Charleston news

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.

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Local Philanthropist Vows to Give $10K A Year to Charleston High School Grads For College

Ben Navarro, a local philanthropist and entrepreneur, has vowed to provide high school graduates in Charleston with $10,000 a year to go towards their college tuition with his new Meeting Street Scholarship Fund.

Navarro is the founder and CEO of Sherman Financial Group. He also founded Meeting Street Schools, a non-profit organization that provides children with access to quality education in an attempt to close the opportunity gap.

The Meeting Street Scholarship Fund will help those individuals who need it most pay for college. Students who graduate from a high school in Charleston County, qualify for the LIFE lottery or Palmetto Fellows scholarship, as well as a federal Pell Grant will be eligible for the scholarship.

The only other requirement surrounds the college that students must attend. If students wish to receive the $10,000, they must attend either a public or private college that graduates at least half of its students within six years.

In a statement on the decision to create the Meeting Street Scholarship Fund, Navarro said, “We want more kids deciding they can go to college. College isn’t for everybody, but if you qualify for a LIFE scholarship, it probably is.”

There’s no doubt this scholarship will be instrumental in allowing more students in South Carolina the opportunity to attend college.

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New Restaurants And Shops Coming To Charleston

Even in the midst of a pandemic, Charleston is still expanding, with the addition of new restaurants and shops.

Downtown Charleston is welcoming a new restaurant that is serving up fresh poke bowls. Sweet Bowl Poke & Tea is opening in the WestEdge area of downtown Charleston and has a variety of made-to-order items as well as boba tea available for customers.

Over in Mount Pleasant, the Panera Bread will soon be serving early risers with a new cafe on Muhlenbergia Drive. The cafe will offer customers indoor dining options, drive-thru, and delivery services, as well as curbside pick-up.

Mount Pleasant also recently welcomed a new Maple Street Biscuit Co. in the Queensborough Shopping Center. This popular chain offers patrons delicious comfort food through a variety of biscuit-based meals.

In addition to restaurants, a new vintage women’s apparel store, Portal, recently opened on St. Philip Street in downtown Charleston. Portal allows customers to buy, sell, trade, and/or rent clothing.

A new 11,000 square foot Dollar Tree Store is also opening on College Park Road in Ladson.

Be sure to check out some of the new businesses coming to town!

News

Go Coast-to-Coast With New Flight Connecting Charleston To Los Angeles

JetBlue Airways is launching its first coast-to-coast flight, connecting Charleston and Los Angeles.

Travelers will now be able to fly between Charleston International Airport and Los Angeles International Airport in less than six hours.

Gary Edwards, a liaison between Charleston International Airport and Explore Charleston said the flight is “operating in both directions but less than daily until COVID sorts itself.” However, once the pandemic has leveled out, customers can expect the flight to take place on a daily basis.

In an effort to mitigate the spread of the virus during the holiday season, Charleston International Airport is also beginning to offer free COVID-19 tests starting Monday, December 21st. MUSC has partnered with the airport to provide the tests for both travelers and locals.

While the convenience to the airport is ideal for those traveling, officials are recommending travelers get tested at least 48 hours before their flight since the tests do not provide rapid results. Instead, you should expect your test results in 1-2 days.

The testing site will be open from 1:30 to 4:30 on Monday, Tuesday, and Wednesday.

News

Charleston Will Potentially Ban Free Samples Along Downtown Streets

Members of the Charleston City Council are discussing the possibility of prohibiting businesses from handing out free samples to individuals on the streets.

The ordinance on the ban to prevent the distribution of free samples to passersby would affect businesses on and around King Street – from Line Street to Broad Street.

Supporters of the ban include Mayor John Tecklenburg, Councilmen William Dudley Gregorie, and Keith Waring. While Councilmen Kevin Shealy and Harry Griffin have voiced their concerns over how it might hurt local businesses.

