CHARLESTON, SC (WCSC) - Plans are moving forward for a major new development in Downtown Charleston.
Tuesday, city officials approved the design guidelines for the Magnolia development, in the neck area of the peninsula.
As it stands, this plot of land in between I-26 and the Ashley River is an old industrial lot, but it could be the new hot spot in years to come.
As Downtown Charleston continues to boom, businesses are moving further north on the peninsula. Charleston City Planner Jacob Lindsey sees the "neck" as the next natural place for growth.
"We know that our region will almost double in population over the next 20-25 years, so we think that the people who are going to move here because of the quality of life and great environment Charleston has to offer," said Lindsey.
Developers of the magnolia project want to create an urban community on just under 200 acres of land.
They're hoping to appeal to the growing number of young adults moving to Charleston for careers in the tech and design industries.
The plan includes modern loft apartments and townhouses, shops, restaurants and offices.
The property also sits on the banks of the Ashley River.
"There's about 22 acres of park land that's set aside and that will be all on the waterfront," said Lindsey.
Developers vow to keep this waterfront a public green space for everyone to enjoy.
Lindsey says the city has been working on the redevelopment of this property for over a decade. The first developer dropped plans for the site when the recession hit.
A bridge even sits near the entrance of the proposed development. It was built prematurely, over a decade ago, in anticipation of growth there.
"We hope the bridge to nowhere is going to be the bridge to somewhere in the very near future," said Lindsey.
The city says, so far they've received no opposition about the project and have been working with the neighboring communities of Rosemont and Silver Hill as they continue the planning process.