A company connected to Ben Navarro's Beemok holding company has completed an $11.5 million purchase of a prominent downtown Charleston property, expanding the planned redevelopment of the Union Pier terminal. The acquisition of the Carroll Building adds a key piece of real estate to one of the city's most significant urban renewal projects.
The property is located at the corner of North Market and East Bay streets, directly across from the historic City Market. This strategic location places it adjacent to the approximately 67-acre Union Pier site that Beemok is in the process of acquiring from the S.C. State Ports Authority.
Key Takeaways
- A Beemok-affiliated company purchased the Carroll Building in Charleston for $11.5 million.
- The acquisition expands the footprint of the large-scale Union Pier redevelopment project.
- The property is strategically located at North Market and East Bay streets, near the City Market.
- The main Union Pier site is a 67-acre waterfront parcel being acquired from the S.C. State Ports Authority.
Details of the $11.5 Million Transaction
The sale of the Carroll Building represents a significant investment in downtown Charleston's commercial real estate market. The transaction underscores the buyer's long-term vision for the area surrounding the Union Pier terminal.
This purchase integrates a high-profile corner property into the broader redevelopment plan. While part of a larger strategy, the $11.5 million price tag for this individual building highlights the premium value of real estate in Charleston's historic district.
The Buyer and Seller
The acquiring entity is an affiliate of Beemok, the Charleston-based holding company founded by investor Ben Navarro. Beemok has a diverse portfolio that includes hospitality, entertainment, and real estate ventures, with a growing focus on transformative projects within Charleston.
Public records indicate the seller of the Carroll Building was a locally based entity that had held the property for a considerable time. The transfer marks a shift in ownership to a developer with large-scale plans for the immediate vicinity.
Who is Ben Navarro?
Ben Navarro is a Charleston-based investor and philanthropist. He is the founder and CEO of Beemok Capital, a multifaceted company with significant interests in hospitality, sports, and real estate. Navarro has become a key figure in Charleston's development landscape, leading several high-profile projects, including the renovation of the Charleston Place hotel and the development of the Credit One Charleston Open tennis tournament facility.
Expanding the Union Pier Vision
The acquisition of the Carroll Building is a tactical move that enlarges the canvas for the Union Pier redevelopment. This project aims to transform a 67-acre industrial waterfront site into a mixed-use district with residential, commercial, and public spaces.
By securing adjacent properties, developers can create a more cohesive and integrated design. This approach helps manage the transition from the existing city grid to the new development, potentially improving access, sightlines, and the overall flow of the neighborhood.
Union Pier by the Numbers
- Acreage: Approximately 67 acres of waterfront land.
- Location: A prime area on the Charleston peninsula.
- Goal: To create a new urban neighborhood with public access to the waterfront.
- Latest Addition: The Carroll Building, purchased for $11.5 million.
Integrating the Carroll Building allows for a more comprehensive plan that considers the crucial intersection of Market and East Bay streets. This corner serves as a major gateway for tourists and locals visiting the City Market, making its future design critical to the project's success.
The Strategic Importance of the Carroll Building
The Carroll Building occupies one of the most visible corners in downtown Charleston. Its position opposite the City Market and at the edge of the Union Pier site makes it a linchpin property for future development.
A Gateway Property
Control of this building gives the Union Pier developers influence over a key entry point to their project. The building could serve multiple purposes, from housing retail and restaurants that complement the new district to providing office space or visitor services.
The architectural style and use of the building will set the tone for visitors approaching the redeveloped waterfront from the historic market area. This makes its role in the master plan more than just a simple expansion of square footage; it is about shaping the public's experience of the entire district.
According to urban planning experts, controlling such gateway properties is a common strategy in large-scale redevelopments. It prevents disjointed or conflicting uses from emerging on the project's periphery and ensures a consistent vision is executed.
Context of Charleston's Real Estate Market
This $11.5 million sale occurs within the context of a robust and competitive real estate market in Charleston. The city's historic appeal, combined with economic growth, has driven property values to new heights, particularly in the downtown peninsula.
Major redevelopment projects like Union Pier are expected to further influence the market. They represent a long-term belief in the city's future and often spur additional investment in surrounding areas.
The purchase by a Beemok-affiliated company is a strong signal of confidence in the Union Pier project's viability and its potential to reshape a significant portion of Charleston's waterfront. As the master planning process for Union Pier continues, this acquisition provides the development team with greater flexibility and control over the final outcome.
