Charleston has a long and rich history. It is one of the United States’ oldest cities and has excelled as a port city, a trade city, an industrial city and now a tourism city.
Charleston has continuously evolved to maintain its authenticity, and protect its place as one of the South’s premier cultural homes. The city has survived fires, wars,
hurricanes, and even a devastating earthquake, only to come back stronger. Lorelei occupies the largest tract of contiguous developable land adjacent to downtown Charleston, an area that produces nearly 3% of the entire state’s taxable retail sales. The Lorelei site comprises an area equal to 6% of downtown Charleston. The site’s size and proximity creates the potential for an enormous positive economic impact for the City, County and state-wide.
Our analysis shows that at the 20-year build out horizon scenario, Lorelei could produce a 99.1% increase in taxable value for the property, with a total of over $924 million in additional tax revenues annually. This is a conservative number given the increasing pressures and demand for property on Charleston’s peninsula, especially at the water’s edge. At maximum possible density, the site could produce over $2.16 billion additional tax revenues over a 20 year period. Lorelei has the potential to be the most economically potent new development in the state, as well as the region.