Construction starts on 300-unit development on Folly Road

By Ashley Barker
abarker@scbiznews.com
Published April 23, 2014

A 300-unit multifamily development is in the works along the Ashley River in Charleston.

Georgia-based Flournoy Development Co. began construction on a development at 35 Folly Road last week, according to a news release.

The project, at the corner of Folly and Albermarle roads, will include a new park and the continuation of the West Ashley Greenway.

John Akin, chief financial and chief investment officer at Flournoy, said the company has enjoyed a great deal of success in South Carolina. With more than 2,000 units in 10 projects across the state, Flournoy pursued the 35 Folly Road project for nearly two years.

“We pride ourselves on understanding our markets and delivering a customized residential experience that is unique to the resident in that specific location,” Akin said in a statement.

The average size of each residential unit will be just under 900 square feet. Studio units are set to be around 500 square feet, and two-bedroom plans will be approximately 1,150 square feet. All units will include standard washers and dryers, walk-in closets and garden-style bathtubs or walk-in showers, the company said.

Ryan Foster, a vice president with Flournoy, said the company worked closely with the city of Charleston design a development that was “reflective of the world-class nature of the city and also delivered the world-class luxury lifestyle that we knew residents craved.”

Blake Breimann, another vice president with Flournoy, said companies like Boeing and the S.C. Ports Authority have helped the local economy aggressively expand.

“With the in-migration of people from larger markets across the country, there is an unmet demand for an enhanced level of multifamily communities, and we’re excited to be raising the bar with 35 Folly,” Breimann said.

Flournoy hired Atlanta-based Patterson Real Estate Advisory Group, which opened a Charleston office in 2010, to help find financing for the project.

Reach Ashley Barker at 843-849-3144 or @AshleyNBarker.

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