December 10, 2008

City Plans Redevelopment Of West Side As Biotech Research Hub

Ashley Fletcher Frampton  /  Charleston Regional Business Journal

The city of Charleston plans to recast 42 acres on the city's West Side as a mixed-use development called Horizon that is intended to attract biotech research and development ventures.

City leaders describe the redevelopment plan, a partnership with the Medical University of South Carolina and the S.C. Research Authority, as a future job-creation engine for the Charleston region.

The three entities announced plans earlier this year to transform a former mattress factory on Meeting Street into an incubator for high-tech research and business. Charleston Mayor Joe Riley said the West Side redevelopment plan is the next step in that partnership.

Future buildings expected to take shape in the area, now primarily surface parking lots, would provide a place for businesses launched in the incubator to relocate. The area could also attract established businesses from elsewhere that would benefit from the proximity to his hospital's research and clinical trials, said MUSC President Ray Greenberg.

However, no timeframe has been set for starting the redevelopment work, in part because of the flagging economy.

City Council gave initial approval Tuesday to a plan to invest $100 million in public infrastructure through a special tax district. Needed infrastructure includes new and improved streets and parking garages where surface lots now stand.

The tax district, which is broader than the 42 acres to be redeveloped, would last for 25 years. Boundaries of the redevelopment area are Lockwood Boulevard, Fishburne Street, Spring Street and Hagood Avenue.

Total public investment in the area is expected to be about $155 million, with the additional $55 million potentially to come from state and federal grants for community development and transportation.

City Council will hold a public hearing on the proposal at its Dec. 16 meeting.