Developers unveil plans for $750 million commercial complex

The ambitious proposed project would be built on about 300 acres of the largely vacant 1,760-acre Ingleside Plantation tract near Interstate 26 and U.S. Highway 78. The property is owned by an affiliate of Germany's Weber Automotive, which has a manufacturing plant in Summerville. The first phase of development calls for 1.12 million square feet of retail, office, hotel and residential space along a new road called Future Drive that will extend off U.S. 78, near where it meets I-26. No leases have been signed for any of the space, but construction on roads and utilities could start in about seven months on the first 110-acre parcel, said Eric Meyer, president of Weber USA, the real estate arm of Weber Automotive. The initial phase will cost about $250 million, and the first buildings, most likely restaurants and hotels, will not be completed for at least two years, said Meyer and Richard Weiser, whose Weiser Cos. is a partner in the deal. The second phase would include 2.5 million square feet of retail, office, hotel and residential space and sit near the eastern edge of the property near Colony North subdivision. It would not be developed until the first tract is nearly built out. "Here in Charleston we own a hidhidden jewel," Weber, a German auto parts magnate, said through an interpreter. "We are convinced it is time to release the hidden jewel and make its best use for the public." Ingleside Plantation Phase I (initial development) Retail — 260,000 square feetOffice — 380,000 square feetHotels — 240,000 square feetResidential — 240,000 square feetTotal — 1,120,000 square feetInvestment — $250 million Phase II (future development) Retail — 580,000 square feetOffice — 640,000 square feetHotels — 194,000 square feetResidential — 276,000 square feetPerimeter retail — 850,000 square feetTotal — 2,540,000 square feetInvestment — $500 million Total investment —$750 million — Sources: Weiser Companies/DMR Architecture/Weber USA North Charleston officials believe the Ingleside project will cement the city's ranking as the state's top retail sales center. It also will generate road-building revenues and attract retailers that are not operating currently in the Charleston metro region, said North Charleston Mayor Keith Summey. The unveiling of the project, described as the largest of its kind in South Carolina, comes during a particularly difficult time for the retail industry, which is suffering from a severe slowdown in consumer spending. Asked about the timing, Summey responded: "Everybody knows we are in a slow period. Anybody who believes we will stay in a slow period stand up. They will be prepared for that turn." Weiser, whose firm developed the Centre Pointe shopping area near the North Charleston Coliseum, said it was "a big day for me." "We are so excited about what the potential for this development is," he said. "This is something we need in Charleston. It is not a shopping center per se." Weiser called the development a "live, work, play" area where people won't have to drive far to get to jobs and services. He also said national real estate developers are gearing up now for an economic pendulum that they think will swing in the opposite direction in the months ahead. "With the size of this project, it will be two years before we go up," Weiser said. "We are talking about a 20-year project. For anybody who looks into a crystal ball for that area 20 years from now, it will be entirely different from what we see now." Weiser said Weber told him: "'I'd rather make less money and have something left for the community to enjoy.'" Weiser added: "That is what we plan to do." The developers said they are courting big-box retailers never before seen in Charleston for the second phase of the project. They declined to identify any of them. Previous Stories Development on massive scale, published 11/11/08 Owner agrees to put restrictions on Weber tract, published 07/17/06 Cabela's fishing for site; Retailer said to be eyeing 1,800-acre N. Charleston tract, published 07/22/06 Summey said he has not given up on landing outdoor retailer Cabela's, which had looked at the Ingleside tract for one of its big stores. The chain backed away from the deal after state tax incentives it sought drew political heat from Gov. Mark Sanford. "The governor will be gone in two years," Summey said. "I might come up with a Cabela's after all." As for the traffic that would be generated by a development three times the size of Centre Pointe, Summey said studies are already under way, and revenue generated from the businesses there will help pay for the roads needed to handle the additional loads on the city's already crowded highways. "Whether this goes on or not, we have traffic issues," Summey said. "Revenues generated over the next 20 to 25 years will handle the property and the traffic outside of it. Everybody in the region will benefit." Visit http://www.sallyandj.com/ for more real estate information.