The Charleston area has seen major population and development growth over the past few years, and its outlying towns are no exception. As the peninsula fills up, residents are spreading out with businesses following. Mount Pleasant in particular has seen significant growth. In May of 2016, a report from the US Census Bureau ranked Mount Pleasant as the 10th fastest growing city in the United States.
Mount Pleasant’s significant growth over the last decade has caught the attention of business owners and developers, becoming a hotspot for residential and commercial projects alike. Development is spreading in all directions and reaching as far as Awendaw to the north.
Along with substantial residential growth, Mount Pleasant is bursting with opportunities for retailers and developers.
Plans for multiple Mount Pleasant area hotels are underway and seeking approval, while construction for a few new hotels have already begun. Proposals for hotels in the area are increasing as visitors look for alternatives to downtown Charleston and hotels closer to area beaches.
Construction is underway for a 92-room Hyatt Place in Mount Pleasant Towne Centre, a shopping and lifestyle center. The Hyatt Place will join a multitude of retail spots, restaurants, and the Palmetto Grande movie theatre.
Just across Highway 17 from Town Centre, construction has begun on Indigo Square, a luxury apartment complex that will also house a 123-room hotel as well as retail and restaurant spaces on its 38 acres.
Mount Pleasant is also seeing developments in office space from the base of the Arthur Ravenel Jr. Bridge spreading to north Mount Pleasant. 111 Coleman was 100% pre-leased before its opening at the beginning of the year, and areas like Wando Park and Carolina Park are ripe with opportunities for space.
Recent approvals include Pepper Tract, Bridgeside II, Earls Court, and others as mixed-use developments that will also offer office space. Office, hotel, and retail buildings are also planned for a former Miller Cadillac site just minutes from the Ravenel Bridge and downtown Charleston.
Mount Pleasant is seeing an upswing in construction of multi-use developments that include residential, retail, and office space. The Boulevard on Coleman Blvd. is home to luxury apartments, retail, and national restaurant chain BurgerFi.
Opportunities near neighborhood developments like Carolina Park and Gregorie Ferry Landing are also opening as people move further north. Staple shopping centers like Belle Hall, Mount Pleasant Town Centre, and the Market at Oakland farther up Highway 17 remain predominant in the area.
These are just a few of the commercial opportunities available in the Mount Pleasant area, with many more under construction or recently approved. However, a recent vote by the Mount Pleasant Town Council to increase impact fees for both residential and commercial developers may turn developers away from the area in the future.
Plans approved before the ordinance will not be subject to the new fee. It is unclear how the council’s decision will affect the future of development in the area, so take advantage of Mount Pleasant’s growth while you still can.