Charleston’s mayor seeks to transform an underused lot into a 500-unit affordable housing complex

Charleston, South Carolina – Mayor William Cogswell has proposed a major plan to Charleston County to build 500 new affordable homes at a strategic site in order to help to alleviate the growing housing issue in Charleston. This proposal responds to the urgent demand for affordable homes that can house those who are being priced out of the housing market by a flood of wealthy individuals relocating into the neighborhood.

Last Monday, Mayor Cogswell sent a letter of intent suggesting the purchase of properties at 993 and 995 Morrison Drive to the administrator of Charleston County. Dated October 10, 2024, the letter details the mayor’s ambitious $20 million allocation towards this project to solve around 15% of the city’s affordable housing shortfall. The Mayor presented two options for acquiring the 6.4-acre site: either buying it for $20 million or getting it as a county gift, with the city subsequently funding building expenses from the same amount.

Originally functioning as an underused parking lot for the County’s Circuit Court, the targeted sites are well located close to a CARTA transit route and main employment hubs. This site is important since it helps the city to fulfill its aim of lowering traffic congestion and travel time, which have clearly gotten worse. Recent Charleston Metro Chamber of Commerce research shows area commuters are spending up to 25% more time on the road during peak hours than they did in 2018.

In a statement, Mayor Cogswell highlighted the ripple effects of the housing shortage on the community.

“Teachers, firefighters, hospitality workers and more are being pushed further away from where they work due to our affordability crisis. That puts more cars on the road, adds to urban sprawl, and makes it more difficult for employers to hire. Creating affordable housing within our city will lessen these issues for our small businesses, our residents, and ease the strain on our infrastructure,” Mayor Cogswell said.

The mayor’s proposal guarantees not only affordability of housing but also longevity of it. The idea guarantees that all 500 units remain financially accessible to next generations by including a permanent affordable deed restriction on all of them. This action is considered as a key step in stabilizing home prices and reducing the displacement of long-time inhabitants, thus promoting a more inclusive community.

Targeting the significant effects of the housing crisis, this project is a component of a larger plan created in association with Bloomberg Associates earlier this month. The city wants to lessen some of the infrastructure load brought on by higher population density and transportation delays by concentrating on central and easily accessible sites for future affordable housing projects.

Now under the direction of Charleston County, the plan awaits a response. Should be approved, this project might represent a major step forward in Charleston’s attempts to offer dependable, affordable homes for its residents, hence enhancing the city’s general living conditions.