News Summary
Charleston County has approved a $30 million sale of county-owned properties on Morrison Drive to develop affordable housing units. This unanimous decision marks a significant step in addressing the community’s housing crisis, aiming to build around 500 units. The funding will come from the Cooper River Bridge Tax Increment Financing District, highlighting the city’s commitment to sustainable growth. The final vote is scheduled for March 11, 2025, amidst discussions on ensuring legal commitments for affordable housing remain intact during development.
Charleston County Paves the Way for More Affordable Housing
In an exciting turn of events for Charleston, the Charleston County Council has given the green light for a project that promises to reshape the local housing landscape. The council recently unanimously approved the sale of county-owned properties for a whopping $30 million, destined for the development of affordable housing units. Morrison Drive is set to become a beacon of hope for many in the community who are struggling to find affordable places to live.
A Lasting Change for Charleston
The properties in question, located at 993 and 995 Morrison Drive, have been in county hands since 1996. The sites were originally used as office space but have been identified as prime real estate for new housing initiatives. This unanimous decision from the county council indicates a strong commitment to addressing the pressing issue of affordable housing. With the properties sitting on a 6-acre site right across from the bustling Charleston Tech Center and the popular Revelry Brewing Co., it’s an ideal location for future residents.
Initially, the city had proposed acquiring the properties for $20 million, but after some back-and-forth negotiations, the offer was boosted to $30 million. This increase showcases the city’s dedication to transforming this area into a flourishing hub for affordable housing.
Funding the Future
To fund this significant purchase, the city plans to tap into the Cooper River Bridge Tax Increment Financing District. This financial strategy highlights the proactive measures being taken to tackle the affordable housing crisis head-on. Mayor William Cogswell has indicated that the site could potentially accommodate around 500 affordable housing units under current zoning regulations. This is a positive step towards the city’s ambitious goal of building 3,500 affordable housing units by 2030.
However, every silver lining has its cloud, as some council members have raised concerns regarding the legal enforcement of the commitment to affordable housing. One member, Robert L. Wehrman, shared worries about ensuring that these commitments remain intact throughout the development process.
Addressing Community Needs
The need for affordable housing has never been more critical. With the median income for a single person in Berkeley, Charleston, and Dorchester counties ringing in at $73,625, many residents are in dire need of budget-friendly housing options. The city aims to ease some of this pressure by creating developments that cater to those struggling to secure decent homes. Mayor Cogswell emphasizes the connection between affordable housing and alleviating traffic congestion, arguing that a more affordable living situation supports the wider working community in Charleston.
As planning progresses, the **final vote on this sale** is scheduled to occur on **March 11, 2025**, following a thumbs-up from the finance committee back on **March 6, 2025**. This pivotal decision is just one piece of a larger puzzle that Charleston is working on, with $15 million also allocated from its TIF district to fund other enticing projects, including the Lowcountry Lowline pedestrian pathway.
Future Financing
On the financial front, the city is weighing the option of issuing bonds worth up to $38 million. These funds would not only support the housing initiative but also infrastructure improvements around the area. It’s clear that Charleston is laying the groundwork for sustainable growth, and this development is just the beginning.
As Charleston looks ahead, one thing is for sure: the unanimous approval from the county council marks a hopeful advancement in the quest for affordable housing. The community’s future is bright, and the roads of Morrison Drive are set to be bustling with new life in the coming years.
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Additional Resources
- Live 5 News
- Wikipedia: Affordable housing
- Post and Courier
- Google Search: Charleston affordable housing
- Count on 2 News
- Encyclopedia Britannica: Urban development
- Charleston Business
- Google News: Charleston housing developments
- ABC News 4
