SEPT. 16, 2014 — Our speaker today was Robert L. Clement III, President and Principal of Clement, Crawford, and Thornhill, a real estate development and property management firm. His presentation focused on the Midtown development project, which enabled him to share the complexities of putting together a property of that size. The property that comprises the Midtown project today was put together in 2003 and involved 80 property owners of contiguous land for a total size of 4.5 acres. It took five years to complete the 80 purchases. Unknown to the original purchasers, a significant amount of fill dirt had been brought to the area in 1960 that contained arsenic and lead. Thus, what initially seemed like a bargain purchase required a great deal of money to clean up.
But, this was just the beginning of setbacks. In 2007, 2010, 2012, and 2013 the conglomerate was sold and resold as various investors changed their minds for a variety of reasons. A final stable group of investors was put together in July of 2013 and by August construction was underway on the largest private development ever created in Charleston. Although most of the buildings have been torn down, four historic buildings have been saved and will be utilized within the design concept. Among the four is the bank that recently opened as The Ordinary Restaurant. Two hotels, including a Hyatt, will be built. Each will have its own courtyard entrance, but they will be connected in the rear to share all services such as laundry. Another 6000 square foot restaurant with 16 foot ceilings and a roof top bar is planned along with 27000 square feet of office space. The hotel complex is scheduled to open in April of 2015.
This project has been painfully slow to come together, but has already influenced further new development in the area of Morrison Drive.
— Submitted by Fred Sales, Keyway Committee