Jericho-based Long Island Developer Invests in a $100M Project in South Carolina
Jericho-based real estate firm, Toro Real Estate Partners, is set to embark on a $100 million project in South Carolina. The Long Island developer has recently acquired a plot of 36 acres in the suburb of Goose Creek, located in Charleston, in preparation for a large multifamily residential project in the Southern state.
Project Details
The developer purchased the land in December 2023 and has since gained approvals for the first phase of the multifamily residential project, expected to eventually result in 400 rental units and a neighborhood retail center.
The Goose Creek development site, positioned along the Henry Brown Boulevard, is divided into two main parcels, a 24-acre plot and a smaller 12-acre section. Toro Real Estate plans to begin the construction of 300 garden-style apartments scattered across 10 three-story buildings on the larger of the two parcels.
Amenities and Features
The mixed-style units will include one-, two-, and three-bedroom apartments. Renters can expect monthly rents ranging from $1,600 to $2,300. The development aims to offer a range of facilities including a 4,250-square-foot clubhouse, a fitness center, outdoor pool, pickleball courts, and a business center.
Construction on the project’s first phase is set to begin by the end of the summer, with developers expecting phase one to be completed within 18 months.
Rental Townhouses and Retail Center
On the 12-acre parcel, Toro Real Estate plans to construct about 100 rental townhouses. These will consist of three and four bedrooms each, and the average unit size is estimated to be at about 1,600 square feet. Rent for these townhouses will average around $2,350 per month. The developers are scheduled to start work on the second phase in January 2025, with expected completion in about 18 months.
Additionally, Toro is planning to set up a 30,000-square-foot retail center on a 2-acre portion of the townhouse property that will face Henry Brown Boulevard.
More Developments Expected
Principals of Toro, John Cohen and Don DiRenzo, have expressed their anticipation to engage in even more business opportunities in the Southeast. Toro currently has over 700 acres under its territory in the Southeast and Texas. “We’re continually making offers and trying to acquire more property in the Carolinas,” Cohen stated.
The real estate firm has credited the population and jobs growth in South Carolina as the main factors driving their investments. Despite the existing development scene, Cohen points out that there’s still an apparent housing shortage and lack of affordability.
