Ashley Bridge Site

Role: Development Advisory / Brokerage                               

Project description: High density and high visibility site overlooking the Charleston Harbor. There options were available to the client; to joint venture in a mixed use assemblage, to self-develop, or to exit via sale

Size: One acre

Project Cost:   $2,000,000 land sale
$25,000,000 self develop
$60,000,000 assemblage

Challenge: A client who purchased the center piece of a potential landmark urban redevelopment assemblage learned that an impending city-wide height ordinance would reduce the density, and likely the value, of his investment by as much as  50%. The clients first goal was to protect his asset from the regulatory taking. The client’s second goal, assuming he accomplished the first, was to then exit such a politically risky investment … either by sale, or by joint venture with assemblage development capital, or by self-development of his individual parcel.                                          

Outcome: THE HARRISON COMPANY assisted the client in his negotiations with the City for a substantial portion of 2006. The client was successful in having his parcel exempted from the city-wide down-zoning. THE HARRISON COMPANY then listed the parcel for sale and concurrently initiated negotiations with a large regional developer for assemblage and joint venture. Both approaches proved successful. The client elected to exit via sale, and the property closed winthin 180 days after listing.

150 Wappoo Creek Drive #8
Charleston, South Carolina 29412
Office: 843 762-5715 • Cell: 843 276-6116
williamharrison@theharrisoncompany.us