Downtown’s high-profile Union Pier project can move forward now that the City of Charleston, Charleston County, and Charleston County School District (CCSD) have all agreed on how it will be funded.
- During the city council’s special meeting members voted 11-1 in favor of the TIF.
- Charleston County Council agreed in an 8-1 vote.
- Charleston County School District members voted 5-4, and the board of trustees approved the TIF district.
A redevelopment refresher
This financial plan will fund several public infrastructure projects like a park, public access to the historic waterfront, and attainable housing. The Union Pier project aims to transform ~70 acres along the eastern edge of the Charleston Peninsula into a multi-use hub. South Carolina Ports Authority sold the site to local business mogul Ben Navarro in the spring of 2024.
Fun fact: The city controls zoning and permitting for the buildout of this site and will review proposals.
What is a TIF?
A TIF is a public financing tool used as a subsidy for redevelopment. A TIF district helps fund new developments by using tax funds from rising property values in an area.
How will the TIF deal work in this case?
As the Charleston Business Journal reports, the city will be able to collect property taxes on Union Pier that would usually go to the county and CCSD, and those funds will be used for the pier’s redevelopment.
In exchange for collecting those taxes, the deal would give CCSD 30,000-sqft of office space at 75 Calhoun St.
CCSD’s chief financial officer estimates the school district will see $13 million in revenue upfront. The city estimates Union Pier could eventually bring in ~$22 million annually, but the school district would not see that money for 30 years — the end of the financing period.
What’s next?
This marks the beginning of a public engagement process on what will be created at Union Pier.
We’ll keep an eye on the developments, and meet you right back in your inbox.
