Lofts owners acquire adjacent site for 7-story apartments building

A 264-unit, seven-story apartment building is slated for a corner of Meeting and Huger streets beside East Central Lofts.

The site of a proposed 264-unit, seven-story apartment building on peninsular Charleston has a new owner.

Huger Properties LLC, the same Spartanburg-based firm that sold the 72-unit East Central Lofts in April to E.C. Lofts LLC for $12.4 million, recently sold the adjacent 3.5-acre parcel at 601 Meeting St. for $6.1 million to the same company.

E.C. Lofts is comprised of two main parties — Maryland-based Federal Capital Partners and KBB 2015 LLC, which is made up of Kane Realty Corp. of Raleigh, Randolph Development of Charleston and Canongate Capital, an investment and asset management company in Charleston.

The previous owner was Greg Atkins, president of Atkins Machinery in Spartanburg.

Plans call for the top five floors to serve as housing above a two-level parking deck with 387 spaces. About 16,000 square feet of retail space would face Huger and Meeting streets on the ground level. The 3,000-square-foot leasing office would sit on Huger Street.

The majority of units — 165 — will be one bedroom, according to the plans. Sixty-three two-bedroom units and 36 studio apartments round out the mix.

Federal Capital and Canongate officials were also involved in the redevelopment of the nearby Cigar Factory on East Bay Street.

Another apartment complex of almost equal size is planned for West Ashley near Costco Wholesale Club.

The owner is asking the city for approval to build a 256-unit development on 15.3 acres on Ashley Town Center Drive.

A small piece of the site is registered to a company headed by Dan Bruce, managing director of RealtiCorp, a Greenville-based real estate investment firm. The majority of it is owned by St. Andrews Public Service District and the Charleston Commissioners of Public Works, according to Charleston County records.

The eventual transformation of the Charleston Neck Area will take a procedural step forward Thursday as the city’s Design Review Board considers approval of design guidelines for several properties on Braswell and Millford streets in the Magnolia project. The ultimate concept is for the site to be a mixed-use community of multistory housing, retail, hotels, offices and light industry between Interstate 26 and the Ashley River. The property is owned by Ashley River Investors. The original project stalled when the deep recession took hold in 2008.

Also, McKenna Properties LLC wants to tear down the existing buildings at 521 and 525 Folly Road on James Island. It plans to build two office buildings on the site, according to city of Charleston records.

Kiawah Island Real Estate sales are up 24.8 percent over last year through the first 10 months of 2015, the agency reported. The company that handles a majority of the sales on the upscale resort island south of Charleston reported $252 million in closings through October.

The number of closed sales for the year through October was 181, or 10.4 percent higher than last year for the same period.

For October, the agency said it ended the month with $23 million in sales, which resulted from 24 closed transactions. It did not provide figures for the same month a year ago.

The agency also reported $12 million in new signed contracts for October. Year to date, Kiawah Island Real Estate has 193 signed contracts with a value of $277 million, compared to 176 signed contracts with a value of $226 million through October last year.

Reach Warren L. Wise at 843-937-5524.