Another apartment community is taking shape in Mount Pleasant.
Real estate developer Daniel Corp. said this week that it has broken ground on Bridgeside at Patriots Point, a 324-unit project near the base of the Ravenel Bridge and Patriots Point Naval & Maritime Museum.
Birmingham, Ala.-based Daniel Corp. is developing the high-profile property on behalf of insurance giant MetLife Inc. It said it plans to have the apartments completed by spring 2016.
The units going up near Harry Hallman and Patriots Point boulevards will feature views of Charleston Harbor and the landmark cable-stayed span that links East Cooper with downtown Charleston.
Amenities will include secured covered parking, a clubhouse, pool area and fitness center, the developer said.
Pat Henry, president of Daniel Corp.'s commercial business operations, predicted the community will attract residents "seeking the most convenient access to the business and cultural centers" of downtown Charleston.
Rental rates for the studio to 2-bedroom units were not disclosed.
The development follows numerous industry projections about the need for more multifamily housing in the Charleston region. The improving economy and expanding job market have triggered a flurry of developments.
A recent report by ApartmentGuide.com shows that more than 9,100 new residential rental units could go up in the region over the next few years.
The website projected the Charleston area's apartment construction would increase 8 percent in 2014 from 2013, which would be the highest growth rate in the nation.
The Daniel Corp.'s deal with MetLife is the first piece of the larger 45-acre Bridgeside project, which has been in the works for years but got sidetracked by the last recession. It was spearheaded by Philadelphia-based private equity firm Lubert Adler.
The prime tract is one of the last large, privately owned undeveloped parcels on either side of Charleston Harbor south of the Ravenel Bridge.
Aside from the new apartment development, Charleston-based Bennett Hospitality said last year that it had plans to build at least one lodging on the waterfront portion of the property.
According to marketing materials, Bridgeside is approved for:
Up to 573 units of multifamily housing.
330,000 square feet of office space.
450 hotel rooms.
60,000 square feet of retail and commercial space.
Neighboring properties include the headquarters of the law firm Motley Rice and the Renaissance condominium complex.
John McDermott of The Post and Courier contributed to this report.
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