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The 189-acre Magnolia site located in the neck of the Charleston peninsula has been cleared for development by the Environmental Protection Agency by its removal from the National Priorities List. Over $75 million has been invested in the overall remediation of the contaminated soils in an area equal to 34 football fields.
Highland Resources Inc. and Portman Holdings will be developing the new mixed-use town center project that is zoned for more than 4,000 residential units, 1 million square feet of office space, up to 200,000 square feet of retail space, more than 1,000 hotels rooms, multiple entertainment venues, a marina and a waterfront park on the Ashley River. The estimated cost of the completed project is about $2 billion.
The first phase will focus on the waterfront area of the property and includes 150,000 square feet of retail space, 850 residential units, 300,000 square feet of office space, and a luxury hotel. This phase will include two public access points along the waterfront. Infrastructure design and permits are in the process with the city of Charleston, and construction is anticipated to begin in early 2024.
At final completion, the project is expected to add 10,000 residents to the City of Charleston.
Source: Gable B. Stubbs, VP Architecture – Goodwyn Mills Cawood
