James Island Site

Role: Consultant                                           

Project description:  A “grand oak” grove of developable in-fill land in a “politically-charged” and historically-sensitive environment

Size: Approximatedly 1 1/2 Acres

Project Cost: In excess of $3,000,000, if developed

Challenge: A prominent family which had owned the property for generations had gradually sold off portions of the once-large estate as real estate values and development had burgeoned. This site was one of a few remaining holdings. There was an ongoing succession battle in the community and the state court systems as the community was attempting to break away from the city and its growth policies and subsequently incorporate itself. There was also an extremely rancorous public vetting underway over a similar historically-significant estate under proposed educational development just one mile north. This particular site was developmentally-challenged by a multitude of huge old oaks and by a perception among community activists that the property should remain a “park”. The family wished to weigh its options as to whether to continue holding the property. Among the questions:

	What were the Mayor’s and the City staff’s attitudes toward the potential development of this site?
	What scale of project might be sensitively located in the grove?
	If such could be done, what was the highest and best development use?
	What would be the residual land value of such a development?
	What would be the likely financial returns, and what financial risk would the family assume if it chose to develop?
	What would be the likely public reaction of a decision to develop?

Outcome: The above questions were all directly addressed over an approximate six-month period. The site was deemed developable, but with substantial political risk. At the conclusion, a decision was reached to place a conservation easement on the “park” and to donate it to the city at a valuation less than what might be achieved (at higher risk) by its development potential.

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