Around Charleston
1 - $5.8M Johns Island Flood Relief Project - Construction has begun on the drainage project to relieve 2 Johns Island neighborhoods from flooding. READ MORE
2 - Lily Pulitzer Coming To Mount Pleasant - The popular, bright-colored clothing store will be opening in Mt Pleasant Towne Center this Spring. READ MORE
3 - Charleston Named Southern Living’s Top Southern City - How many times in a row is this? I’ve lost count. Anyways, you can see the full top 20 HERE
Historic Home of the Week
5 Alexander Street - The Simon Jude Chancognie Property, a circa 1812 Ansonborough home, was recently renovated between 2021-2023
5 Bed | 5.5 Bath | 3800sqft | $4,450,000
Will SC Approve Casinos & Mortgage Filed for Union Pier
South Carolina's Proposed Casino Development: What You Need to Know
The Proposal at a Glance
Location: Former Santee Outlet Mall in Orangeburg County, just off Interstate 95
Developer: Wallace Cheves
Investment: $1 billion casino and resort complex
Features: Hotel, spa, restaurants, retail spaces, and gaming facilities
Economic Impact Claims
Private funding (no taxpayer dollars required)
Projected $8 billion in economic activity over first decade
Expected to create 4,600+ jobs
Aimed at revitalizing an economically disadvantaged area
Understanding House Bill 4176: "I-95 Economic and Education Stimulus Act"
Target Areas: Only permits casino construction in "Tier IV" counties along I-95
Eligible counties are likely limited to: Orangeburg, Marlboro, and Dillon
Gaming Types Allowed:
Slot machines
Live dealer table games
Sports betting
Parimutuel wagering
Revenue Allocation: Tax revenue directed to local infrastructure projects
Proposed Regulatory Framework: South Carolina Gaming Commission
Structure: 3 members appointed by:
Governor
Senate President
House Speaker
Member Requirements:
South Carolina residents
Qualified electors
No felony convictions or gambling-related offenses
No elected public office held for at least one year before appointment
Operations: Commission would appoint an executive director for daily management
Licensing and Taxation
Initial License: 15-year term with renewal options for 5-year periods
Costs:
$500,000 application fee
$2 million licensing fee
An annual fee equal to the application fee
Taxation: 15% monthly privilege tax on adjusted gross gaming revenue
Exclusivity: No additional casino licenses in eligible counties for 10 years after initial license
Key Considerations
Casino gaming is currently illegal in South Carolina
Previous attempts to legalize games of chance have generally failed
The developer has previous ties to state lawmakers
The developer was previously bought out of a Catawba Nation casino project in North Carolina due to regulatory issues
The Political Landscape
Some legislators support the economic potential
Republican-controlled legislature has historically opposed gaming measures
Significant hurdles to passage remain
Looking Ahead
Economic Impact Study (EIS) requirements:
Minimum $200 million investment in property and infrastructure
Must include market study and projected development costs
Suitability licenses are required for anyone with 5%+ ownership or significant operational influence
Charleston's Waterfront Transformation: Inside the $250M+ Union Pier Deal
Key Transaction Details
Buyer: Marti Holdings LLC (owned by Charleston investor Ben Navarro)
Seller: South Carolina State Ports Authority
Property: Union Pier Terminal, Charleston
Size: ~65 acres of prime waterfront real estate
Sale Price: $250 million or possibly more
Expected Closing: Post and Courier Cited 2027
Current Status: Mortgage and security agreement filed March 4, 2025
The Unique Structure
Deposit Security: $250M secured by a mortgage instrument
Legal Protection: Mortgage document ensures buyer's $250M is protected during the multi-year development process
Tax District Approval: A special tax district approved by Charleston City Council to fund infrastructure improvements
The Property's Significance
Location: Situated between Concord Street and Charleston Harbor
Current Use: Primarily as a parking lot and cruise ship berth
Historical Context: Former cargo terminal in Charleston's Historic District
Potential: One of the largest and most valuable waterfront redevelopment opportunities in Charleston
Ben Navarro's Charleston Portfolio
The Charleston Place: 434-room hotel purchased for $350M (2021), undergoing $150M renovation
The Cooper: High-end waterfront hotel opening in 2025
Other Holdings:
Riviera Theater on King Street
Sorrelle restaurant and Mercato market on Broad Street
American Gardens urban park (under construction)
The Journey to Sale
Initial Attempts: First partnered with Los Angeles-based Lowe as developer
Community Concerns: Original plans faced opposition from conservationists as too dense for Historic District
Local Connection: SPA sought a local buyer to ensure appropriate development for Charleston
Deal Formation: Negotiations began in late 2023, with board approval in March 2024
What Happens Next
Infrastructure Development: Tax increment financing will fund roads, water lines, and stormwater management
Cruise Terminal Plans: The agreement calls for the eventual removal of the existing passenger building
Long-Term Vision: Integration with Navarro's nearby properties for cohesive development
Economic Impact: Major transformation of Charleston's waterfront over the next decade
The Bigger Picture
Charleston's Evolution: Represents the shift from industrial port uses to mixed-use development
Local Control: Sale to Charleston-based investor rather than national developer
Financial Impact: SPA plans to use proceeds for general operating expenses
Development Timeline: Major changes won't be visible until after 2027 closing
*All info gathered from news articles and the recorded mortgage, we will keep you updated as we get more information.
103 Sycamore Drive, Summerville, SC 29485
3 beds | 2 baths | 1509 sqft
$385,000
Newly renovated and updated from the roof to the interior. Come see this charming home in the Twin Oaks subdivision near the heart of Summerville. Great access to I-26, restaurants, shopping, and historic Summerville. Minutes from the Charleston Airport, Boeing, and Bosch. This 3 bedroom and 2 bath home has fresh carpet, newly painted interior, hardwood floors and nice upgrades from the kitchen to the bath areas. The kitchen boasts stainless steel appliances with new granite kitchen countertops complement the stainless steel sink to top off the renovations for your new home. The Frog has been completed and will be a great extra bedroom or creative area. A beautifully fenced in back yard with plenty of room to relax and enjoy summertime activities with friends and family.
Question: How do I get my home as the featured listing?
Answer: Email Bill ([email protected]) and ask!
Click the graph for more details OR to select another market.
Parting Thoughts
As always, I appreciate each and every one of you. The only thing I really have to add this week is…Have you VOTED yet? If you have, Thank you! If you haven’t…Thank you in advance for your vote in the near future. ;) Don’t worry, next week is the last week of me asking for votes for the Best Of Charleston 2025. I hope I am able to earn your vote. If there is ever a “best community” award, you would all get my vote and that’s a promise.
Well, I’m on vacation with the family this weekend, if there’s anything I can help you with, just respond to this email and I’ll get back with you on Monday. Have a splendid weekend and a safe Saint Patrick’s Day ☘️
-Bill
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