Waterfront Project Nears Start

The 45 acres of waterfront property just east of the Ravenel Bridge is little more than trees and marsh today, but by next spring, it could look much different.

Developers last month got town approval for Bridgeside II, a project that will bring two hotels, retail shopping space, restaurants, office space and apartments to what most people believe is Mount Pleasant’s premiere tract of undeveloped land.

If all goes to plan, construction on the property could start as early as January 2013, according to the developer. Mike Langella, president of FrontDoor Communities, the project developer, recently answered questions from Mount Pleasant Patch about the large-scale project.

Here’s what he had to say:

Patch: Describe the project for people who aren't familiar with it.

Langella: Bridgeside consists of  45 acres at the foot of the Ravenel Bridge . It enjoys panoramic views of the bridge, Charleston Harbor, downtown Charleston and the Patriots Point golf course. 

We were recently successful in securing entitlements from the town that will allow up to 330,000 square feet of office, 450 hotel rooms, 573 multi-family residential apartments and 60,000 square feet of retail/restaurant/commercial uses.  Experts estimate Bridgeside will generate one-time economic impacts of $400 million.

The property is owned by LRA Charleston Holdings, investment funds managed by Lubert Adler Partners, a Philadelphia based real estate investment company.  Lubert Adler engaged FrontDoor Communities as the master developer of the property.  FrontDoor managed the entitlement process for Bridgeside and remains to manage the development as it moves forward.

Patch: Which aspect of the project do you think people will see first?

Langella: We engaged Colliers International’s Charleston office to assist us with an RFP process for identifying developers interested in taking the various elements of the project vertical.  That process generated significant interest from multi-family, office and hotel developers.  Financing conditions tell us we’re likely to see the residential development occur first.  We think the other elements will be close behind.  It is entirely likely and probable that we will see several uses in development at the same time.       

Patch: When do you expect to actually begin work at the site?

Langella: We expect to see construction activity in the first quarter of 2013.  Once we finalize the developers with whom we’ll do business, construction projects will follow a lengthy review process. 

Patch: People seem most excited by the prospect of a large-scale hotel. Can you talk about the challenges with that project, specifically its location in Mount Pleasant rather than downtown Charleston?

Langella: Many visitors see downtown as the primary amenity for any hotel, but it’s not the only amenity in the area.  Mount Pleasant is a special place and its proximity to downtown, golf, shopping and beaches is excellent.  Meanwhile, the business community is hungry for hotels that have meeting space Bridgeside can accommodate.

We’ve had very positive feedback from the area’s tourism professionals who see the benefit of this development.

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