New housing projects continue to sprout in Charleston region

A former gym building near Folly and Albemarle roads in West Ashley was razed last week to make way for a new 300-unit apartment complex. Buy this photo

Spring is sprouting a fresh wave of new housing projects in the Lowcountry.

Flournoy Development Co. of Columbus, Ga., recently began construction of 35 Folly, a 300-unit apartment development near the Ashley River in Charleston.

The four-story development, at Folly and Albemarle roads, is at the former heavily traveled site of a longtime towing business and a closed gym. It's been in the works for more than a year. The first phase is set to open in July 2015.

All units will feature condominium-grade finishes, including standard washers and dryers, extra storage, walk-in closets and garden-style tubs or walk-in showers.

The city of Charleston agreed in March 2013 to buy a part of the site for a 1-acre park.

Separately, developers broke ground last week on the latest development in Mixson, a 44-acre project that Atlanta-based Jamestown Properties is developing off Durant Avenue in North Charleston's Park Circle neighborhood.

Crews started construction on 80 single-family homes with prices starting in the low $300,000s. The groundbreaking also cleared the way for 18 townhomes that will start below $300,000.

The homes are planned to be as tall as three stories and have as much as 2,000 square-feet of living space. The first homes will be built by Reavis-Comer Development, Seaquest Development and Sabal Homes.

Mixson is planned to have a total of about 300 single-family homes, townhouses and condos. It already has more than a dozen homes, in addition to apartments, retail space and a swim and badminton club.

Shrinking rates

The foreclosure rate continues to edge down in the Charleston region. Real estate information firm CoreLogic said last week that outstanding mortgage loans were 2.12 percent in the Charleston-North Charleston-Summerville area in February, down from 3.34 percent for the same month a year ago.

The region's rate remains higher than South Carolina and U.S. foreclosure rates, which averaged 1.88 percent and 1.93 percent, respectively, for February.

Also, the percentage of delinquent home loans continues to fall in the Charleston area. About 4.66 percent of mortgages in the area were 90 days or more behind in February, down from about 6.12 percent during the same month of 2013.

Reach Tyrone Richardson at 937-5550 and follow him on Twitter @tyrichardsonPC.

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