Story by cnmAdmin2030
July 19, 2018
Development site consisting of 2.10 acres in the North Morrison (NoMo) sub-market of the upper Charleston Peninsula.
The property is located in the heart of the North Morrison district which has undergone significant redevelopment and transformation in recent years. The rejuvenation of this area began with the development of the Cool Blow project which consists of a mixed use development with 58 loft style apartments and 20,000 sf of office/retail space that was developed in the late 2000s.
More recently, the Half Mile North project was completed and it anchors the office and retail redevelopment effort and is located directly across Morrison Drive from the property. This area was redeveloped from old warehouses into a technology hub with tenants such as SIB, Blue Acorn, and Integral Solutions. Half Mile North includes Edmunds Oast Restaurant and Brew Pub, and Butcher and Bee café and deli. 930 North Morrison, which is a recently developed student housing building, anchors the southern end of the NoMo district at the intersection of Morrison Drive and the off-ramp from the Ravenel Bridge.
The 1074 Morrison Drive property is located in an Opportunity Zone established by Congress in the Tax Cuts and Jobs Act of 2017. In summary, this Act provides an investor in an Opportunity Zone capital gains relief via a temporary deferrement of unrealized gains, a stepped up basis, and an exclusion of capital gains if held longer than 10 years.
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