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Construction continues on the 12-acre Courier Square mixed-used development near Midtown in Charleston. The project is slated to welcome its first residential tenants during the first quarter of the new year. Grace Beahm Alford/Staff

Peninsular Charleston's booming apartment market will see a new arrival in early 2018.

The first phase of the 12-acre Courier Square mixed-used development at Columbus and Meeting streets is scheduled to welcome its first residential tenants during the first quarter.

The 2.8-acre site is being developed by Charleston-based apartment operator Greystar on land owned by Evening Post Industries, parent company of The Post and Courier.

The approximately $100 million project will feature 226 one- and two-bedroom multifamily units on eight floors surrounding a 650-space parking deck. It will also feature 70,000 square feet of office space and ground-floor retail space in 19,000 square feet along Meeting and Columbus streets.

The apartment part of the structure is called The Guild. Rental rates start at just under $2,000 a month and go to more than $8,000 for a top-floor penthouse, according to The Guild's website.

Greystar, the largest apartment operator in the U.S., plans to move its headquarters and about 200 employees from Broad Street and other areas downtown into the building. That will probably take place during the second quarter of 2018, according to Ben Liebetrau, a senior director of development for Greystar.

Tenants for the retail space have not been nailed down.

"We have lots of letters of intent and propositions from possible tenants," said David Ingle of commercial real estate firm NAI Charleston, which is handling retail leases for the property.

"Greystar wants to make sure the retail tenants fit with it as the main tenant, its clients and the apartment residents," Ingle said. "It's a specific niche we are trying to fill."

The number of retail slots ultimately will be decided by tenants' needs.

"We are leaving the space open and putting the walls up as needed," Ingle said.

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The first building in the 12-acre Courier Square project at Columbus and Meeting streets in Charleston will welcome its first new tenants in early 2018 in an apartment building called The Guild. Part of the former Bi-Lo grocery store can be seen on the left. Provided/NAI Charleston

The building will include parking spaces set aside for residents, retail tenants and employees of Greystar and Evening Post Industries.

Parking space is set aside for newspaper employees because it will be needed when work begins on Phase II of Courier Square between Line, King and St. Philip streets, where employees now park.

Courier Square is a multi-phase development that will take place over the next several years on parcels along upper King Street near the Crosstown Expressway.

"This project is extremely important to us," Leibetrau said. "We are consolidating our entire global headquarters under one roof. Being the global leader in multifamily housing, we are thrilled to be moving up there and having the premier office space in all of Charleston."

Ingle called Courier Square the crown of upper King Street.

"It will bookend the other end from where Charleston Place began," he said. "It will be a game-changer for living, working and playing in the city with its relationship to the Low Line that we are in support of."

The Lowcountry Low Line is a planned linear park on the former rail line, from Courtland Avenue on the upper peninsula to Woolfe Street in downtown Charleston. It runs beside the first Courier Square building.

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Reach Warren L. Wise at 843-937-5524. Follow him on Twitter @warrenlancewise.

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