2.1 Acre Development Opportunity

Vacant Land for Sale
Sale Pending/Contingent
Catylist Listing ID: 29975212
Property Subtypes: Hospitality, Multi-Family, Office, Retail, Self Storage, Other
Status: Pending/Contingent
Gross Land Area: 2.10 Acres
Sale Price: $6,950,000
Unit Price: $3,309,523 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/29/2018

Overview / Comments

The property is located in the heart of the North Morrison district which has undergone significant redevelopment and transformation in recent years. The rejuvenation of this area began with the development of the Cool Blow project which consists of a mixed use development with 58 loft style apartments and 20,000 sf of office/retail space that was developed in the late 2000s. More recently, the Half Mile North project was completed and is located directly across Morrison Drive from the property. This area was redeveloped from old warehouses into a technology hub with tenants such as SIB, Blue Acorn, and Integral Solutions. In addition, Half Mile North includes Edmunds Oast Restaurant and Brew Pub, and Butcher and Bee café and deli.

Other new developments in the area include 930 North Morrison (930 NoMo) which is a 430-bed multi-story upscale apartment community targeted as student housing, redevelopment of 960 Morrison which is an approximate 23,000 sf office building, and redevelopment of the Cigar Factory which consists of 150,000 sf of office space and 50,000 sf of retail space. In addition to Edmunds Oast, and Butcher and Bee, the area has also seen a resurgence in restaurants, bars and microbreweries including Taco Boy, Desano’s Pizza, Revelry Brewing Company, The American, Home Team Barbeque, John Lewis’ Barbeque, Tattooed Moose, Santi’s and Rutledge Cab Co.

Planned developments for the area include the Charleston Digital Corridor’s Flagship 3 building which will be located at the corner of Morrison Drive and Conroy Street in close proximity to the property. The building is planned to be a 5-story, 63,000 sf building that is targeted to house start-up, intermediate and growth stage tech companies.

Attachments & Media

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 52 - Peninsula Chas. outside of crosstown
Tax ID/APN: 461-09-03-003
Zoning: OTHER
Property Located Between: Morrison Drive & Brigade Street
Property Visibility: Excellent
Largest Nearby Street: Morrison Drive
Site Description: The property consists of approximately 2.1 acres in the heart of the North Morrison district and is an excellent opportunity for redevelopment in the Upper Peninsula area of Charleston, South Carolina. The property has over 480 linear feet of frontage on Morrison Drive and is accessible from both Morrison Drive and Brigade Street. The depth of the property from Morrison Drive ranges from approximately 130 feet near the southeast property line to approximately 245 feet. It is zoned UP (Upper Peninsula Zoning) in the City of Charleston which was created for this area to provide for higher densities and increased building height due to its connectivity to major transportation routes. There are two masonry block buildings located on the property and are approximately 8,000 square feet (sf) and 16,250 sf. The property was formerly an automobile dealership in the 1970’s.
Lot Frontage: 480 ft
Zoning Description: The Upper Peninsula, UP District, is intended to accommodate a mixture of dense residential and commercial uses and taller buildings in the upper portion of the peninsula through the use of incentives designed to promote ecology, mobility, energy efficiency, diverse housing and privately maintained outdoor spaces accessible to the public.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,767 58,708 139,102
Median Age: 35.17 33.91 35.96
Households: 3,712 24,145 57,915
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