Charleston Mayor Increases Offer to Combat Housing Crisis

News Summary

Charleston Mayor William Cogswell has raised the city’s offer for two key properties on Morrison Drive from $20 million to $30 million to address the ongoing affordable housing crisis. The mayor aims to develop 500 affordable housing units on these parcels but faces challenges as the county’s latest appraisal values the land at over $38.5 million. Local officials are pressing for urgent action as the city strives to meet growing housing demands.

Charleston Mayor Boosts Offer to Tackle Affordable Housing Crisis

In the bustling city of Charleston, local leaders are stepping up to address a significant challenge faced by residents: access to affordable housing. Mayor William Cogswell is making waves by increasing the city’s offer for two prime properties on Morrison Drive from $20 million to a whopping $30 million. These parcels, located at 993 and 995 Morrison Drive, are owned by Charleston County and are strategically positioned right next to the Charleston Tech Center at Conroy and North Hanover streets.

Plans for Affordable Living Units

The Mayor’s ambitious plan involves developing a total of 500 affordable housing units on these two county-owned lots. With the growing demand for affordable living spaces in Charleston, this initiative could not have come at a better time. However, there’s a bit of a hitch. The county’s latest appraisal for the land exceeds $38.5 million, meaning the city’s offer, while increased, still falls short of the current market valuation.

Cogswell’s initial offer, made back in October 2024, included two options: buy the land outright or have it donated in exchange for the city’s promise to construct those much-needed affordable units. The urgency is clear, as city spokeswoman Deja Knight McMillan noted, reflecting on the housing crisis that has gripped Charleston in recent years.

Background on the Properties

The county has held onto these properties since 1996, previously utilizing them for office purposes. Since they became vacant, discussions have swirled about transforming these lots into affordable housing. At this point, it’s been a mixed bag, with the Charleston Council seemingly divided on the balance of affordable units versus market-rate housing—an ongoing debate that highlights the complexities of development in a city facing increasing demand for housing.

Cogswell’s recent communication offered a basis for compromise, presenting an offer that sits between the lowest appraisal— where all units are designated as affordable— and the highest, which includes no income restrictions. The challenge arises in a city where the median income for a one-person household stands at $73,625, meaning only those earning $58,900 or less are deemed “low income” and eligible for affordable housing options.

The Cost of Living and Rising Rents

To put things into perspective, in 2024, a single resident would need to earn at least $27 per hour just to afford a one-bedroom apartment at market rate. It’s no wonder city officials are rallying to build 3,500 affordable units by 2030 in an effort to combat rising living costs.

While the city plans to meet with Charleston County Council Chairman Kylon Jerome Middleton to further discuss the Morrison Drive project, there is also a special fund of $30 million earmarked for redevelopment projects in the area, which could potentially be leveraged for this initiative. This could prove pivotal in finding a solution to the housing crunch the city is experiencing.

Ongoing Efforts by Local Authorities

The Charleston County Housing Authority also knows that action is needed. They are actively working on various projects aimed at enhancing affordable housing options, including renovations and redevelopments which carry a total projected cost of $31.2 million. Furthermore, local lawmakers are currently investigating plans by the Housing Authority to sell 30 vacant homes aimed at upgrades. The sale’s lack of buyer restrictions and the involvement of a former CEO as the listing agent have raised eyebrows, amplifying the need for transparency in the process.

As Charleston navigates these pressing concerns, the spotlight is firmly on Mayor Cogswell and other local officials to take decisive action towards making affordable housing a reality for all residents. With community pressure on the rise and the city’s future hanging in the balance, the coming weeks promise to be crucial in shaping Charleston’s housing landscape.

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Additional Resources

• Post and Courier: Morrison Drive Affordable Housing
• Live 5 News: Affordable Housing on Huger Street
• ABC News 4: Charleston County Affordable Housing Repairs
• Charleston Business: Affordable Housing Developments Funding
• Charleston City Paper: Affordable Housing in North Charleston
• Google Search: Affordable Housing Charleston