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WestRock plans 700-acre industrial park in western Charleston County

http://www.charlestonbusiness.com/news/55753-westrock-plans-700-acre-industrial-park-in-western-charleston-county?rss=0

WestRock plans 700-acre industrial park in western Charleston County


 

WestRock Land and Development is planning to develop an area called Spring Grove along U.S. Highway 17 adjacent to the towns of Ravenel and Hollywood. About 27,500 acres will remain low or rural densities, while about 3,500 acres are scheduled for “clustered development.” (Map/WestRock)WestRock Land and Development is looking to build a 700-acre industrial park in the western portion of Charleston County and possibly follow it up with a 2,000-acre mixed-use development. The company plans to derestrict about 27,500 acres in the county to low or rural densities.

 

By Ashley Heffernan 
aheffernan@scbiznews.com 
Published Sept. 24, 2015 
From the Sept. 21, 2015, print edition

A large land developer is looking to build a 700-acre industrial park in the western portion of Charleston County and possibly follow it up with a 2,000-acre mixed-use development.

WestRock Land and Development, formerly known as MWV Community Development and Land Management, has been working for almost nine years on a vision for the 72,000 acres of land it owns in the East Edisto area of Charleston and Dorchester counties.

CLICK TO ENLARGE. WestRock Land and Development is looking to build a 700-acre industrial park in the western portion of Charleston County and possibly follow it up with a 2,000-acre mixed-use development. The company plans to change about 27,500 acres in the county to low or rural densities. (Map/WestRock)CLICK TO ENLARGE. WestRock Land and Development is looking to build a 700-acre industrial park in the western portion of Charleston County and possibly follow it up with a 2,000-acre mixed-use development. The company plans to change 27,500 acres in the county to low or rural densities.

Public meetings on proposed 
Spring Grove development

  • Special Planning Commission meeting: 2 p.m. Monday in room B-225 at 4045 Bridge View Drive, North Charleston
  • Public hearing: 6:30 p.m. Tuesday at 4045 Bridge View Drive, North Charleston
  • Planning and public works committee meeting: 5 p.m. Oct. 8 in room B-225 at 4045 Bridge View Drive, North Charleston
  • Charleston County Council meetings: 6:30 p.m. Oct. 13, Oct. 27 and Nov. 10 in council chambers at 4045 Bridge View Drive, North Charleston

After hosting more than two dozen public meetings, the company decided to preserve 75% of the area as permanently rural by enforcing density restrictions, according to Ken Seeger, president of WestRock Land and Development. The first phase of the development in Dorchester County is called Summers Corner, and construction is already underway.

The next phase, in Charleston County, is just getting started.

“There’s a very limited area of potential development in Charleston County along Highway 17 and adjacent to the towns of Ravenel and Hollywood. That limited development area down there is what we call Spring Grove,” Seeger said.

WestRock plans to permanently derestrict about 27,500 acres in Charleston County to low or rural densities. Seeger said rural densities could mean no more than one home per 200 acres, 50 acres or 25 acres depending on location.

“It still has use as recreational property or as agricultural property for growing timber,” he said.

The property, which was owned by MWV, now WestRock, for almost 100 years, is being used mostly to harvest timber. It was originally purchased to supply trees and fiber for MWV’s paper mill in North Charleston, which is now owned by KapStone.

About 3,500 acres of the timber property is scheduled for what Seeger called “clustered development.” He said 700 of those acres are slated for an economic development area or industrial park to create jobs for people who live in that part of the county.

“We’re working with the economic development folks at the state and the county. Many times it’s a competitive bid situation,” Seeger said. “Once the zoning has been approved, which we hope will be later this year, we’ll be in a position to have zoned, industrial land that can be used for economic development.”

The industrial park will likely be built along the existing CSX rail line adjacent to Ravenel. The company will begin planning phase one of the park immediately after Charleston County approves rezoning the area for industrial development and agrees to a proposed development agreement.

