Carolina Park surpasses 500 homes sales; 2,000 units planned

The Carolina Park community behind Wando High School (top) will have 1,500 houses when it is built out. It recently surpassed 500 home sales.

A huge housing development in north Mount Pleasant has cracked a new milestone.

The master-planned Carolina Park community off U.S. Highway 17 recently surpassed 500 home sales in the 1,700-acre tract near Wando High School, according to Brian Keels, asset manager and marketing director at Carolina Park.

The community offers a range of designs from nine home builders. At build-out, it will have 1,500 homes and 500 multifamily units.

Prices range from the $300,000s to $1 million, depending on the location.

A new Carolina Park Elementary School will be added by the fall of 2017, and plans are underway to locate the new Oceanside Collegiate Academy charter high school on the property.

Among other amenities, the community features a 54-acre active park, new fire and police station and a future branch of the Charleston County Library. Roper St. Francis Mount Pleasant Hospital is also part of the development.

Historic Charleston Foundation hopes to help with housing affordability on the peninsula.

The agency recently hired Michael Brown, a partner with housing consultant Burlington Associates, to conduct a feasibility study for a community land trust in Charleston. Brown helped to pioneer the idea of community land trusts in the 1980s.

The concept of a community land trust is an arrangement that separates land ownership from home ownership. A nonprofit organization owns the land and maintains stewardship. Residents own their houses and are responsible for their upkeep and for ensuring that the policies and covenants are met. Resale prices are capped to perpetuate the mission of housing affordability.

The foundation hopes to unveil a plan this fall to ensure that certain areas of the peninsula remain affordable for housing.

A new office building is proposed on upper King Street.

The Gregory Co. has submitted plans for offices at 661 King St. beside the overpass of Septima P. Clark Expressway. Richards Gregory bought the 0.79-acre lot in early 2015 under the name The Twisted Bubble LLC for $1.55 million. He said at the time he planned to erect a four-story office building on the site.

Gregory’s residential properties for student housing on the peninsula also have paradoxical names such as the Green Hippopotamus, Purple Rooster or Green Moon. He also owns the Square Circle, a renovated two-story office building on Line Street around the corner from the King Street property.

Real estate services firm JLL recently relocated to the Cigar Factory at 701 East Bay St. on the Charleston peninsula from 4000 Faber Place Drive in North Charleston. Opened by Lee Allen in 2014, the local office moved to a larger space to accommodate growth.

Chicago-based JLL, short for Jones Lang Lasalle, advises corporate clients on office, industrial and land transactions. It also includes a project and development services team that works with real estate occupiers and investors on construction management and owner representation.

Since opening, JLL’s six-person Charleston office has represented clients on more than 7,300 acres of industrial and land sales, 1.5 million square feet of industrial leases and 350,000 square feet of office leases.

Reach Warren L. Wise at 843-937-5524 or twitter.com/warrenlancewise.