SC Biz News: Low Line moves forward with support & funding

More than 60 years after the construction of Interstate 26 splintered several downtown Charleston neighborhoods, a rail-to-trail project that would reunite those streets inches closer to reality.

An abandoned Norfolk Southern rail line sits far below the concrete columns that hold up the highway. Weeds push up between the tracks, and litter has been scattered on the land around it.

Various conservationists, planners and city leaders have taken notice of the tracks over the years, hoping to replace the rusting rail line with a linear park.

The Friends of the Lowcountry Low Line group has been working for years to raise money to buy the rights to the property from the railroad and transform it into a paved pathway and city park. The 1.7-mile Lowcountry Low Line would run from Courtland Avenue to Woolfe Street.

lowline

Planners and city officials anticipate turning the old train tracks that run below Interstate 26 into a paved trail and linear park, reconnecting neighborhoods in downtown Charleston. (Photo/Liz Segrist)

Similar rail-to-trail projects have been successfully launched around the country, such as the High Line in New York City, the BeltLine in Atlanta and the Swamp Rabbit Trail in Greenville…

A new deal reached with the city, the Friends of the Lowcountry Low Line and the railroad would see the Friends group buy the rail line and the surrounding land for $5.1 million from Norfolk Southern, forgoing the purchase of the additional parcels.

The deal moves the project toward a Dec. 4 closing date, said Winslow Hastie, board president of the Friends of the Lowcountry Low Line.

To read more about the Lowcountry Low Line, click here.

Post & Courier: Charleston Harbor deepening is largest dredging contract in Army Corps history

A key part of the plan to dredge Charleston Harbor to 52 feet received the go-ahead Monday with the announcement of the most expensive contract in the history of the Army Corps of Engineer [the Post & Courier reports] — a $213 million deal to help make the waterway the deepest on the East Coast and more accessible to supersized cargo ships visiting the Port of Charleston.

“We look forward to seeing dredges in our harbor in the next few months,” said Jim Newsome, president and CEO of the State Ports Authority. “The investment in harbor deepening … and multiple other projects to improve our existing and inland infrastructure will pay dividends to South Carolina’s economy for many years to come.”

harbor dredge

The contract for the second phase of the project was awarded to Great Lakes Dredge and Dock of Oak Brook, Ill. The second phase includes deepening the 20-mile inner harbor to 52 feet from 45 feet, from the entrance channel to the Wando Welch and North Charleston container terminals, including the Hugh Leatherman Terminal under construction on the former Navy base…

Great Lakes also earned the previously awarded $47.2 million first-phase contract to dredge the harbor’s entrance channel to a 54-foot depth.

Two more phases will complete the estimated $529 million project.

Click here to read the full article.

Post & Courier: Charleston County marks record year for economic development

As reported by the Post & Courier, Steve Dykes, executive director of Charleston County Economic Development, wasn’t entirely sold on the idea in the beginning, but Charleston County’s economic development director admits he’s grown fond of the ringing sound he hears with each new industrial announcement.

About a year ago, his staffers installed a brass bell in the lobby of the group’s North Charleston headquarters. It rings every time a new manufacturer picks Charleston County or an existing industry expands its operations.

Over the past year, the “victory bell” has rung a record 19 times — signifying 1,146 new jobs and capital investments totaling $92.5 million…

charleston county

Comparing the local economy to “a high-powered Ferrari with all of the cylinders clicking,” Dykes said the county has nearly doubled its previous record of 10 industrial announcements in a year.

“That’s what you call a red-hot economy,” he said.

To read the full article, click here.

Post & Courier: on Charleston’s tight industrial real estate market

According to a recent article by Post & Courier, Charleston’s tight industrial real estate market is expected to stay as such.

IFA

Increased industrial growth is putting pressure on builders to keep up with demand for manufacturing and warehouse space… The Charleston-area vacancy rate for industrial-use buildings was at 5.5 percent at the end of the third quarter, the company said, with nearly 280,000 square feet absorbed by new tenants during the period. The vacancy rate ticked up just a notch, from 5.4 percent in the second quarter. That compares to 6.7 percent in the Greenville-Spartanburg area, the state’s other industrial center.

To read the full article, click here.

SOLD! 2853 Meeting Street Road

Congratulations to agent Boris Van Dyck on representing Engelke Commercial, LLC in the purhcase of 2853 Meeting Street Rd. The property, which includes 6,000 SF of warehouse space for a general contractor office & warehouse, with additional space for future leasing, sold for $425,000.

2853 Meeting Street Road

SOLD! 4225 Atkins Street

Congratulations to Boris Van Dyck on representing buyer Brian Meden in the purchase of 4225 Atkins St. in North Charleston. The 6,800 SF warehouse space will be used as a laundry & dry cleaning facility.

4225 atkins

SOLD! Wilton St. / Folly Road

Congratulations to agent Len Meyer, representing seller First Citizens Bank, in the sale of 1620 Wilton St. on James Island. The two-lot assemblage, located at the corner of Folly Road & Wilton Street, sold for $480,000.

folly : wilton

SOLD! 289 Huger St.

Congratulations to agent Len Meyer, representing seller Huger Street Holdings, LLC, on the sale of 289 Huger Street in downtown Charleston. Currently occupied by Palmetto Brewery and Charleston Coffee Roasters, 289 Huger St. sold for $2,900,000.

289 huger

LEASED: 1107 King St. Suite C

Congratulations to agent Thomas Matthews, representing the landlord, in the leasing of 2400 SF of retail space at 1107 King St. downtown. It is leased to Christmas Studios. 

LEASED: 1107 king st. suite a

Congratulations to agent Thomas Matthews, representing the landlord, in the leasing of 1200 SF of retail space at 1107 King St. downtown. It is leased to the Harbinger Cafe & Bakery.