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Charleston Regional Business Journal
October 30, 2006
By Dennis Quick
Daniel Island, where the average price for a single-family home exceeds $700,000, has low-cost housing on the front burner of its homebuilding activities.
Last year, the Daniel Island-based Humanities Foundation announced the forthcoming Seven Farms Apartments, a 72-unit apartment complex for low-income families. The complex is well into construction.
A new condominium development will further add to the island's affordable housing efforts.
The Daniel Island Co. and Trammell Crow Residential have teamed up to develop Parkside Condominiums, an 84-unit condominium community being built on the island's southeast side. The condos consist of two- and three-bedroom units ranging from $209,000 to $244,000.
First-time homebuyers earning up to 150% of the Charleston area's median family income are Parkside Condominiums' targeted audience. The maximum annual incomes for qualified buyers range from $59,200 for a family of one to $91,350 for a family of five.
The Charleston Bank Consortium, consisting of banks plus local, state and federal entities dedicated to increasing homeownership for low- to moderate-income families, will screen interested buyers to see if they qualify for Parkside's homeownership assistance program.
Qualified buyers will have their names placed in a drawing conducted by Daniel Island Real Estate, which is selling the condos. Those who are selected could receive an interest-free second mortgage to offset the down payment.
Residents must live in the condos for at least five years before they can sell their units.
To price the condos at below-market value, Daniel Island Co. sold the property to Trammell Crow Real Estate at a discount. Trammell Crow Residential is accepting a lower-than-usual return on its investment, said Robert Morgan, managing director of Trammell Crow Residential, which developed Daniel Island's Island Park Condominiums, where prices range from about $900,000 to more than $1 million.
Additionally, Daniel Island Real Estate's sales associates are taking reduced commissions on the condo sales.
Construction on the condos is expected to be complete by spring 2007.
Living and working within close proximity is the hallmark of a master-planned, smart-growth community such as Daniel Island, Morgan noted.
Parkside Condominiums offers Daniel Island employees who otherwise could not afford to live on the island the chance to enjoy the smart-growth life by becoming Daniel Island homeowners, said Renee Reinert, secretary of the Daniel Island Business Association, which includes about 110 businesses.
"We think it's a great opportunity for employees who work here to live here," said Reinert, who asked Daniel Island business owners to inform their employees about the condos. "And this benefits employers because their employees are right here on Daniel Island."
Currently, 72 condos are available. Daniel Island Real Estate has received 42 applications from employees of Daniel Island businesses, said Reinert, a Daniel Island Real Estate sales associate.
Within the Parkside Condominium development, Trammell Crow will build 28 additional units, apartments the Charleston Housing Authority will rent to families earning 80% to 150% of the area's median income. The apartments will look like the condos. Monthly rents are expected to range from $1,050 to $1,200.
"We feel good about what we're doing," Morgan said. "This is an exceptional housing opportunity."
Dennis Quick is senior staff writer for the Business Journal. E-mail him at dquick@charlestonbusiness.com.
