Charleston Market Update

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Charleston Market Update

I recently had the privilege of meeting with Mayor Riley for an update on several developments happening in the area. Many of you will be interested in these projects – they will have a huge impact on your lifestyle!

As the fourth busiest harbor on the East Coast, Charleston Harbor is currently working with the Federal Government to deepen the harbor. This will allow for more business to enter our port! You can expect drudging to be completed as early as 2019. In addition, Charleston is adding a 280 acre Container Terminal which in turn will increase the port’s capacity by 50%. Union Pier will also be expanded to include a new Cruise Terminal; this will bring even more traffic and capital to Charleston! The additional foot traffic also will have a positive effect on the real estate market because some of the visitors will actually end up purchasing a home in Charleston!

Everyone is curious about the current state of I-526. The interstate will be extended by seven miles to connect with River Road, Maybank Highway and the James Island Connector. The extension’s speed limit will be set at 45 MPH and will have limited traffic signals to make for less congestion. This extension will also make for a faster commute and higher property values for the residents of James Island, Johns Island and West Ashley. This makes for a great time to buy property in these three areas! For example, the property values for James Island had increased by as much as 20% following the construction of the James Island Connector.

The Cainhoy Plantation is a development in Berkeley County of over 9,000 acres. This will be a mixed use development consisting of a commercial core and surrounded by neighborhoods of varying density. Improvements will also be made to Clements Ferry Road from I-526 to Highway 41 in order to alleviate traffic in the area. This will in turn mean better schools and improving real estate values.

Charleston’s Midtown District is a part of King Street that sits between Cannon and Spring Streets. A nine story, 300 room hotel is currently being constructed that will not only offer 30,000 square feet of office and retail space, but also 400 additional parking spots downtown. You can expect this to be completed in 2015. The Elliotborough property values will benefit from this as the area will become more attractive.

Finally, the Charleston International Airport will undergo a three-phase, $189 million renovation which will include a rental car pavilion, an additional baggage carousel and six more gates. The TSA screening checkpoint will also be consolidated to speed up the flow of traffic. These changes should be finished by Fall 2015.

If you would like to hear more about the various projects happening around Charleston, feel free to call or email me – bring your real estate questions as well! Thanks and have a great day.