SUMMERVILLE — A pair of Mount Pleasant real estate investors plan to develop a mixed-use project of commercial and residential buildings not far from the new Nexton Parkway interchange on Interstate 26.
Thomas Massey, of SUP Real Estate, and business partner Jason Ray, through an affiliate called CVEA Summerville I LLC, paid nearly $10 million for about 70 acres on four parcels along North Maple Street and Old Dairy Road.
Massey and Ray started acquiring the land from different landowners in September 2020. They also have a nearly 3-acre parcel under contract. The initials, CVEA, stand for the first letters of the first names of each of Ray's four children.
The property sits just inside the Dorchester County line. About 50 acres were annexed into the town in 2020 under a mixed-use classification that allows a variety of structures, including retail, offices, single-family homes and apartments, Ray said.
The final piece of the planned development, a 21-acre parcel that straddles North Maple Street and abuts Robyn Wynn subdivision to the east, was recently acquired. It was annexed into the town in 2014.
The 73-acre site sits along the beginning of North Maple Street's newly developed four lanes leading to Interstate 26. The property along the street between Old Dairy Road and Nexton Parkway interchange is currently undeveloped.
Massey and Ray say they plan to see the portion they recently acquired developed correctly.
"We are trying to do something nice and not have a strip mall after strip mall," Massey said.
By the spring, Massey said a development plan for commercial buildings along the road and a mix of residential uses on the rest of the property will be presented to the town for its review.
Ray said he has been working to put the project together since 2018 and, with Massey's help, started acquiring the parcels last fall.
He said land contracts took a while to negotiate and then the coronavirus set the project back as well, but he and Massey are now ready to move forward.
Ray said the proposed development is locally based, and he and Massey have a vested interest in making sure it's in good taste.
"Our priority is to do things the right way and to listen to the people," Ray said. "I feel like if we start there, everyone wins in the end. ... We are not just going to develop it and leave town."
The next step is to get engineering work done for water, sewer and drainage before the project goes to the town's Design Review Board for consideration.