East Bay site sold for possible redevelopment

A redevelopment plan is being considered for the site of this True Value Hardware store and other businesses at 320 East Bay St., between Laurens and Society streets on the Charleston peninsula.

A corner property on East Bay Street in downtown Charleston that houses three businesses has been sold, and the new owner could redevelop the site.

Locally based Jupiter Holdings affiliate Buck Investments Limited Co. recently paid Holcombe Enterprises and Fair Associates LP $3.5 million for 320 East Bay St., where East Bay True Value Hardware, Delta Pharmacy and Domino’s Pizza are the current tenants, according to Joe Schachte with the real estate agency The Schachte Co.

The leases don’t expire until May 2019, but Jupiter’s Eddie Buck Jr. said, “We think there is a real opportunity to redevelop that site.”

Buck Investments recently submitted a plan with the state to clean contaminated soil at the corner site just north of the Harris Teeter supermarket.

Past tenants have included a steam-powered saw mill, a service station, a metal fabrication shop and a dry cleaner, according to a filing with the S.C. Department of Health and Environmental Control.

Buck said some adjacent parcels could be acquired as well to give the site more depth. He also said if the timing and plans for new development aren’t right, Jupiter could extend the leases.

A mixed-use residential and commercial project is rising on Daniel Island.

Construction began this month on Central Island Square by Faison Enterprises Inc. of Charlotte. Located on Island Park Drive across from Publix supermarket, the two three- and four-story structures will include 317 apartments and 30,000 square feet of leasable restaurant and retail space when completed in early 2018.

The complex also will include an 8,300-square-foot fitness center, swimming pool, grilling pavilion, dog park, hammock garden, clubhouse, conference rooms and guest suite. The construction price was not disclosed. The project has been in the works for about two years.

Also on the island, a separate 68-unit apartment complex is planned. Daniel Island Apartments LLC wants to build the Four Corners Apartments on nearly two acres on River Landing Drive. The proposal is currently making its way through the city review process.

Two proposed large projects for Charleston’s upper peninsula will be considered Wednesday by the Board of Architectural Review.

Atlanta real estate investor Brand Properties wants to build a five-story, mixed-use building on Meeting Street between Jackson and Lee streets. The site is just north of the foot of the old Cooper River bridges.

The 83,918-square-foot structure will include 128 apartments, a 208-space parking deck and 11,200 square feet of office space.

Also, E.C. Lofts LLC wants to build a 264-unit, seven-story apartment building with street-level office and retail space at 601 Meeting St. That’s adjacent to the company’s East Central Lofts apartment building on Huger Street.

The investor group bought both properties last year in separate transaction totaling $18.5 million.

Residential real estate firm Handsome Properties will celebrate the grand opening of its new office at 285 Meeting St. in Charleston with a ribbon-cutting at 5 p.m. Thursday. The agency will retain its nearby offices at 53 Broad St. and another on Sullivan’s Island.

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