The first phase of the WestEdge project is near completion; one of three buildings expected to cost $280 million to complete. The soon-to-be complete building, called Caroline, is a mixed use development of 237 apartments and commercial space behind the police department on Fishburne Street and WestEdge Street in downtown Charleston.
The new building has panoramic views of Brittlebank Park, the Ashley River, Joe Riley Baseball Park and the Citadel football stadium. “You don’t have this kind of panoramic view anywhere else in Charleston,” said Natasha Brehm, portfolio manager of Atlanta-based Gateway Facility Services, which is partnering on the building development.
When the site is fully developed in several years, there will be several buildings containing office and commercial space – in addition to the Caroline seven story apartment complex.
The site was a landfill before development began a year ago. “It looks like a big construction site now, but I can promise it won’t be when it’s done,” said Mack Reese of Gateway Development, a partner in the development of the 60 acre site with South City Partners, another Atlanta-based company. He told the Post & Courier, “It will be a city unto itself.” The Caroline apartment complex will begin renting to new tenants in early 2018.
The tract will develop a nine-story mixed use building on the opposite corner of the site, called 10 WestEdge. The building is currently under construction where Crosby’s Seafood once stood and will include 350 apartments, a 45,800 square foot Publix supermarket, retailers, and commercial space. Next to this building there are plans to build a research and commercial structure called 22 WestEdge. Construction is on schedule for the planned opening of the supermarket in October 2018. The Publix will sit on the ground floor of 10 WestEdge, below an 870 space, five level parking deck.
The office and research building at 22 WestEdge is expected to start construction in the spring, and be completed within about 17 months. Mack Reese said 50 percent of the property has leasing commitments, which is necessary to get the financing needed to move forward. He said “we are on the verge of getting the pre-leases required to get the project financed. It will be the tallest speculative office building on the peninsula.”
“Source: Post & Courier, “On the Rise” by Warren L. Wise, December 11, 2017
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