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$300 Million Downtown Nexton Development is Underway

A multi-million dollar development in Downtown Nexton is currently underway.

The $300 million development, which is being developed by Sharbell Development Corp. out of New Jersey, will include everything from restaurants, apartments, hotels and retail stores. In addition, outdoor amenities like walking trails and parks will also be available. 

The development will cover over 99-acres in total between Sigma Drive and Brighton Park Boulevard.

Tom Troy, president of Sharbell Development Corp, said “Our intent with this project is to provide residents with their own version of a downtown where they can find everything they need, from groceries and dining experiences to fitness classes and boutiques, without having to ever get in their car.”

Construction on the development will occur in phases over the next five years, starting with an apartment complex that will offer units from studio apartments up to three bedrooms.

Officials are hopeful this development will continue to revitalize the area.

New In Charleston

Record Real Estate Sale Made On Charleston Peninsula

A record real estate sale for the highest multifamily deal was recently made in downtown Charleston. 

A new apartment complex, Foundry Point Apartments, sold for a staggering $82.4 million dollars. The complex, which is located on Huguenin Avenue, was purchased by Madison Capital Group, a private investment firm based in Charlotte, North Carolina.

With 275 total units, the luxury apartment complex offers one, two, and three-bedroom apartments ranging in price from $1,505 to $5,500.

Ryan Hanks, the founder of Madison Capital Group, is eager for his company to continue to expand in the Charleston area. In a statement regarding the recent purchase, Hanks said, “Foundry Point is an asset that we plan to hold long term as we believe in the long-term growth of Charleston, particularly on the peninsula, The nearby corridor is continuing to transform, and we are excited to see how the area looks in 10 to 15 years.”

Madison Capital Group already has a number of properties in and around the Charleston area, as more and more companies are recognizing and taking advantage of the city of Charleston and everything it has to offer.