A new office building is taking shape in a former warehouse on Charleston's upper peninsula.
The Lumberyard is a 60,000-square-foot, multi-tenant office structure adapted from a 1950s-era building supply shop at 1859 Summerville Ave. off King Street Extension. Spaces can be adapted to business needs in the one-story building, which is being redeveloped.
The building's base work is expected to be completed by Aug. 1, and a couple of tenant spaces are being upfitted simultaneously for move in by the middle of August, according to Blake Middleton of Middleton Group Architecture Studio.
The Middleton Group worked with local graphic designer Gil Shuler to create the branding and overall look for the project.
Charleston-based real estate investment firm RCB Development owns the building, which includes a 4,000-square-foot outdoor covered patio and amenity space. It's being marketed for office, flex, showroom and retail uses.
With the economy at full throttle and jobs aplenty, the Charleston region is seeing a resurgence in office development.
Nearly 860,000 square feet was under construction during the first three months of the year, marking the largest amount of office development in 20 years, according to Charleston-based real estate firm Bridge Commercial.
Total inventory jumped to 13.3 million square feet while about 112,000 square feet of new office product became available in downtown Charleston and Daniel Island during the first quarter.
Vacancy is down to 8.9 percent, but asking rents have edged up to more than $28 a square foot, hitting a market high for the region, according to the report. Rents are highest on peninsular Charleston while they are lowest in West Ashley.
A Michigan real estate company recently acquired its first property in South Carolina.
RHP Properties of Farmington Hills bought the 210-site Spring Valley manufactured home community off North Rhett Avenue in Hanahan, according to CEO Ross H. Partrich. The sale price was $2.62 million, according to Berkeley County land records. The seller was an affiliate of The Hynes Group of Vancouver.
“There is a strong demand and need for affordable housing in the area surrounding Charleston, and this community’s housing offers amenities that make it a tremendous value," Partrich said.
The company now owns 256 manufactured home communities with more than 64,000 home sites in 27 states.
A longtime Mount Pleasant senior living center recently broke ground on an amenity center.
Franke at Seaside, operated by Lutheran Homes of South Carolina Inc. and dating back to 1892, is adding 4,000 square feet for dining with a buffet, coffee cafe and lounge area along with additional activity spaces including a bigger art room
In January, Franke added a croquet court to the campus wellness offerings. The new expansion will include more showers and a private aerobics studio in the wellness center.
Construction is scheduled to begin this summer with completion in early 2020.
The senior living center at 1885 Rifle Range Road offers independent living, assisted living, memory support, long-term care and short-term rehabilitation programs.