Foundation buys historic home, seeks right buyer

A 280-unit apartment complex is in the pipeline for the Carolina Park development in Mount Pleasant.

The Historic Charleston Foundation is seeking an agreeable buyer for a historic South of Broad home in need of some care.

The nonprofit recently tapped its Frances Edmunds Revolving Fund to acquire the Rebecca Screven House at 35 Legare St. for about $1.7 million. The group is looking to sell the property to ensure its upkeep through a sealed-bid process between May 13 and May 27.

Bids start at $1.82 million and the buyer must agree to terms that include completing "a proper rehabilitation of the house conforming to the restrictive covenants on the property," according to a marketing announcement. It also must be used as a single-family residence. The foundation said it will notify the successful bidder, if there is one, by June 10.

The 4,000-square-foot white and black structure could date back to the late 1700s, according to the seller, though public records show it was built in 1828. The property consists of a three-story wood frame main house and a two- story brick dependency with a slate roof. The home also features a Loutrel Briggs garden dating from 1961.

Apartments are coming to the Carolina Park planned community in Mount Pleasant.

Atlanta-based development firm SWH Residential Partners is seeking to construct The Grove at Carolina Park. The 280-unit development is planned to be constructed on 20 acres on Park Avenue Boulevard, across from a retail center and Roper St. Francis Healthcare's Mount Pleasant Hospital.

SWH recently filed paperwork seeking a permit on the project with the S.C. Department of Health and Environmental Control.

John Tirrill, a managing partner at the firm, didn't respond to requests for comment.

The proposed project marks the latest development in the 1,700-acre planned community, which is off U.S. Highway 17 at the north end of town and is abuzz with activity. The property has been approved for 2,030 residences.

The proposed apartment project comes as several other multifamily developments are in various stages of completion in the Lowcountry, a response to an improving economy and an uptick in population, officials have said.

A recent report by multifamily website said the Charleston region will see an 8 percent growth in new rental construction this year compared to 2013.

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