Union Pier Redevelopment in Charleston: Funding Possibilities and Plans in Motion
Charleston’s ambitious Union Pier project is set to begin the redevelopment phase, but with a considerable price tag attached. As Charleston Mayor William Cogswell suggests, public funding is inevitable, considering the scale and goals of the project that involve public water access, improved resilience, the creation of green spaces, and enhanced storm drainage.
City Authorities Gearing Up for Union Pier’s Redevelopment Process
On Tuesday, the Charleston City Council cast a vote authorizing city staff to draft up an Improvement Plan and a Redevelopment Plan specific for Union Pier. The project leaders and the mayor have shared their vision for this seafront development, underlining the need for funding sources. One possibility presented is transforming Union Pier into a tax increment financing (TIF) district, which could ease the city’s fiscal burdens while establishing a world-class waterfront.
Private and Public Investment Required for the Project
“We all aspire for this to emerge as a world-class development, which is an expensive endeavor, demanding a mix of public investment, as well as private” said Historic Charleston Foundation’s Winslow Hastie, the president and CEO. This scheme aims to generate funds on the public side without draining the city’s operating budget. Mayor Cogswell shares this belief, acknowledging that the city’s budget cannot cover the project’s entire cost, nor is the property owner required to finance it entirely.
Further Action Anticipated from City Council
Winslow Hastie highlighted that the city council’s recent vote merely activated the process. The city staff are now tasked with crafting a viable redevelopment plan for the council’s review and approval, at which point the TIF district can formally proceed. Sam Spence, Preservation Society of Charleston’s director of Public Affairs, emphasized that the Union Pier project is still in its nascent stages, with TIF funding having been mentioned since the previous year. However, he suggests exploring other potential public funding mechanisms alongside TIF and a Municipal Improvement District (MID).
As plans for the Union Pier redevelopment project continue to take shape, a variety of funding options are under review. This planning phase is crucial for deciding the best way to fund this significant city venture, with both private and public investment options on the table.
