The search for a developer to transform the west side of the Charleston peninsula between MUSC and The Citadel has narrowed to two finalists, city announced Monday afternoon.

They are Greenville-based Hughes Development Corporation and Atlanta-based Gateway Development Services Inc.

Six companies submitted proposals for the long-awaited Horizon Project, a collaboration between the city and MUSC, last fall. After a first cut, half of them publicly presented their ideas on Jan. 30.

The city’s press release did not specify how the Horizon Project Foundation decided to choose between the two finalists or when they will pick the winner.

The Horizon district is bounded by Lockwood Drive, Hagood Avenue and Fishburne and Spring streets.

The vision is for more than $1 billion in investment over the next couple of decades to create some 2 million square feet of apartments, offices and research space.

Similarly grand overhauls in other cities have bred controversy and had only limited success. Horizon has been held up for years by the bad economy, but Mayor Joe Riley said in September that the city and its partners are still aiming for a “nationally significant” redevelopment.

Reach Brendan Kearney at 937-5906 and follow him on Twitter at @kearney_brendan.