Project Category: Substantial Improvement Property
A 300-330 unit multifamily development project in the greater Charleston, SC submarket of Ridgeville that will be proximate to the new $1.5 billion Volvo manufacturing facility that is expected to create 4,000 new jobs.
Project Qualification: Substantial Improvement PropertyReal Estate: ResidentialTotal Capital Required: $41,721,848Equity Required: $20,721,848Debt Required: $21,000,000Project Control: We have enforceable contracts to acquire the key propertyTimeline: 30-90 daysAddress: 1050 Old Gilliard Rd Ridgeville South Carolina 29472 United States
Ecstatic Properties, LLC, the development sponsor for this project, is proposing a $43.5 million multifamily development in the greater Charleston, SC submarket of Ridgeville off I-26, exit 187 (approximately 0.1 miles from I-26 interchange), and 2 miles from the new 2.1 million square foot, $1.5 billion Volvo manufacturing facility that is expected to employ 4,000 people. The property will be proximate to the business commerce park named Camp Hall that is projected to eventually have an additional 10,000 employees working for the various Volvo support companies.
The greater Charleston economy has been rapidly expanding with the location of Boeing, Mercedes Benz, and Volvo to the area, and the addition of these multinational companies into the region has stimulated the demand for new housing. As such, multifamily development activity in the area has been very active, with new inventory volume focused in downtown Charleston, Mt. Pleasant, Summerville, and the Goose Creek submarkets. However, there is no multifamily product planned, in the pipeline, or under construction within a twelve mile radius or twenty (20) minute drive of the new Volvo manufacturing facility. The reason is limited availability of zoned land that would permit the use for apartments, and the further one travels from the downtown core of Charleston the lower the rents are to support luxury Class A apartments, which has been the most popular multifamily construction category of developers.