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King’s Crossing project brings affordable housing downtown
By Rachel Pleasant
Staff Writer
The push to create more affordable housing in Charleston took one more step earlier this month when King’s Crossing, located in the heart of the peninsula, officially opened its doors.
King’s Crossing, a three-building, 48-unit apartment complex at 723 King St., celebrated its grand opening with a brief ceremony.
Mayor Joseph P. Riley Jr. was one of the guest speakers at the event, and he emphasized the importance of projects such as King’s Crossing.
“We are a very wealthy country,” Riley said. “We must make sure equity and justice exist. We must make sure housing is affordable and accessible to all citizens.”
City Councilman James Lewis Jr., who represents the district that includes King’s Crossing, said the project revitalized a “corner that was dying.”
King’s Crossing totals 52,320 square feet and sits on 1.23 acres of land at the corner of King and Congress streets. The site was once home to White Swan Laundry, a building that was in serious disrepair when Douglas Development set its sights on the land.
Construction began on King’s Crossing in late 2004, said Kim Sullins, regional property manager for InterMark Management.
The project totaled $5.2 million and was built using the Low Income Housing Tax Credit program.
King’s Crossing is an age-restricted complex, requiring residents to be 55 or older.
Rent ranges from $628 to $754 and includes all utilities. To qualify for a spot at King’s Crossing, residents must make no less than $19,550 annually or no more than $26,820. Rent is based on income.
As of October’s event, 45 of the apartments at King’s Crossing, had been leased. David Douglas, CEO and sole shareholder of Douglas Development, the project developer, said the remaining three units would be occupied within 30 to 45 days.
King’s Crossing joins other affordable housing projects in the area, including Radcliffe Manor on Coming Street, a collection of affordable apartments for seniors.
The Aynor-based company, which has built more than 300 affordable homes and 60 apartment complexes in Georgia, Maryland, Virginia and both Carolinas, is also working on Planter’s Retreat in Summerville.
Planter’s Retreat, located at 4370 Ladson Road, will include 96 two-bedroom, 1,092-square-foot apartments and will rent for $661 a month. It will also have 96 three-bedroom, 1,304-square-foot apartments that will rent for $748 per month.
Income limits will be $23,460 for one person, $26,820 for two, $30,180 for three and $33,540 for four.
Units will be available for rent in January.
The company is also working on Wisteria at 800 Sangaree Parkway in Summerville.
That project will consist of 32 two-bedroom units that will measure 1,082 square feet and will rent for $454 to $595 depending on income and 32 three-bedroom, 1,322-square-foot units that will rent for $580 to $675.
Income limits will be between $19,554 and $33,540, depending on the number of people in each unit.
Rachel Pleasant is a staff writer for the Business Journal. E-mail her at rpleasant@charlestonbusiness.com.
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