East West Partners intends to break ground next year on a fourth building at The Tides, a luxury condominium tower near the Ravenel Bridge. The tower will include approximately 55 residences ranging from one to four bedrooms.
The Tides, as seen from Remleys Point public boat ramp in Mount Pleasant, is planning to add a fourth luxury condominium tower that is expected to include approximately 55 residences of one- to four-bedroom layouts. (Rendering/East West Partners)
By Ashley Barker
Published June 4, 2014
“We’re seeing a strong demand in the condominium-preference buyers who are tired of big homes where they have to maintain the yard,” Harper said. “For those folks who are attracted to that lifestyle, we’re trying to fill a need.”
The company intends to break ground next year on a fourth building that will be roughly the same size as the original buildings. The tower, which will sit adjacent to the Ravenel Bridge along the waterfront, will include approximately 55 residences of one- to four-bedroom layouts, Harper said.
The fourth tower will be separately managed from the original three and will have its own fitness club, common areas, pool and parking area.
The first step will be for East West Partners, which does project management for Charleston Harbor Holdings, to receive approval from Mount Pleasant Town Council.
Once that process is complete, Harper said the company will study the market to understand the best time to start marketing and sales efforts. When construction begins, it should take between 14 and 16 months to complete, he said.
“We haven’t nailed down a price on it yet because we’re still working through that with several contractors,” he said.
The Tides in Mount Pleasant plans to break ground on a fourth tower along the Cooper River. (Photo/Larry Monteith)
Pre-sales for The Tides’ first building started in 2005. By 2008, 120 units had been completed but only 70 were sold under the original developer, Carolina Eastport LLC. Charleston Harbor Holdings purchased the remaining 50 units and a vacant land parcel from Bank of America after the bank foreclosed on the unsold units in 2012, according to Harper.
In 2012, three units at The Tides were sold by original residents at an average price of $473,000, the company said.
Last year, East West Partners and Charleston Harbor Holdings began marketing their 50 residences. All but one of those units have since sold, at an average price of $814,000. Prices ranged from $363,000 for smaller units to nearly $1.8 million for a penthouse, according to East West Partners.
Twelve existing Tides owners also sold their residences in that same time for an average price of $835,000, the company said.
“People are moving to Charleston. Charleston is on everybody’s radar,” Harper said.
In 2013-2014, residences at The Tides accounted for more than half of all luxury condominium sales in the Charleston area, according to data from Charleston Multiple Listing Service as of April 1. At The Tides, 51 units were sold last year, and 12 were purchased between Jan. 1 and April 1.
One Vendue Range, which was developed by East West Partners along Waterfront Park in downtown Charleston, sold four units in 2013, at an average price of about $1 million, and one in the first quarter of 2014 for $2 million.
Laurens Place sold two luxury condos last year, and Anson House sold 12, according to the MLS. Two units were sold in 2013 at Factors Walk and one this year at 175 Concord. Renaissance sold one unit in each of 2013 and 2014 for roughly $850,000.
Reach staff writer Ashley Barker at 843-849-3144 or @AshleyNBarker on Twitter.