Joint Venture Developing $70M Shopping Center; 100-key Boutique Hotel Breaks Ground
By Eliza Theiss, Associate Editor
With construction well underway at The Corners at Wescott, New York-headquartered Cohen Real Estate (CRE) has announced the creation of a joint venture between North American Development Group (NADG) and Atlanta-based Hendon Properties to develop the first phase of the grocery-anchored shopping center in North Charleston, S.C.
The long-awaited retail power center broke ground in the third quarter of 2012. CRE, a full-service brokerage firm, brought in NADG to provide new equity for The Corners. “Both the original developer and the new equity partner worked seamlessly throughout the transaction to make sure all of the anchor tenant leases and all city approvals were in place so that construction could start right away to meet the demand for the stores to open as quickly as possible,” Vice President of Cohen Real Estate Michael Cleeman, vice president of Cohen Real Estate, declared in news release. Cleeman represented NADG in the transaction, while President Helen Putterman represented Hendon Properties.
As previously reported, the 22-acre project—located on the corner of Dorchester Road and Wescott Boulevard—will be anchored by Harris Teeter and Marshall’s and shadow-anchored by a recently opened Lowe’s Home Improvement store. The 167,000-square-foot shopping center is 80 percent pre-leased.
According to Councilman Dwight Stigler’s website, probable tenants include Starbucks, Moe’s, Rack Room Shoes, a national pet store chain and a national women’s clothing store. The center is expected to be completed in the summer 2013 and has a price tag of $70 million. Phase two of the project will be developed on 13 acres opposite of Lowe’s.
In other news, Local Hotel Adventures announced the groundbreaking of the Andell Inn—a 100-key boutique hotel near Freshfields Village. The independently owned and operated boutique hotel is scheduled to open in early 2014.
The hotel is a lifestyle concept created by Local Hotel Adventures CEO Don Semmler will feature apartment-like living with each of the room types outfitted with a full kitchen and living space. Amenities will include a fitness center, pool, bar and meeting space. The development will create 123 construction jobs and several permanent positions and will have a $22.8 million economic impact.
Photo courtesy of Local Hotel Adventures via Hotel News ResourceTags: Development, economy, leasing, property management, retail