Over $20 million in accommodation with a restaurant, event space, and guesthouses is on offer for Daniel Island.
The city of Charleston Design Review Board recently signed plans for a 38-unit hotel at 1995 Daniel Island Drive, nearing the planned 320 units Nowell Creek Village Apartments.
The site is opposite the old Black Baud headquarters building, which is now a multi-tenant office structure called Swamp. The council suggested some aesthetic revisions, but otherwise voted unanimously for the hotel project.
A small office structure currently occupies the site and may be moved to make way for the new project once it obtains further city approvals.
JT Industries LLCa subsidiary of the developer King and Real Estate Company of Charleston, bought the 1.5-acre parcel near Beresford Creek in 2019 for $1.25 million, according to Berkeley County land records.
“We have a unique and interesting waterfront property on Daniel Island and have been working to find the best use and need for this location,” said the founder and CEO of King and Society. Troy Barber.
He estimated construction will take around 14 months after permits and other approvals are received and hopes the project will be completed in 2024.
Barber said no firm price has been set for the hotel, but he believes the project will cost more than $20 million.
The 11,200 square foot main building will house guest rooms, a restaurant and event space on three floors above the parking lot. The proposal includes four guest houses of 8,500 square feet each, two cabins of 866 square feet, two cabins of 592 square feet and 50 parking spaces.
The site plan shows the venue as a likely wedding venue, with separate bride and groom suites, a ballroom and an outdoor ceremony site overlooking Beresford Creek. Barber said it could also be used for corporate functions.
King and Society will be the developer and also handle construction, Barber said.
Midway through the year, South Carolina is home to three of the 50 best-selling planned communities in the United States, although sales are slowing from a year ago.
RCLCO Real Estate Consulting class Cane Berry Plantation in Berkeley County at No. 5 with 525 sales in the first six months of 2022. That’s down 9% from last year’s midpoint.
Nextonalso in Berkeley, came in at No. 22 with 308 sales, down 5% from the first six months of last year.
Latitude Margaritaville in Hardeeville, near Hilton Head Island, ranked No. 39 with 234 sales, down 29% from a year ago from January to June.
The best-selling and planned community continues to be The villagesbetween Ocala and Orlando, Florida. It recorded around 1,500 sales, down 25% from last year’s midterm.
Almost all of the top 50 are in the southern part of the states. Texas posted the most with 20, Florida landed 15, Nevada had four, California and Arizona saw three each, and Utah and Washington State landed one each.
According to RCLCO, total new home sales among the top 50 selling planned communities fell 18% in the first half of 2022 compared to the same period last year.
“Supply chain issues and insufficient new home inventory continued to pose problems for developers as price increases and interest rate hikes began to impact buyer traffic. potential in recent months,” RCLCO said in its mid-year report.
Nationally, the average price of all new single-family homes has risen 15% since mid-2021.
“Findings from this updated mid-year report confirm that supply chain disruptions continue to impact the ability of planned communities to meet new housing demand, although rising rates interest rates and price appreciation have started to impact that demand, at least in the short term,” the RCLCO director said. Karl Pischke.
“However, it’s important not to overreact to the slowdown in sales seen over the past year, as these are still short-term trends,” he said.
“The long-term future for the housing-for-sale industry, as evidenced by demographic tailwinds, is strong,” Pischke said. “And the future of planned communities, particularly in their ability to capture an inordinate share of buyer demand during uncertain or difficult economic times, provides another reason for optimism.”