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$300M-plus Downtown Nexton breaks ground near Summerville
A new $300 million-plus, mixed-use development of retail, restaurants, offices, hotels and apartments is now underway in the suburban Charleston area.
New Jersey-based Sharbell Development Corp. recently broke ground on the 99-acre Downtown Nexton project between Sigma Drive and Brighton Park Boulevard in the growing Nexton community in Berkeley County.
The company bought the parcel in 2019 for $18.5 million, according to Berkeley County land records. It’s west of the retail and restaurant center called Nexton Square.
With construction expected in phases over the next four or five years, the first project will include multifamily units, a mixed-use building with loft apartments over ground-level retail spaces and several outparcel buildings.
Altogether, three apartment parcels will offer a variety of tenant offerings, including a 55-plus, upscale rental community. Some of the mixed-used buildings will include upper-floor lofts with a rooftop lounge and several common-use rooms. Units will range from studio to three bedrooms.
The new construction will offer 110,000 square feet of office space for sale or lease, starting at 9,000 square feet in flexible, two-story buildings on Brighton Park Boulevard. CBRE of Charleston is handling sales and leasing.
Additionally, Downtown Nexton will include more than 200,000 square feet of retail and restaurant space interspersed throughout the project and along Sigma Drive.
Outdoor amenities will include walking trails, pocket parks and two manicured ponds on the north and south sides of the project.
The developer of the 5,000-acre Nexton project near Summerville in Berkeley County is being sold to Brookfield Residential. Nexton/Provided
California firm to buy developer of 5,000-acre Nexton near Summerville
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Developer and homebuilder Brookfield Residential will acquire Nexton developer Newland on June 1 under current plans.
By the numbers
1,000: High-side estimate of the number of affordable, or low-rent, apartments that could be added to the city of Charleston under a bold plan to renovate or replace all of Charleston Housing Authority’s public housing.
1,378: Number of homes listed as “active” for sale in the Charleston region at the end of April, far less than 9,000-10,000 needed for a healthy market to keep prices in check.
7,935: Estimated number of real estate agents in the Charleston region competing to sell a dearth of homes on the market.
This week in real estate
+ Pop-up to permanent: Pakistani restaurant Ma’am Saab will move into the former Jestine’s Kitchen site in downtown Charleston by late summer.
+ Grave concerns: Citing likely graves, DHEC stops work on Oak Bluff development in Cainhoy.
+ Sea of questions: Plans to build a wall around the Charleston peninsula to keep rising waters at bay are raising more questions than answers.
208-unit senior living facility planned on King Street
A 208-unit Liberty Senior Living facility is planned on King Street next to Hoffler Place Apartments, left, in downtown Charleston. The property is owned by Evening Post Industries, parent company of The Post and Courier. Rendering/RAMSA/LS3P/City of Charleston
North Carolina-based Liberty Senior Living is planning a 208-unit facility, right, on King Street next to student apartments Hoffler Place on the Charleston peninsula. The property is owned by the parent company of The Post and Courier. Rendering/RAMSA/LS3P/City of Charleston
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Reach Warren L. Wise at 843-937-5524. Follow him on Twitter @warrenlancewise.
Originally Appeared On: https://www.postandcourier.com/business/real_estate/300m-plus-downtown-nexton-breaks-ground-near-summerville/article_38de2d16-a47d-11eb-b5e9-b3477feda208.html