More than 2,500 apartment units are either under construction or in the works for the Charleston peninsula, and a Charlotte firm wants to add a few more to the mix.
Developer White Point Partners plans to erect a 72-unit, four-story structure on a vacant, 1-acre parcel at 655 East Bay St.
The firm, through an arm called East Bay Apartments LLC, recently bought the small tract for $2.8 million. It has been used recently as a construction equipment site during redevelopment of the nearby Cigar Factory, one block north.
Ryan Hanks, a partner in the company, said he hopes to start construction early next year. Completion could come in early 2017, depending on the city’s project review process.
“Charleston doesn’t have that many one-bedroom units, and we believe these will be used by young professionals,” Hanks said.
Hanks’ firm previously paid about $7.7 million this year in two separate deals to assemble about 15 former industrial acres on Brigade Street off Morrison Drive, about a mile north of the East Bay tract. The developer recently submitted plans to the city of Charleston to build 275 apartments at Brigade and Romney streets in its first phase. A second phase of an equal number of units could follow on the tract, he said. Construction could begin next year.
The proposed complexes join a swarm of other multi-tenant buildings planned from the Cooper River to the Ashley River across the upper peninsula.
Wendy Tucker, president of the Charleston Apartment Association, said the planned structures are just part of the rental wave sweeping the country.
“Charleston’s supply of apartments is expanding at one of the highest rates in the country, and people are renting these apartments at a strong pace,” Tucker said. “Here in Charleston, we’re feeling the positive economic impact of the booming apartment industry, which is helping our area thrive.”
Besides the Charlotte developer’s proposed projects, about 10 others hope to rise on the peninsula.
They range from a 10-story building with at least 100 units planned for Woolfe Street to a 430-bed student housing rental project on Morrison Drive at the base of the Ravenel Bridge.
Reach Warren L. Wise at 937-5524 or twitter.com/warrenlancewise.