A special planning commission meeting will be held Monday, and a public hearing will take place the following day. Charleston County Council will likely review the proposed Spring Grove development in October and November.

“How fast that (industrial park) will move forward will depend upon a number of prospects that the county and the state and we are able to find,” Seeger said.

In addition to the industrial park, WestRock is planning to keep about 800 acres as wetlands and build a mixed-use development on the remaining 2,000 acres. It will likely include retail, commercial and residential space similar to what is being built at Summers Corner, Seeger said. It could take 50 years to build out.

“As far as the residential and mixed-use, I think that will be market-driven. We don’t have immediate plans to start construction of that part of the project,” he said. “I would say it’s more likely to be in the three- to six-year range before we would start anything, and I think a lot of it will literally depend on whether we think the market is ready for it.”

Reach staff writer Ashley Heffernan at 843-849-3144 or @AshleyBHeff on Twitter.

Homebuilder Confidence in U.S. Strengthens to Highest Since 2005

Homebuilder Confidence in U.S. Strengthens to Highest Since 2005

September 16, 2015 — 10:00 AM EDT

Confidence among U.S. homebuilders rose in September to the highest level in almost a decade, signaling momentum in residential real estate will support growth in the second half of 2015.

The National Association of Home Builders/Wells Fargo builder sentiment gauge rose to 62, the highest level since October 2005, from 61 the prior month, figures from the Washington-based group showed Wednesday. Readings greater than 50 mean more respondents report good market conditions.

“Barring any unexpected jolts, we expect housing to keep moving forward at a steady, modest rate through the end of the year,” David Crowe, NAHB’s chief economist, said in a statement.

The median in a Bloomberg survey of 45 economists called for the measure to hold at 61. Estimates ranged from 58 to 63.

The group’s gauge of prospective buyer traffic climbed to 47, the best in a year, from 45 the prior month. The index of current single-family home sales increased to 67, the strongest since November 2005, from 66.

The measure of the six-month sales outlook cooled to 68, a four-month low, from 70.

Builder confidence advanced in three of four regions. Sentiment climbed to 66 in theSouth, the highest since January 2006, from 63. The measure also increased in the Midwest and Northeast, while it was little changed in the West.

Tri-county homes prices up nearly $13,000 from 2014

Tri-county homes prices up nearly $13,000 from 2014




Demand for residential real estate in the Lowcountry is starting to outpace inventory, according to the president of the Charleston Trident Association of Realtors. (Photo/file)Matt DeAntonio, president of the Charleston Trident Association of Realtors, said residential real estate demand in the Lowcountry is high and starting to outpace inventory. In June, 1,679 homes were sold in the tri-county area at a median price of $240,000, up from 1,453 homes sold in June 2014 at a median price of $227,548.



Demand for residential real estate in the Lowcountry is starting to outpace inventory, according to the president of the Charleston Trident Association of Realtors. (Photo/file)Demand for residential real estate in the Lowcountry is starting to outpace inventory, according to the president of the Charleston Trident Association of Realtors. (Photo/file)

By Ashley Heffernan 
aheffernan@scbiznews.com 
Published July 15, 2015

The demand for residential real estate in the Lowcountry is high and starting to outpace inventory, according to Charleston Trident Association of RealtorsPresident Matt DeAntonio.

“Many people who would like to list their homes can’t yet,” he said in a statement. “Even if potential sellers have some equity in their home, it may not be enough for a down payment on their next home, and it takes time to build equity.”

Last month, 5,725 homes were listed as active for sale on the Charleston Trident Multiple Listing Service, the association said.

DeAntonio predicted more homeowners will be able to sell their homes during the second half of the year as the Charleston market continues to see “sustained, healthy price growth.”

In June, 1,679 homes sold in the tri-county area at a median price of $240,000, according to the association, up from 1,453 homes sold in June 2014 at a median of $227,548.

