Charleston is making a major move to increase its housing supply, purchasing a 2.44-acre property at 899 Morrison Drive for $18 million with plans to develop approximately 190 mixed-income homes.

The city closed on the property Aug. 31 and plans to make it part of Project 3500, Charleston's initiative to create a net 3,500 affordable and attainable homes by 2032.

A Public Push for More Housing

The Morrison Drive purchase gives Charleston direct control over a strategically located development site. The city plans to advance design and entitlement work before partnering with private developers to build the homes.

Officials say the property was selected partly because of its location near employment centers and public transportation, as well as its development potential and relatively favorable flood conditions.

The project will also benefit from other investments planned for the upper peninsula, including the Lowline, Lowcountry Rapid Transit and stormwater improvements.

What It Means for the Real Estate Market

For Charleston's housing market, the project represents another effort to address the growing gap between housing demand and affordability.

Adding 190 homes will not solve the region's housing shortage, but it can provide additional options for buyers and households looking to remain closer to jobs and services.

For Realtors and developers, the project is also worth watching because it demonstrates how local government is becoming more directly involved in housing development. By acquiring land and helping move projects through the early stages, Charleston hopes to make attainable housing easier for private developers to deliver.

The Morrison Drive project is still in the planning process, but the $18 million land purchase puts Charleston's housing strategy into action rather than simply on paper.

If successful, it could become a model for how growing South Carolina communities use public land and private development partnerships to expand housing options.