Riding the wave of demand, developers of Tides are launching an expansion to the high-profile Mount Pleasant condominium community located just off Charleston Harbor and the Wando River.
East West Partners has received permit approval from the Town of Mount Pleasant to move forward.
Developers will construct a fourth building at the upscale waterfront community, near the base of the Ravenel Bridge.
Prices and demand for multi-family, luxury residential properties have surged across the Lowcountry in recent months, according to Miller Harper of East West Partners.
The development originally fell victim to the recession, but after bouncing back, the 55-residence structure will be the latest edition to the waterfront gateway of Mount Pleasant.
“The rebound that allowed for successful reintroduction of Tides is a testament to the appeal of Charleston as well as the location and quality of life offered at the Tides, and of course, timing and the rebound of the overall real estate market has helped,” said Harper. “In addition, as you know, baby boomers are reaching retirement age and many of them are showing a preference for the lock-and-leave freedom that condominiums offer.”
National residential developer East West Partners, in partnership with Charleston Harbor Holdings, took possession of 50 foreclosed residences at Tides in 2012 and reintroduced the dwellings to the Charleston market in early 2013.
“In two years, Tides has gone from foreclosure to plans for a fourth building,” said Harper. “That's virtually unheard of.”
He said that in 2012, before the acquisition, three residences sold for an average of less than $500,000. The following year, 51 condominiums moved for an average nearing $800,000. And through May 2014, 14 residences closed for an average of nearly $950,000.
After partnering with Charleston Harbor Holdings to acquire the unsold residences, East West Partners worked closely with the Tides Homeowners Association to make several enhancements to the property, including upgrades to the entry, landscaping and amenities building.
The fourth Tides building will feature a dedicated concierge, lobby, fitness center and marsh-front swimming pool. Designs and pricing for the new building have yet to be finalized.
Construction is expected to start by March and the first residents could move in by mid-2016.
Harper said Tides IV will be of similar size and scale to the existing buildings, but the design of Tides IV will be reflective of customers' preferences today. “The prices of our residences will be in the same general range as the Tides residences that just sold and are currently on the market,” he added.
“There have not been many luxury residential condominium projects built in the last six years,” Harper said. “Managing the repositioning of the Tides has helped us to stay in tune with customer preferences today. For the most part, our customers are primary residents – they will call Tides IV home. In the last few years, design preferences for primary residents have changed and our project will be reflective of this change in preferences. For example, people are gravitating toward wide-open living room spaces. The kitchen is the hub of today's family residence. Large windows to take in the views. These are just some of our considerations as we work with our design team.”
For more information about Tides IV, visit www.tides4.com.