Charleston, SC – October 16, 2024 – Mayor William Cogswell has made a substantial move to address Charleston’s affordable housing crisis by proposing the purchase of two properties on Morrison Drive to create 500 new affordable housing units. The initiative, outlined in a letter of intent (LOI) sent last week to the Charleston County administrator, is part of a broader effort to alleviate the housing challenges pushing residents out of the city due to rising costs.
The properties, located at 993 and 995 Morrison Drive, cover 6.4 acres and are currently used as parking lots. Mayor Cogswell’s proposal offers two options: the City of Charleston would either purchase the properties for $20 million or receive them as a donation from Charleston County. In either case, the City would invest an additional $20 million in construction costs. A permanent affordable deed restriction would ensure that all 500 units remain accessible to lower-income residents in the long term.
This initiative comes in the wake of the City of Charleston and Bloomberg Associates announcing ambitious housing targets earlier this month to combat the displacement of longtime residents, a trend exacerbated by an influx of higher-income newcomers. The lack of affordable housing has forced essential workers, such as teachers, firefighters, and hospitality employees, to live farther away from their jobs, increasing urban sprawl and traffic congestion. According to a recent Charleston Metro Chamber of Commerce study, local commuters are now spending 25% more time on the road during peak hours compared to 2018.
“Teachers, firefighters, hospitality workers, and more are being pushed further away from where they work due to our affordability crisis,” said Mayor Cogswell. “That puts more cars on the road, adds to urban sprawl, and makes it more difficult for employers to hire. Creating affordable housing within our city will lessen these issues for our small businesses, our residents, and ease the strain on our infrastructure.”
The proposed housing development will be situated near key work centers and an existing CARTA transit line, making it an ideal location for residents who rely on public transportation. The project is part of Mayor Cogswell’s broader commitment to invest $20 million to address 15% of the city’s affordable housing needs, marking a crucial step toward improving the quality of life for Charleston residents.
