Upscale Mixed-Use Development Coming to Laurel Island
- May 24, 2016
Charleston, S.C.—North American Properties is investing $1 billion to develop 160 acres of waterfront on Laurel Island into Lorelei, an upscale, experiential mixed-use community situated on the Upper Peninsula of Charleston, S.C.
“A true hidden treasure, Lorelei represents not only one of the most exciting developments in Charleston’s history, but also the last premier waterfront parcel on the beloved and coveted Peninsula,” Mark Toro, NAP managing partner, said in a prepared release. “With the community’s guidance, Lorelei will become a sophisticated, vibrant mecca of best-in-class living where entrepreneurs, families, neighbors, friends, artists and the greater community can come together to discover new experiences and enjoy life in Charleston.”
The property is central to the Port of Charleston and emerging tech scene, and one of the best tracts of real estate on the Eastern Seaboard. Laurel Island also offers stunning waterfront views of the iconic Arthur Ravenel Jr. Bridge.
Trulia recently ranked Charleston second on its top ten list of “Hot Real Estate Markets To Watch in 2016”, with foodies attracted to the area thanks to a dining scene that saw 11 restaurants earning nominations for coveted James Beard Awards in 2015, and the popular Charleston Wine + Food Festival which will celebrate its 10th anniversary in 2016.
According to Toro, Lorelei will address the local market by offering: retail that resonates with the community; chef-driven restaurants with waterfront patios; a sophisticated hotel; meeting space; creative loft and Class A office space; ample parking and boat access; luxury multifamily residences, condominiums and single-family homes; community gathering spaces; biking and hiking trails; and an entertainment venue on the water.
The project will also include a locally curated food hall in collaboration with local restaurateur Steve Palmer and inspired by the nation’s best market halls, including Grand Central Terminal, Oxbow Public Market and Ferry Building Marketplace.
“When retailers discover Charleston, they hear they need to be on King Street,” Robert Clement, president of Charleston-based Clement, Crawford and Thornhill Inc., said in the release. “But, it’s not possible for retailers that require bigger footprints to find suitable space, and adequate parking, on these streets. Lorelei will serve as a relief valve, attracting new retailers and chef-driven restaurants to both Charleston and the waterfront community.”
Before plans are solidified, NAP will embark on a discovery tour, listening to the community and a world-class team of urbanists with specialties in waterfront properties. Project construction is expected to begin upon clearing regulatory and financing hurdles.
“We take our responsibility of transforming Laurel Island into a cherished destination for Charleston very seriously,” Toro said. “We will carefully curate the Lorelei experience by working with local and global influencers, as well as by listening to the greater community.”
Image courtesy of the Lorelei project Facebook page