989 Morrison Dr, Charleston, SC 29403

$4,500,000
List Price
$4,500,000
MLS#
30775841

Property Description

This property consists of one of three adjoining parcels that are available for the first time in decades in a rare opportunity to acquire ±1.398 acres of high ground on the peninsula in an Opportunity Zone. These properties include: 989 Morrison: ± .590 acres $4.5 million (this listing) 975 Morrison Parcel A: ±.566 acres $2.8 million (MLS ID No. 30728177) 975 Morrison Parcel B: ± .242 acres $1.4 million (MLS ID No. 30728175) TOTAL ± 1.398 acres $8.7 million PRICE PER ACRE $6.2 million These properties are located at the gateway of the North Morrison district which is in the midst of significant redevelopment and transformation. There is over 450,000sf of commercial office and street retail space currently under construction including Morrison Yard, The Quinn, The Morris, the Charleston Tech Center, and The Refinery. The revitalization of this area began in the late 2000s with the development of the Cool Blow project, a mixed use development comprised of loft style apartments and office/retail space. Shortly thereafter, the Half Mile North was redeveloped from old warehouses into a technology hub and includes Edmunds Oast Restaurant and Brew Pub, SIB, Blue Acorn, and Butcher and Bee café/deli. Subsequent developments in the area include 930 North Morrison (930 NoMo) which is a 430-bed multi-story apartment community targeted as student housing, redevelopment of 960 Morrison which is an approximate 23,000 sf office building, redevelopment of the Cigar Factory which consists of 150,000 sf of office space and 50,000 sf of retail space, The Merchant and The Foundry which are both mixed-use retail/apartment complexes adding 350+ apartments in the area. In addition to Edmunds Oast and Butcher & Bee, the area has also seen a resurgence in eclectic restaurants, bars and microbreweries including Taco Boy, Baker and Brewer, Revelry Brewing Company, The American, Home Team BBQ, John Lewis’ BBQ, Tattooed Moose, Santi’s and Rutledge Cab Co. This property is zoned UP (Upper Peninsula) in the City of Charleston. It is a +/-0.59 acre parcel currently developed with an approximate 12,000sf warehouse. The warehouse is approximately 24 feet clear on the interior with a loading dock and a drive in door. This property is ideal for redevelopment.

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