Developers unveil plans for $750 million commercial complex
North Charleston complex would take shape over next 20 years
By Warren Wise
Saying they are looking beyond the roiling economy and the slowing real estate market, developers unveiled plans Tuesday for a $750 million commercial and office project that they say would take shape over the next 20 years in North Charleston.
The Post and Courier
The ambitious proposed project would be built on about 300 acres of the largely vacant 1,760-acre Ingleside Plantation tract near Interstate 26 and U.S. Highway 78. The property is owned by an affiliate of Germany's Weber Automotive, which has a manufacturing plant in Summerville.
The first phase of development calls for 1.12 million square feet of retail, office, hotel and residential space along a new road called Future Drive that will extend off U.S. 78, near where it meets I-26.
No leases have been signed for any of the space, but construction on roads and utilities could start in about seven months on the first 110-acre parcel, said Eric Meyer, president of Weber USA, the real estate arm of Weber Automotive.
The initial phase will cost about $250 million, and the first buildings, most likely restaurants and hotels, will not be completed for at least two years, said Meyer and Richard Weiser, whose Weiser Cos. is a partner in the deal.
The second phase would include 2.5 million square feet of retail, office, hotel and residential space and sit near the eastern edge of the property near Colony North subdivision. It would not be developed until the first tract is nearly built out.
"Here in Charleston we own a hidhidden jewel," Weber, a German auto parts magnate, said through an interpreter. "We are convinced it is time to release the hidden jewel and make its best use for the public."
Ingleside Plantation
Phase I (initial development)
Retail — 260,000 square feet Office — 380,000 square feet Hotels — 240,000 square feet Residential — 240,000 square feet Total — 1,120,000 square feet Investment — $250 million
Phase II (future development)
Retail — 580,000 square feet Office — 640,000 square feet Hotels — 194,000 square feet Residential — 276,000 square feet Perimeter retail — 850,000 square feet Total — 2,540,000 square feet Investment — $500 million
Total investment —$750 million
— Sources: Weiser Companies/DMR Architecture/Weber USA
North Charleston officials believe the Ingleside project will cement the city's ranking as the state's top retail sales center. It also will generate road-building revenues and attract retailers that are not operating currently in the Charleston metro region, said North Charleston Mayor Keith Summey.
The unveiling of the project, described as the largest of its kind in South Carolina, comes during a particularly difficult time for the retail industry, which is suffering from a severe slowdown in consumer spending. Asked about the timing, Summey responded: "Everybody knows we are in a slow period. Anybody who believes we will stay in a slow period stand up. They will be prepared for that turn."
Weiser, whose firm developed the Centre Pointe shopping area near the North Charleston Coliseum, said it was "a big day for me."
"We are so excited about what the potential for this development is," he said. "This is something we need in Charleston. It is not a shopping center per se."
Weiser called the development a "live, work, play" area where people won't have to drive far to get to jobs and services.
He also said national real estate developers are gearing up now for an economic pendulum that they think will swing in the opposite direction in the months ahead.
"With the size of this project, it will be two years before we go up," Weiser said. "We are talking about a 20-year project. For anybody who looks into a crystal ball for that area 20 years from now, it will be entirely different from what we see now."
Weiser said Weber told him: "'I'd rather make less money and have something left for the community to enjoy.'" Weiser added: "That is what we plan to do."
The developers said they are courting big-box retailers never before seen in Charleston for the second phase of the project. They declined to identify any of them.
Previous Stories
Development on massive scale, published 11/11/08
Owner agrees to put restrictions on Weber tract, published 07/17/06
Cabela's fishing for site; Retailer said to be eyeing 1,800-acre N. Charleston tract, published 07/22/06
Summey said he has not given up on landing outdoor retailer Cabela's, which had looked at the Ingleside tract for one of its big stores. The chain backed away from the deal after state tax incentives it sought drew political heat from Gov. Mark Sanford.
"The governor will be gone in two years," Summey said. "I might come up with a Cabela's after all."
As for the traffic that would be generated by a development three times the size of Centre Pointe, Summey said studies are already under way, and revenue generated from the businesses there will help pay for the roads needed to handle the additional loads on the city's already crowded highways.
"Whether this goes on or not, we have traffic issues," Summey said. "Revenues generated over the next 20 to 25 years will handle the property and the traffic outside of it. Everybody in the region will benefit."
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zoomru (anonymous) says...
WHAT ???
...
"The governor will be gone in two years," Summey said. "I might come up with a Cabela's after all."
Mayor Keith Summey ...sounds like YOU need to go !! What you really mean to say is that you will Lobby to get tourist funds or property owners or FARMERS to PAY more taxes for Developers to reap the windfall and you to get campaign STASH !!!!
You fool No one !!!
November 12, 2008 at 1:38 a.m. ( permalink | suggest removal )
Hwebster (anonymous) says...
