Uncertain market conditions caused by the coronavirus pandemic are affecting all sectors of the real estate market. This includes the Magnolia site – a 133-acre, mixed-use, brownfield redevelopment in the Charleston area.
However, despite the addition of pandemic risk, alongside environmental, and development risks which are typically associated with brownfield projects, the Magnolia will continue to move forward, but with re-sequenced project tasks.
Thousands of truckloads of dirt are slowly covering a century of industrial pollution along the Ashley River, preparing part of Charleston’s Neck Area to become a town-sized development. It’s a bold reclamation plan that began nearly 20 years ago, stalled out during the Great Recession, and was revived after changes in ownership. Vast sums have been spent to reclaim the polluted land, which includes a Superfund site listed among the nation’s top environmental priorities. As the Charleston metro area continues to grow rapidly, the Magnolia site is the most dramatic example of developers taking on properties with promising locations but significant environmental hurdles. It’s what’s known as a brownfield site, one that’s been used and needs remediation. The Magnolia site is between the Ashley River and Interstate 26, just south of the Rosemont community.