A Charleston-based development company has sealed the deal on the old Cardinal Newman School site on Forest Drive with plans for a major residential and commercial development.
The Beach Co., which has been in talks for months with Forest Acres leaders and neighbors about its plans to redevelop the 12-acre site, announced Thursday it had made the purchase official. The release did not disclose the purchase price.
Construction could begin early next year on the $58 million, mixed-use development expected to include 256 luxury apartments and townhomes and 42,000 square feet of stores, restaurants and services.
Some Forest Acres residents have expressed concerns about adding density and traffic to the already traffic-maligned Forest Drive corridor.
But city and county officials have worked out a plan that would allow a portion of the development’s property tax revenue to pay for a $3.2 million computerized traffic signal system designed to improve the flow of cars on Forest Drive.