Charleston’s Magnolia Project Set to Break Ground in 2025!
Big news coming out of Charleston as the long-awaited Magnolia redevelopment project marches forward! After years of planning, the project is finally ready to kick off, aiming to transform the upper peninsula into a vibrant mixed-use community that residents can truly enjoy. With a projected start date set for 2025, excitement is building!
A 22-Year Journey to Redevelopment
The Magnolia project isn’t just a flash in the pan—it’s been in the works for over 22 years. Originally, this ambitious endeavor was conceived in the early 2000s but quickly hit some snags, leading to a tough defeat when the first effort flopped in 2016. Thankfully, Highland Resources, a Houston-based firm, swooped in and reignited the project in 2017. Since then, it has been all hands on deck to tie up loose ends before ground is broken.
Getting Down to Business
On November 20, Highland Resources presented some “minor updates” to the city’s Planning Commission, where CEO Clark Davis eagerly shared the latest developments. The commission approved updates that included the final piece of the land puzzle—the former Parker Marine property along the Ashley River, recently acquired by the company.
But wait, there’s more! Highland also plans to add a clause making the future property owners association responsible for maintaining a new seawall, courtesy of the Federal Emergency Management Agency (FEMA). Isn’t that responsible planning?
What Can We Expect?
So, what does the Magnolia master plan entail? This massive venture covers roughly 80 acres and aims to include a whopping 4,080 multifamily housing units, 1.2 million square feet of commercial space, and 1,040 hotel rooms. Plus, around 25 acres have been earmarked for parks, allowing for green spaces that everyone can enjoy. The cost of the first phase alone could exceed a staggering $700 million!
“Things are moving along at Magnolia. We truly believe we’ll be breaking ground in ‘25,” said Highland’s attorney, James Wilson. It sounds like everything is finally coming together!
Environmental Cleanup Success
It’s important to note that this wasn’t just a straightforward redevelopment. The site, once home to various industries, was left with a nasty mix of contaminants affecting the soil. Thankfully, after a significant cleanup effort over the years, the site is on track for its revitalization. Just two years ago, a severely contaminated 102-acre parcel was removed from the EPA’s Superfund list. This is a significant milestone and reflects the hard work put into making the land safe and ready for new life.
Investments and Future Growth
This project is not just a dream; it’s a reality in the making. Highland has already invested more than $120 million into the site, with plans for another $100 million in preparations to elevate and develop about 60% of the land. The vision includes a mix of market-rate and affordable housing, along with offices, hotels, waterfront restaurants, entertainment venues, retail spaces, and even a 200-slip marina!
What’s Next?
Looking ahead, Highland has applied for permits to create an interconnected street network within the property, which shows they’re committed to crafting a well-planned community that works for everyone. As Charleston gears up for this exciting transformation, residents can expect more information as the project continues to come to life.
Overall, this is a thrilling time for Charleston residents. The Magnolia project aims to blend living, working, and entertainment in one attractive location. Stay tuned for more updates, as it looks like the upper peninsula is poised for some major changes!