At the halfway point of the year, nearly 7,900 homes had been sold for a median price of $225,000 in Charleston, Berkeley and Dorchester counties, the association said. In the same period in 2014, about 6,650 homes had been sold at a median price of $216,274.

Berkeley County

In June, 380 homes sold at a median price of $202,815, the association said. The area bordered by Jedburg Road, U.S. Highway 17A and College Park Road remained the most active spot in the county for residential real estate, with 117 homes sold at a median price of $202,790.

Charleston County

There were 954 homes sold at a median price of $293,107 last month in Charleston County. West Ashley outside of Interstate 526 was the most active area of the county, the association said. At a median price of $228,500, there were 137 homes sold in that submarket.

Dorchester County

The Summerville and Ridgeville areas were again the most active spots in Dorchester County last month. Just over 150 homes sold at a median price of $219,000 in that area. Throughout the entire county, 296 homes sold in June at a median price of $197,500, according to the association.

Across the Palmetto State

In South Carolina, nearly 7,500 homes were sold in June — up 15.1% from 2014 — according to the S.C. Association of Realtors. The median sales price for those homes was $182,000, up 4.6% from June 2014.

Nearly 97% of homes sold received full list price last month, and the average number of days on the market went down statewide from 111 in June 2014 to 104 last month, according to the association.

“With interest rates managing to remain low into the summer months, the outlook is promising, even if rates go up later in the year,” a statement from the association said.

Inventory continued to shrink in the Palmetto State. About 41,000 homes were for sale in June, down nearly 9% from last year, and the supply of inventory decreased almost 20% from 8.6 months’ worth to 6.9 months. The association said that makes June the 12th consecutive month of year-over-year declines in inventory.

Number of residential homes sold, median price in select S.C. locations

 

  
Region

Aiken

Beaufort

Charleston Trident

Cherokee County

Coastal Carolinas

Greater Columbia

Greater Greenville

Greenwood

Hilton Head Area

North Augusta

Pee Dee

Piedmont Regional

Southern Midlands

Spartanburg

Sumter/Clarendon County

Western Upstate

State totals

Sales 
June 2014

180

134

1,453

52

1,007

941

1,036

64

354

124

172

305

26

376

116

374

6,482

Sales 
June 2015

205

162

1,691

56

1,118

1,125

1,242

85

413

147

177

288

25

414

118

430

7,460

  
% chg.

+13.9%

+20.9%

+16.4%

+7.7%

+11.0%

+19.6%

+19.9%

+32.8%

+16.7%

+18.5%

+2.9%

-5.6%

-3.8%

+10.1%

+1.7%

+15.0%

+15.1%

Median 
June 2014

$149,450

$200,000

$227,548

$87,500

$163,000

$160,400

$168,000

$106,500

$283,245

$147,450

$138,000

$166,435

$87,850

$126,950

$137,000

$155,000

$174,000

Median June 2015

$154,900

$212,500

$240,000

$111,600

$168,048

$160,000

$179,900

$117,400

$289,950

$146,000

$129,900

$164,000

$120,000

$145,000

$128,000

$156,250

$182,000

  
% chg.

+3.6%

+6.2%

+5.5%

+27.5%

+3.1%

-0.2%

+7.1%

+10.2%

+2.4%

-1.0%

-5.9%

-1.5%

+36.6%

+14.2%

-6.6%

+0.8%

+4.6%

Source: S.C. Association of Realtors

 

Reach staff writer Ashley Heffernan at 843-849-3144 or @AshleyBHeff on Twitter.

World's Best Cities

Top 10 Overall

Kyoto
Enzo/AGE Fotostock
NameScore
1.
91.22
2.
89.84
3.
89.57
4.
 
Hall of Fame
On the list for 10 years in a row
 
Florence 
89.43
5.
 
Hall of Fame
On the list for 10 years in a row
 
Rome 
88.99
6.
88.91
7.
88.69
8.
88.59
9.
88.27
10.
88.18

United States & Canada

Charleston
Photo by Peter Frank Edwards
NameScore
1.
 