Meg Thompson, Director of Business and Neighborhood Services, said, “Vendors who do participate in the sampling are often perceived as aggressive. Patrons no longer feel safe walking and feel they have to walk across the street in order to avoid this aggressive behavior.”

The proposal was recently heard by a new commission, the Central Business District Improvement Commission, which has already identified a variety of other issues it will soon address.

The City Council will discuss this new ordinance at their next meeting.

News

Folly Beach Pier to Begin 24-month Renovation

The infamous Folly Beach pier is getting a facelift!

The iconic wooden pier that offers visitors stunning views of the beach, as well as a place to reel in a fresh catch, is being renovated.

Starting on October 19th, the current pier will be closed to visitors as renovations get underway. The pier, which first opened in 1995, has seen over 6 million visitors in 25 years. Understandably, it has undergone a substantial amount of wear and tear over the years prompting this much-needed renovation.

While the new pier will be similar in layout, it will now be composed of concrete piles instead of wood in hopes that it will be more durable. The project is expected to cost around $13.8 million and will be open to the public in the Spring of 2023.

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Large Fuel Spill in the Charleston Marsh

A diesel fuel spill at Dill Creek on James Island has the U.S. Coast Guard involved in the cleanup. Over 3,100 gallons of fuel were spilled from an above-ground tank near Plum Island Wastewater Treatment Plant.

Immediately 20% of the spill was cleaned up, leaving 80% floating in the marsh. Mike Saia of Charleston Water System says it might take up to a week to clean the entirety of the spill. The leakage began around 7 a.m. on Saturday, Aug. 15.

In order to best remove the diesel fuel from the marsh, a vacuum truck has been placed at the site. The South Carolina Department of Health and Environmental Control is aiding the U.S. Coast Guard in the cleanup.

The marsh has a strange red tinted color, due to the red-dye diesel fuel. The main concern for the spill is geared toward the many small animals and wildlife that reside there. Baby crabs, shrimp, and fish are all largely impacted by the spill. Long-term effects have yet to be reported.

Featured

Legislative Action Required for Santee Cooper. Here’s Why:

Santee Cooper surprised Governor McMaster’s office and lawmakers when they announced their new business forecast early last month. The forecast involves phasing out coal plants, transitioning towards solar and natural gas power and a five-year rate freeze for customers. While parts of the forecast are positive, such as a transition to solar and natural gas, it leaves many questions unanswered, with concern over the company’s $7 billion debt still looming for the millions of customers that receive power from the utility.

An editorial recently published in the Post and Courier breaks down the realities of the forecast and explains that legislative action is required for Santee Cooper to actually reform. The editorial states, “If Santee Cooper is serious about turning over a new leaf, then the reform proposal it submits needs to include more than Mr. Bonsall’s business plan. It needs to include an actual reform plan, one with proposed legislation to make all of those changes he supports.”

In Santee Cooper’s current structure, the governor cannot remove individual directors unless they break the law or commit one of the listed offenses, meaning board members cannot be removed for poor decisions or hiding information from cooperatives and state regulators. The board can also raise rates with no approval or oversight from the South Carolina Public Oversight Service Commission, unlike other privately owned utilities in the state.

The editorial concludes by emphasizing that nothing laid out in the proposed business forecast would stop Santee Cooper from reverting back to its systematic and cultural problems that led the utility to the billions of debt it currently faces and the other bad decisions in its past.

“In fact, in assessing the proposals, legislators should consider the possibility that if the utility manages to stop a potential sale, it could go back to its old ways.”

Without legislative action, these initiatives could easily be reversed if lawmakers decide not to sell the state-owned utility. For example, Santee Cooper’s new CEO, Mark Bonsall, told the Post and Courier’s editorial staff that he opposes letting the PSC set rates, but would support a law requiring customer input before raising rates.

The General Assembly is expected to be presented bids for the potential sale of Santee Cooper as early as January 15. It is essential that all proposals are assessed thoroughly and expeditiously to ensure the millions of customers are given the best option for the future of the utility and the future of their rates.

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