Apartment developers still bullish on the Charleston region
A 269-unit luxury apartment complex is ready to take shape in the heart of Daniel Island’s commercial district, the latest in a string of multifamily projects around the Lowcountry.
Spectrum Properties Residential of Charlotte and Spartanburg-based Pacolet Milliken Enterprises said this week they’re teaming up to develop Simmons Park near Seven Farms Drive and River Landing.
Crews are expected to begin work on the 5.6-acre project this fall. Simmons Park is expected to be ready for occupancy by mid-2015, the developers said.
“We are excited to further our commitment to Daniel Island and the City of Charleston,” Spectrum executive Steve McClure said in a written statement.
The North Carolina firm knows its way around the island, where it previously built Talison Row. It recently sold the 274-unit property to Florida-based real estate firm Trade Street Residential for $48 million, or about $175,000 a key.
McClure said that project has been “a huge success and clearly shows the strength in Charleston’s economic engine and the strong demand for the Daniel Island lifestyle.” He was not available for further comment Thursday.
The Simmons Park development will include two street-level retail spaces and amenities such as a saltwater pool, fitness center, cyber cafe and a community room.
The project is just one of the several newly proposed multifamily developments.
Filings with local governments this week show developers are seeking to build apartments on Ladson Road, near Palmetto Commerce Park in North Charleston, and at Folly and Grimball roads on James Island.
That’s on top of about dozen other apartment projects in various stages of construction that would add more than 2,700 new units to the market when completed, according to a mid-year report by real estate firm Colliers International.
They include The Boulevard on Coleman Boulevard in Mount Pleasant, the Elan Midtown project on Meeting Street in downtown Charleston, and the Mixson apartments in North Charleston’s Park Circle area.
“There is a lot under development and that’s also on a national landscape,” said Seth W. Clark, a multifamily specialist at Colliers. “It’s driven by those people forced from the housing market and a lot of the younger cohorts who are coming out of high school and college.”