Hall of Fame
On the list for 10 years in a row
 
CharlestonSouth Carolina
89.84
2.
88.11
3.
87.02
4.
Hall of Fame
On the list for 10 years in a row
Santa FeNew Mexico
86.10
5.
Super Hall of Fame
On the list for 20 years in a row
San Francisco
85.70
6.
Hall of Fame
On the list for 10 years in a row
Quebec City
85.52
7.
Hall of Fame
On the list for 10 years in a row
Chicago
85.18
8.
Super Hall of Fame
On the list for 20 years in a row
New York City
85.07
9.
84.88
10.
84.84

Mexico & Central & South America

Cuzco, Peru
Photo by Jesse Chehak
NameScore
1.
Hall of Fame
On the list for 10 years in a row
CuzcoPeru
87.30
2.
87.13
3.
82.10
4.
Hall of Fame
On the list for 10 years in a row
Buenos Aires
81.33
5.
81.06

Europe

SALES AND PRICES STABLE AS SUMMER DRAWS TO A CLOSE

MARKET ACTIVITY REPORTS

Quicklinks: Current Reports | Archives

SALES AND PRICES STABLE AS SUMMER DRAWS TO A CLOSE

CHARLESTON, SC—(September 10, 2015) 1,376 homes sold in August in the region area at a median price of $219,950 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Of those homes, 1,325 were located in Charleston, Berkeley or Dorchester counties. In August 2014, 1,360 homes sold at a median price of $215,000.

Year-to-date data shows that sales volume is about 16% ahead of where it was in 2014, and median price has increased by 4.8% in the region. The pace of sales has relaxed slightly—we’ve been tracking a consistent 19% ahead through most of 2015. However, it is expected and normal for sales to decelerate this time of year. Thus far in 2015, 10,996 homes have sold at a median price of $226,000. Through August 2014, 9,409 homes had sold at a median price of $215,500.

Of the 5,647 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS), 1,585 or 28% of listings are in the $200-300,000 price range, and 41% of listings, or 2,317 homes are above the $300,000 mark.

“It’s typical for the pace of sales to begin cooling off this time of year, but we’re still on track to significantly improve over 2014 sales volume” said 2015 CTAR President, Matt DeAntonio. “Our inventory remains steady with approximately 5,500 homes, about 1,000 fewer homes than we had on the market at this time last year” he said. “The areas that are supporting smart development, and are adding to the inventory of available homes—West Ashley outside I-526, Goose Creek and Moncks’ Corner—are outperforming other areas in our region because they’re offering options to homebuyers” he continued. “Collectively, we need to invest in smart growth options and commit to expanding our existing infrastructure—with dozens of people moving to our region every day, we need to be proactive in growing with our community, rather than trying to react to it” he concluded.

July Adjustment
Preliminary figures showed 1,679 homes sold in July in the tri-county area at a median price of $237,750. Adjusted data now shows 1,691 sales at the same median price.

Berkeley County
339 homes sold at a median price of $200,945 in Berkeley County in August. The most active area of the county was the area bordered by Jedburg Road/Hwy 17A/College Park—where 78 homes sold at a median price of $191,978.

Find Berkeley County area reports here. 

Charleston County
685 homes sold at a median price of $277,500 in August in Charleston County. Outside of Mt. Pleasant, where 181 homes sold at a median price of $387,875, the most active area of the county was West Ashley, outside I-526, where 78 homes sold at a median price of $223,800.

Find Charleston County area reports here. 

Dorchester County
301 homes sold at a median price of $184,805 in Dorchester County in August. The most active area of Dorchester County was Summerville/Ridgeville, where 112 homes sold at a median price of $194,000.

Find Dorchester County area reports here. 

Media Contact:
Meghan Byrnes Weinreich | 843.793.5208
Marketing and Communications Director
Charleston Trident Association of REALTORS