Spectrum Breaks Ground on South Carolina Community
- Dec 11, 2019
The Spectrum Cos. has broken ground on a 345-unit luxury apartment property at Nexton, a 5,000-acre master-planned community north of Charleston, S.C. Located off Interstate 26, the mid-rise property forms part of CoOp@Nexton, a 20-acre commercial and residential development underway in the town of Summerville.
The property nearby the new Exit 197 interchange will offer townhomes as well as apartments across five buildings. Units will feature balconies, designer kitchens and ceiling heights of up 10 feet. Amenities of the community will include a saltwater pool, fitness studio, pet park and outdoor dining promenade.
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The larger CoOp@Nexton development will include a 20,000-square-foot office and retail building, a Refuel gas station and market, and green space with multiple trails and parks. In July, Home Telecom started construction on the commercial building, slated to open by May 2020, which will house a customer service center for the telecom provider on the first floor. The second floor will offer 8,000 square feet of flexible office space aimed at small businesses and startups.
Nexton gets another boost
North America Sekisui House (NASH), an arm of Japan’s largest homebuilder, purchased 4,000 acres of the Nexton tract in 2017 and partnered with American Newland Communities to build 6,500 homes, half the number approved for the site.
Also part of Nexton is Alta Brighton Park, a new 329-unit community that was acquired by American Landmark Apartments for $66 million in October. The master-planned neighborhood 25 miles from historic Charleston will ultimately deliver businesses, schools and retail offerings in addition to the homes and apartments.
The project is currently home to office tenants SCRA, SunTrust, Aeterna Zentaris and Palmetto Primary Care, and retailers include a wide range of dining, shopping and services. Nexton is also roughly 8 miles from Volvo’s new production plant in Ridgeville, which is projected to bring nearly 8,000 new jobs and $5 billion in economic activity to the area by 2022.
Spectrum builds and sells
The Nexton community marks Spectrum’s sixth apartment project in South Carolina, where the multifamily and commercial developer is also building a 286-unit rental community near Charleston International Airport and a 200-unit community in Greenville called Woodside Eleven.
In August, the company sold Garrison Park, a newly completed 322-unit luxury community in Charlotte, N.C., for $62.8 million. The deal followed Spectrum’s sale of Paxton Point Hope, a 274-unit high-end community within the Point Hope Commons development in Charleston, in July. VTT Management snapped up the asset for $51.1 million.