News Summary
The City of Charleston is in discussions with Charleston County to purchase two parcels of land on Morrison Drive, which are crucial for addressing affordable housing needs. Negotiations are centered around a sale price between $30 million and $35 million, with plans to create 3,500 new affordable units by 2030. Additionally, projects like the Huger Street Affordable Housing Project aim to enhance the city’s housing landscape. This joint effort seeks to combat the housing challenges faced by many residents in Charleston.
Charleston County and City of Charleston Team Up for Affordable Housing!
Exciting news is brewing in Charleston as the city looks to make a big splash in the world of affordable housing! The City of Charleston is currently in talks to purchase two sizable parcels of land on Morrison Drive from Charleston County. This move is a key part of the city’s efforts to address the pressing need for affordable housing in the area.
Where’s the Land?
So, where exactly are these parcels located? They sit right between a privately-owned plot intended for future access to the Laurel Island property. Charleston County has owned these properties since 1996, and they’re positioned in a rapidly developing area of the upper peninsula. This makes them prime real estate for the city’s ambitious housing plans.
What’s the Price Tag?
Now, let’s talk dollars and cents! Charleston County is aiming to negotiate a sale price ranging between $30 million and $35 million for the land. Sounds like a hefty price, right? But the county plans to use the proceeds from this sale to help support various workforce and affordable housing projects as outlined in their “Housing Our Future” plan.
A Long Time Coming
Here’s a fun fact: the debate about how to best utilize these Morrison Drive properties has been simmering for about four years! This shows just how challenging decision-making can be in matters of development, especially when it comes to prioritizing affordable housing. At one point, the Charleston Housing Authority even offered just $1 million for these parcels! However, that was met with plenty of criticism since they’re appraised at over $38.5 million.
Mayor Cogswell’s Bold Move
In a bid to make things happen, Mayor William Cogswell upped his offer from a modest $20 million to a solid $30 million. Not only is he proposing a sale, but he’s also open to donating the land, provided certain conditions are met. Can you guess what the conditions are? Well, they involve building a whopping 500 affordable housing units!
Big Goals Ahead
The city has set ambitious goals, aiming to create 3,500 new affordable units by the year 2030. This initiative comes in light of a significant housing crunch that many Charleston residents are experiencing. Currently, a staggering 25% of renters and homeowners in the Tri-County area are classified as housing-burdened, meaning these individuals spend more than 30% of their income on housing. That’s a lot of stress on families, and it’s clear something needs to be done!
Projects in the Pipeline
Alongside the Morrison Drive negotiations, the City of Charleston is also moving forward with the Huger Street Affordable Housing Project. This project is aimed at replacing twelve existing apartments with an impressive 77 affordable units, specifically designed for low-income and moderate-income households. This project is projected to cost about $31.2 million, and it’s a prime example of how the city is stepping up to tackle housing issues head-on.
More Partnerships on the Horizon
Looking towards North Charleston, there are even more exciting developments in the works. Possible partnerships are being discussed to build affordable homes on donated land, assisting working families in need. One particularly promising collaboration involves FR33 LUNCH, aiming to construct two affordable single-family homes on Robertson Boulevard. Each of these homes is expected to be sold for a price between $225,000 and $250,000, making them accessible to moderate-income households earning under 95% of the area median income.
Wrapping Up
As Charleston’s population continues to swell, the cost of living—especially housing—has been on the rise. With strong initiatives like the Morrison Drive purchase and various ongoing projects, the city is clearly committed to tackling the housing challenges faced by its residents. With teamwork and determination, we may just see a brighter and more affordable future for families in Charleston!
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Additional Resources
- Live5 News: Charleston Developers Working to Increase Affordable Housing on Huger Street
- Count on 2: 2 New Projects Could Bring Hundreds of Affordable Housing Units to Downtown Charleston
- ABC News 4: How One80 Place and Mayor Cogswell’s Plan to Create Affordable Housing in Charleston
- Encyclopedia Britannica: Affordable Housing
- Google Search: Affordable Housing Charleston
