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1000 Morrison Drive, Charleston, SC
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Foundry Point is part of a two-phase multifamily development in the Upper Peninsula submarket of Charleston, SC. In 2015, White Point acquired the industrial land with easy access to the entire MSA via Morrison Drive, I-26 and the Ravenel Bridge. White Point successfully rezoned and permitted the site for over 500 apartments in two different phases. The Upper Peninsula is where much of Charleston’s growth is occurring, transforming the area into one of the most attractive live-work-play neighborhoods in the Charleston MSA. Numerous new multifamily projects, hotels, retail and office developments are underway or have been recently delivered in this area. Food & beverage options in the vicinity of the site include Pacific Box & Crate, Lewis Barbeque, Home Team BBQ, Rodney Scott’s BBQ, Edmund’s Oast and Butcher & Bee. White Point is developing Phase I, called Foundry Point, a 275-unit multifamily community over podium. Phase II land was sold to a large, national multifamily developer. The sale of the Phase II returned a majority of the original capital to investors.