Charleston School District Approves Funding for Union Pier Development

Charleston School District Approves Funding for Union Pier Development

Charleston, SC — The Charleston County School District has taken a significant step towards enhancing the city’s infrastructure by approving tax increment finance (TIF) funding for the redevelopment of Union Pier. This decision was made during the final board meeting on October 28, 2024, after multiple discussions held throughout the summer and fall.

What Happened

In a close vote, five board members backed the TIF funding while four opposed it. This financing method allows the City of Charleston to collect property taxes previously allocated to Charleston County and the school district. The gathered funds will be used for purchasing and renovating the Union Pier area, which holds great potential for economic and community development.

Who Is Involved

Charleston Mayor William Cogswell has expressed strong support for the project, indicating that it could become a “landmark” for both the city and the surrounding region. The project is also under the scrutiny of Daniel Prentice, the CFO of the Charleston County School District, who seeks to ensure that the school district receives benefits in return for participating in the TIF funding agreement.

Negotiations and Requests

As part of the negotiations, the school district requested the city to terminate their lease on the third floor of a building located at 75 Calhoun St. This request aims to regain approximately 30,000 square feet of office space that has been occupied since the 1990s.

Community Reaction

Future Developments

With the TIF now approved, the city plans to initiate work on Union Pier. This development project is expected to focus on public improvements, such as better access to the waterfront, the creation of parks, affordable housing units, and other infrastructure enhancements within the area. Currently, Union Pier generates no tax revenue, but the renovation is projected to yield over $20 million annually for the Charleston County School District.

Potential for Transformative Change

Mayor Cogswell emphasized the importance of the Union Pier development by stating, “I think it is an incredible investment for the county, for the school district and for the city.” The project, previously owned by the South Carolina Ports Authority, was sold to Ben Navarro, the owner of Beemok Hospitality Collection.

Next Steps

The City of Charleston will have ongoing influence over the further development of Union Pier, which is also being considered for use as a cruise terminal. Additionally, a new luxury waterfront hotel named “The Cooper,” owned by BHC, is set to open in October 2025, located near Union Pier and Charleston Waterfront Park.

This development symbolizes a considerable shift towards improving the economic landscape and community resources in Charleston, reflecting a collective effort to balance urban growth with community needs.