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New Kiawah Island investments top $1 billion
Upscale, gated and premiere second-home destination Kiawah Island hugs the Atlantic coast just south of Charleston.
Now, the waterfront resort is wrapping its arms around property improvements and new development.
With several new projects in the works, the island town is witnessing a surge in investment topping $1 billion, according to Kiawah Island Real Estate.
Among the developments are:
- A new $125 million senior living community with 200 units
- A $200 million investment by Kiawah Island Golf Resorts into a new 150-room hotel, conference center and amenity expansion
- $75 million for the first private residence club on Kiawah by Timbers Kiawah Ocean Club & Residences
- $32 million by Kiawah Partners for Cassique and River Course renovations and other improvements
- $558 million in property owners’ construction and renovation since January 2017
- $12 million by Kiawah Island Community Association for Sandcastle renovations, purchase of Beachwalker Center and landscape and infrastructure improvements
- $10 million by Town of Kiawah Island for landscaping upgrades, infrastructure repair and beach renourishment
- $10 million invested by Northwood Retail into Freshfields Village Shopping Center
In addition, Kiawah Island Real Estate, which handles the majority of sales on the island, reported sales for the first half of the year topped $188 million on 147 properties. That’s up 17 percent over the same period in 2017, and is the highest amount since 2007, just before the Great Recession nearly crippled the U.S. economy. Sales included homes, villas, cottages and lots.
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Downtown Charleston church could soon see wrecking ball
The owners of Macedonia AME Church want to raze the no-longer-used structure after the congregation moved to West Ashley. They're asking the city for permission to demolish it.
By the numbers
1,325: The number of Spirit Halloween shops nationwide, including the one occupying the former 120,000-square-foot Sears space at Citadel Mall.
12,000: Square footage of sportswear maker's new facility in North Charleston.
3: The number of times the Federal Reserve Bank has raised ta benchmark interest rate this year, affecting everything from home loans to consumer borrowing. A fourth hike before year's end could also occur.
This week in real estate
+ Hurricane tax breaks: Homeowners can consider catastrophe savings accounts and appealing the damaged property's tax assessment next year to save money.
+ Costly naval hospital Rx: A plan to demolish the former Charleston Naval Hospital in North Charleston and build a new structure could cost Charleston County up to $74 million, or about $440 a square foot.
+ Spat over spit of land: A lower court judge ruled a road can be built to Capt. Sam's Spit at the tip of upscale Kiawah Island, where 50 homes could rise. Preservationist continue to fight the development
The four-bedroom, four-and-a-half-bathroom home at 59 Meeting St. on peninsular Charleston is on the market for $6.2 million. It dates back to the mid-1700s.
Upcoming real estate events
Realtor orientation, Tuesday, Oct. 2: Those new to the real estate industry will get a briefing from the Charleston Trident Association of Realtors
Changes in the law, Wednesday, Oct. 3: Realtors can get an update on South Carolina's Real Estate Licensing Law after changes took effect in January 2017.