Highway 17. Built in 2002, it is currently undergoing an expansion. Some existing parking spaces and drive-up units will be converted into a new, multistory building with an additional 30,000 square feet of space and 250 heated and cooled units.

The purchase price was not disclosed. As part of this acquisition, Morningstar also bought storage facilities in Hickory, Gastonia and Charlotte, N.C., and in Fort Mill.

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May
14

Six Story Hotel Planned for Mount Pleasant

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An aging two-story hotel in Mount Pleasant could soon be replaced with a six-story accommodation.

A Charleston development group has plans to replace the aging 119-room Masters Inn at 300 Wingo Way, at the corner of McGrath Darby Boulevard near the base of the Arthur Ravenel Jr. Bridge, with a 133-room Hilton Garden Inn.

The plans, which include a one-acre parcel fronting Johnnie Dodds Boulevard for a 5,000-square-foot undetermined restaurant, were filed with the state Department of Health and Environmental Control.

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Categories : Mount Pleasant
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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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Aug
02

Mount Pleasant Apartments Sold for $118,556/Unit

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The Edgewater Plantation multifamily complex has traded for an impressive $42.68 million. The Praedium Group acquired the 360-unit multifamily asset, which is located in Mount Pleasant.

Constructed in 2001, Edgewater Plantation boasts an average unit size of 1,032 square feet. The complex offers amenities like a 3,500 square-foot clubhouse, which will be expanded and redesigned as part of an overall amenity upgrade.

“We plan to reposition the asset to the market through upgrades to the unit interiors, exteriors, and the clubhouse, which will allow the property to compete with competitive class A assets in the market,” Mark Lippmann, managing director of The Praedium Group, tells GlobeSt.com. “Granite countertops, new appliances, and new lighting and fixtures are some of the unit upgrades included in the capital improvement plan.”

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LINK TO COMPLEX WEBSITE HERE

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