Charleston, SC is a delightful city that is attracting substantial population growth. As this desirable area continues to flourish, developers look for areas with promise and Laurel Island, an important redevelopment site, seems to offer abundant opportunities.
What is Land Redevelopment?
Land redevelopment is a process of redirecting, renewing and restoring land that was previously used for other purposes. It is a means of enhancing previously occupied property through new construction. It can include anything from a big facelift to a major reconfiguration of property involving the construction of a new landscape with retail and office buildings, housing and other features such as parks and community services. Laurel Island offers this great renewal and redevelopment opportunity.
Charleston is a Growth Magnet
The Charleston area is projected to have a total population growth rate of 9.6 percent through 2021; the six-state region’s top population growth rate. Its robust and diversified economy requires the market to provide housing and services to support this population growth. At the same time, land and rental rates are among the highest in the Southwest, causing land developers to go further outside the core area and to look for other innovative development solutions, including redevelopment.
Why Laurel Island?
Laurel Island is a 175-acre waterfront property at the northeastern edge of Charleston’s peninsula, located north of the Ravenel Bridge at the east end of Romney Street. It has been described as a “hidden treasure,” the last premier waterfront property on the peninsula. It is central to the Port of Charleston and its emerging tech industry and offers stunning views of the Ravenel Bridge.
It is the home of two former landfills yet, like other successful redevelopment sites, will be built on with careful planning and city and county involvement. Laurel Island represents valuable property. It is located within walking distance of Morrison Drive, property that has been selling for more than $1 million per acre.
It can easily accommodate a new hotel, condo and townhouse units, apartment buildings, single-family homes, new commercial and retail properties, restaurants and entertainment properties. It can be envisioned as an appealing mecca of attractive living, providing great places for people to enjoy life in Charleston.
Seek Expert Real Estate Services to Find Your Perfect Location
Every great business needs a great facility. Caldwell Commercial Real Estate Services is your trusted partner for Commercial Real Estate in Charleston, SC. Our commercial realtors and property managers have a combined 80 years of experience, so you can rest easy knowing that your commercial real estate needs will be met with results and superior satisfaction.