Stiles Invests in Cainhoy, Signs Lease With Publix at Cainhoy Plantation, Charleston SC
Posted on 9/25/2017Stiles, a longstanding developer and real estate services provider throughout the Southeast, today announced the signing of a lease with Publix Supermarkets to occupy the anchor tenant space at Point Hope Commons in Charleston's burgeoning Cainhoy Plantation, a new master planned community in the heart of the rapidly growing metropolitan area.
Point Hope Commons will serve as the retail center for the new Cainhoy Plantation community with prime space for retail, restaurant and professional services. Publix will anchor what will be a 90,000 SF neighborhood shopping center with direct frontage along Clements Ferry Road and its daily traffic of 30,000 cars. The center will be designed with a low country architectural theme and feature well-appointed areas for gathering and dining.
"We are aiming to meet the needs of current and future Cainhoy Peninsula residents with a neighborhood town center that will offer everything in one convenient location," said Chris Grenier, Stiles SVP of Development in the Carolinas.
Cainhoy Plantation is being developed by a combination of Guggenheim corporate and family interests. The development is managed by DI Development Company.
"We are excited to be part of the development and growth of Cainhoy Plantation and the overall Cainhoy Peninsula," said Justin Siemens, Stiles VP and Development Officer in the Carolinas. "At Stiles, we are always seeking best-in-class commercial real estate projects and partners. Point Hope Commons, the Cainhoy Plantation Master Plan, the DI Development Company and the Guggenheim interests all fit the bill."
Located just northeast of downtown Charleston, Point Hope Commons is ideally situated within Cainhoy Plantation, whose current development plans call for up to 9,000 single family homes and over 500 acres of commercial development for retail, restaurants, multi-family and office. Spectrum has recently broken ground on a 264-unit apartment development adjacent to Point Hope Commons, and Berkeley County has opened an elementary and high school within Cainhoy. Cainhoy Plantation is located four miles from I-526 (Mark Clark Expressway).
"We were very fortunate to have Publix as our first major retail partner on Daniel Island over 15 years ago," said Matt Sloan, President of DI Development. "They are the best at what they do, and it was a natural fit to look to them to lead the fast-growing retail sector on the Cainhoy Peninsula and, specifically, Cainhoy Plantation."
Stiles and Publix have a long and successful history having collaborated on more than 20 Southeast retail centers in the past decade including Ballantyne Town Center, Mint Hill Commons, Publix at Cotswold and Shops at Southline all in Charlotte, Shoppes at Mirabella in Jacksonville and The Shoppes at Veranda Falls in Port St. Lucie.
Property leasing representation is being provided by Eric Meyer and Fritz Meyer of Meyer Kapp & Associates.
"With the establishment of Publix as an anchor tenant, the sky is the limit for the type of retail businesses we expect to attract to Point Hope Commons," Eric Meyer said. "This is a unique situation in Charleston for potential retailers as they will have the opportunity to not only serve this new community but also to define the character and charm of Cainhoy."
Since opening a regional office in Charlotte in 2012, Stiles has been rapidly expanding its brand throughout the Carolinas and beyond. With a strong local team, the company has completed three shopping centers and a land development project in Charlotte, as well as a Pillar award-winning luxury residential tower in Nashville, TN. Stiles is currently underway with 300 West Summit, a 65,000 SF speculative office building in Charlotte's historic South End and The Carolinian on Glenwood, a 186-unit luxury apartment project in Raleigh, N.C.
Established in 1951, Stiles is a full-service real estate development firm with a clear mission: Invest. Build. Manage. Stiles services include development, construction, tenant improvement, realty, property management, architecture, acquisitions and financing. The company is responsible for more than 43 million square feet of office, residential, industrial, retail and mixed-use projects throughout the southeastern United States. Headquartered in Fort Lauderdale, Stiles maintains regional offices in Miami, West Palm Beach, Naples/Fort Myers, and Orlando, Florida, as well as a development office in Charlotte, North Carolina. Learn more about Stiles at www.stiles.com.
About Cainhoy Plantation
The 9,000-acre Cainhoy Plantation property is being planned and developed as a new master-planned, mixed-use community located within the City of Charleston and Berkeley County. Cainhoy was annexed into the City of Charleston over 20 years ago as an integral part of the city's growth plan and serves as a key connection between Mount Pleasant and Charleston. An estimated $250 million in infrastructure funding (schools, roads, bridges, sewer, water) by the city, county, state and federal governments is in place. Many of these improvements are underway or completed to support growth on the peninsula and surrounding areas.
Bordered by both the Wando and Cooper rivers, development plans call for the creation of a new "town" where innovative trails will connect people to rivers, creeks, parks, and marshlands, as well as neighborhoods, schools and a vibrant village. Conservation-minded planning principles will incorporate and enhance the land's distinctive natural and cultural resources and over 50% of the property will remain undeveloped natural areas.
With approved zoning for residential neighborhoods, schools, retail and commercial, Cainhoy will become a significant submarket within Charleston…the city's last "borough." The property is fully entitled for as many as 18,000 homes, although approximately half that number is anticipated to be built. The community's first public school, Philip Simmons Elementary and Middle School opened to Cainhoy area students August 2016 and the Philip Simmons High School opened August 2017.
The Guggenheim family and family interests continue their ownership of this land of which they have been stewards for decades. They have engaged the development team responsible for Daniel Island to lead the vision and development of their property as a vibrant new residential community and a place of recreation and retreat for greater Charleston.
Publix is privately owned and operated by its 188,000 employees, with 2016 sales of $34 billion. Currently Publix has 1,155 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia. The company has been named one of Fortune's "100 Best Companies to Work For in America" for 20 consecutive years. In addition, Publix's dedication to superior quality and customer service is recognized among the top in the grocery business. For more information, visit the company's website, corporate.publix.com.