According to a city memo the 1-acre property, which sits near the corner of Wealthy Street and Market Avenue Southwest, could be used to build affordable housing.
On Tuesday, the city’s Economic Development Project Team discussed entering negotiations to sell the property to Mount Pleasant-based P.S. Equities, Inc. It already owns an adjacent parcel of land. The two properties combined could sustain a development including 70 to 100 units of affordable housing.
Deputy City Manager Mary Kate Berens explains why this property was considered.
“We had seen our holdings here as a potential way to spark some additional uses that would be active and would catch the sales of that sort of transformation.”
Currently, the property operates as a 75-space parking lot, but daily use of those spots is typically between 10% to 30% occupied. According to the city, converting the property for more active use has been under consideration for some time.
P.S. Equities founder Phillip Seybert says he’s been interested in acquiring and developing the property for affordable housing for several years.
“We’re pretty excited about this project. My son, Garrett, actually stumbled across the site in 2015. I said, ‘Okay, but it’s going to take awhile.’”
Next steps would be to enter into negotiations for an option agreement or purchase and sale agreement consistent with City Commission policy. No word yet on when that would take place.
