Stiles Closes on $4.3MM Purchase of 12-Acre Parcel at Cainhoy In Charleston, S.C.
Posted on 6/7/2018Stiles continues to grow its development footprint by making its first investment in South Carolina with the $4.3 million purchase of a 12-acre parcel that will soon be home to Point Hope Commons at Cainhoy, a 90,000 SF Publix-anchored neighborhood shopping center scheduled to break ground this summer.
Point Hope Commons at Cainhoy is located at Clements Road and Point Hope Parkway at the entrance to the Cainhoy (Planned Unit Development) PUD. With plans to include an array of restaurants, soft goods and professional services, Point Hope Commons at Cainhoy will serve as the primary retail center for the new Cainhoy community. The center is highly visible with direct frontage along Clements Ferry Road and daily traffic counts exceeding 30,000 cars per day.
"We are excited to be part of the growth along Clements Ferry Road and the activation of what is considered the gateway to the Cainhoy project," said Chris Grenier, Stiles SVP of Development in the Carolinas. "Expect to see a lot activity onsite over the coming weeks as we begin our sitework".
The Cainhoy is under development by a combination of Guggenheim corporate and family interests. It is managed by DI Development Company. Stiles plans to break ground on the Publix Supermarket and retail shops in September with the project slated to open in Summer 2019.
"With a handful of projects either completed or underway in North Carolina, this marks our first investment in South Carolina and the greater Charleston market, a market where we are looking to significantly ramp-up our acquisition and development activity," said Justin Siemens, Stiles VP and Development Officer. "Having the opportunity to work with the Daniel Island Company and play a small role in their greater vision for Cainhoy is a great first step."
Located just northeast of downtown Charleston, Point Hope Commons at Cainhoy is ideally situated within Cainhoy, whose current development plans call for up to 9,000 single family homes and over 500 acres of retail, restaurants, multi-family and office. The Spectrum Companies broke ground last summer on the Paxton Point Hope, a 274-unit apartment community adjacent to Point Hope Commons, and Berkeley County has opened an elementary and high school within Cainhoy. Cainhoy is located four miles from I-526 (Mark Clark Expressway).
Since opening a regional office in Charlotte in 2012, Stiles has been rapidly expanding its brand throughout the Carolinas and beyond. The company, by way of its Charlotte office, has completed four shopping centers in Charlotte, a 186-unit luxury apartment community in Raleigh, N.C., and a Pillar award-winning luxury residential tower in Nashville, TN. Stiles is currently underway with 300 West Summit, a 65,000-SF office building in Charlotte's historic South End.