Ho boy! more retail in a town that doesn't need mo retail.
Besides, it's the site where the 1886 earthquake was centered. Nice fault that's still there.
November 12, 2008 at 8:39 a.m. ( permalink | suggest removal )
icbmman (anonymous) says...
Well, after seeing the details, I'm still unmoved. Why not place a shopping center in another part of the region? Why spend money, time, and effort on a massive retail center during a time when people are spending less and will continue to conserve?
Notice that they did not disclose ANY of the possible retailers. I would conclude that the reason for the secrecy is that retailers aren't going to commit to ANYTHING right now. Up in Columbia, a development called Village at Sandhills was supposed to be an outdoor town center bustling with residences, shops, and restaurants. It was also supposed to be built in 3 phases. Now, with people reducing their spending, the retail part of the center remains 35% vacant, residences are now being leased since they can't get any buyers, other shops have closed, and Phase III has been put on hold indefinitely (there are several large tracts of land on the property that are cleared, but they have remained large patches of grass for 2 years). Another mixed-use development that was being planned further up the road in Kilian has virtually died.
Chas may have a better economic stance than Cola, and granted, the tourism industry here plays a large part of retail spending. However, the economic indicators such as Vought cutting jobs and Blackbaud's stock going down are showing that Chas is not immune from the economic slowdown. Also, it is foolish to spend all this money on another new venture when retail stores are struggling as it is. Circuit City going into bankruptcy, etc. Taxes might go up with this new administration, and stock trading continues to plummet.
If Weber and the city do indeed know something that we don't, I'd love to know what it is.
November 12, 2008 at 9:06 a.m. ( permalink | suggest removal )
wegwam (anonymous) says...
Careful people, if you use common sense or logic your opinion will be discarded as nonsense.
i thought everyone knew that we NEED cabela's. remember it is not only a retail store, it is also a tourist destination that will draw thousands of people to the lowcountry that charleston itself is not good enough to lure. that is why it will be acceptable to give them tax breaks and incentives. wait isnt there another company given tax breaks/incentives that is currently in the news?
something about a plane but i cant remember.
November 12, 2008 at 9:12 a.m. ( permalink | suggest removal )
803scdantes (anonymous) says...
If it turns out like the Village at Sandhills in Columbia, then it's in trouble. That place has big time problems with gangs and is scary to go to after dark. They had to start a curfew to try to curb some of the problems. The condo's there aren't selling at all either. How many GAP's do we need anyways? What's wrong with keeping some forest around Charleston?
November 12, 2008 at 9:19 a.m. ( permalink | suggest removal )
islandbenzbc (anonymous) says...
Slimfast Summey strikes again...wonder what he's getting out of this?
November 12, 2008 at 9:25 a.m. ( permalink | suggest removal )
justjerry (anonymous) says...
Mayor Keith, don't listen to the naysayers, this is great!
November 12, 2008 at 10:17 a.m. ( permalink | suggest removal )
exorcist_pencocky4u (anonymous) says...
Good thing the City of North Charleston doesn't suffer from the problems that plague Charleston. Its always good that some tourists go through Charleston since businesses down there need all the help they can get...
You are right about Vought, alot of employees angry about having to wait for Boeing to play catch up so they can go back to work.
I hear their factory, in the City of North Charleston, has aircraft body sections lined up everywhere.
November 12, 2008 at 11:24 a.m. ( permalink | suggest removal )
devilsadvocate77 (anonymous) says...
Oh it will be different in 20 years. Pavement as far as the eye can see and not a tree to be found.
November 12, 2008 at 11:39 a.m. ( permalink | suggest removal )
icbmman (anonymous) says...
803scdantes, great point, I forgot about the curfew due to gangs hanging out around the movie theater and other vacant structures in the Village. I don't know if this proposal will have the same dismal future as the Village, but given the state of the national retail market, it could very well have similar, serious problems. If people aren't going to spend the money, the multiple phases won't be built out. Tons of money will be spend with no ROI (return on investment).
Unless, of course, these business people will be asking for a federal bailout because of their failures, like MANY other businesses are now doing.
November 12, 2008 at 12:26 p.m. ( permalink | suggest removal )
justjerry (anonymous) says...
One of the partners in this venture is also responsible for the Center Point/Tanger Outlet development which has been a tremendous success. As the article states, the earliest that anything will be online is two years and the economy should be rolling along again by then. That is assuming, of course, that our new President doesn't do anything to derail it.
November 12, 2008 at 12:46 p.m. ( permalink | suggest removal )
cnstreet (anonymous) says...
Just Jerry said: "One of the partners in this venture is also responsible for the Center Point/Tanger Outlet development which has been a tremendous success."
Surely you're being facetious? Center point is a ghost town and it has become one of the higher crime areas in NChas because of it.
North Charleston needs to stick with it's infill projects, and stop getting off track with these glorified shopping centers.
