The ambitious Magnolia project, poised along the Ashley River waterfront, has secured a development partner, set to commence construction by early 2024. Highland Resources, a Houston-based firm that owns the 189-acre site, has entered into a joint venture with Atlanta’s Portman Holdings to rejuvenate the area, which has been 20 years in planning.
With plans to invest over $2 billion, the partners aim to transform the previously contaminated industrial land located between Interstate 26 and the river into a vibrant, mixed-use community featuring residential spaces, office buildings, hotels, and retail outlets.
Ambrish Baisiwala, CEO of Portman Holdings, views the project as a transformative endeavor for Charleston, highlighting the synergy between the two companies. Highland Resources’ CEO, Clark Davis, emphasized the importance of aligning with a partner who shares their vision for the project, noting the significant investment of time and resources already dedicated to its development.
The development strategy has evolved, with initial construction efforts now focusing on the portion of the site nearest to the Ashley River. This strategic shift aims to establish a compelling destination from the outset, leveraging the waterfront’s appeal. The first phase, estimated to cost between $500 million and $700 million, is planned to feature a blend of a hotel, residential units near the river, and additional residences, offices, and retail spaces further inland, designed to attract both locals and visitors to the area. This approach is intended to catalyze further development across the site in various stages over the next two decades.
To Contact Us Now Call (415) 630-0147 Or Submit the Form Below
**The information contained in this blog post is subject to the disclosures set forth here.