November 12, 2008 at 1:08 p.m. ( permalink | suggest removal )
icbmman (anonymous) says...
Justjerry, you must be either Summey himself or a north city administrator. As cnstreet said, you cannot possibly believe that Tanger is a "tremendous success" when its restaurants are not filled to capacity, and shady drug deals go on in the parking lots and behind different structures. Myrtle Beach's outlet centers draw far more people, and those places are ALWAYS busy; a far cry from the Centre Point area. BTW, how smart do you think it was for Centre Point to be built in the crash zone and runway approach for the airport?
Common sense. Such a rare commodity among people these days...it's not "common" anymore.
November 12, 2008 at 1:55 p.m. ( permalink | suggest removal )
exorcist_pencocky4u (anonymous) says...
icbmman and cnstreet do the both of you work for the failed City of Charleston's mayor riley?
The thousands of shoppers each month at Center Point/Tanger Outlet laugh at you and I laugh at you.
November 12, 2008 at 2:34 p.m. ( permalink | suggest removal )
pompusmaximus (anonymous) says...
Sounds good, but I want to see a concept drawing. Centerpoint/Tanger was kind of a disappointment design wise but good for a tax base.
November 12, 2008 at 2:42 p.m. ( permalink | suggest removal )
icbmman (anonymous) says...
I see exorcist continues to exist as a troll to incite and make ridiculous, obtuse comments. Some things change and some remain the same...
November 12, 2008 at 4:07 p.m. ( permalink | suggest removal )
justjerry (anonymous) says...
icbmman - I have seen your comments on this issue the last couple of days and it is obvious that it is you who are the troll. Why you have such a grudge against the City of North Charleston and it's Mayor is beyond me.
I do not work for the City but I am a proud resident. It is clear that you and poster cnstreet have only been to Tanger when the stores are closed. I am in that area very often and there are always good crowds there and lots of money being spent. I don't know which restaurants you go to but they must be the bad ones because everytime I go to eat in that area at peak times there is a wait.
I am sure that both icbmman and cnstreet are City of Charleston fans and wannabees to Riley's inner circle with the insipid and unfounded vitriol that they both spew towards North Charleston. At least NC is doing it's best to increase it's tax base by encouraging new development and new businesses to move in rather than using little Joe's midnight annexation technique.
November 12, 2008 at 6:16 p.m. ( permalink | suggest removal )
cnstreet (anonymous) says...
Actually, justjerry I'm moving to Park Circle in about a month because I love the PC & Revitalized Montague Street area. Why is it vitriol to say that NChas should focus on these wonderful infill areas? That area is the city's true gem and they should encourage the redevelopment there.
Granted, this ingleside development will not affect the PC area much, however, the development of Center Point directly affected the revitalization potential of the commercial areas near Park Circle. The people of Park Circle want a nice grocery store in the area, but it will never happen because no grocery store will go that close to an existing super-walmart. Summey should have thought of the consequences of the Sams and Walmart moving there.
November 12, 2008 at 7:17 p.m. ( permalink | suggest removal )
LadyTarHeel (anonymous) says...
Is there going to be a Macy's? I absolutely LOVE Macy's!!!
November 12, 2008 at 8:36 p.m. ( permalink | suggest removal )
icbmman (anonymous) says...
Cnstreet nails it exactly. Summey is so greedy to get more businesses into his tax base, he fails to properly plan for redevelopment of his neglected city areas. Justjerry, I by far am NOT a Riley fan, nor do I work in the city of Chas. Chas is my native city, and I grew up West Ashley, however. So when I constantly see Summey and his north city minions developing every inch of his city, literally strangling any economic development in West Ashley or downtown or James Island, while neglecting real quality of life issues, I'm going to say something.
You must be anti-city of Charleston, or another anti-Riley hack, which really shows the insanity of it all. Praising a suburban city (which wouldn't exist if it wasn't for its central city) for slap-happy development and stifling the central city's economic growth demonstrates huge political bias.
You're right, Riley and his city administration have shown virtually no interest in expanding economic growth in Chas proper, which shows a complete idiotic lack of foresight. These people are incompetent at best. If anything, Riley should have the initiative to improve Chas' current suburban retail centers, and he has done literally nothing. However, like I said earlier, redundant projects like Ingleside are also showing a lack of foresight, lack of regional cooperation, and pure selfishness on Summey and the north city...surely, you can see that?
November 13, 2008 at 11:34 a.m. ( permalink | suggest removal )
aptlytitled (anonymous) says...
I don't agree with this development and it's redundancy either when there's infill development that should take precedence, but I love it when people use a single incident as evidence against something and make it plural e.g. (drug deals in parking lots....there was one reported). Also, if you actually shop there, it is alway steady business and at least the Buffalo Wild Wings is doing alright on Sundays when I have gone.
November 15, 2008 at 2:35 p.m. ( permalink | suggest removal )
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