MOUNT PLEASANT, S.C., March 30, 2015 (GLOBE NEWSWIRE) -- Officials from national real estate development, management and brokerage firm East West Partners, along with Town of Mount Pleasant officials and building associates have broken ground on Tides IV, the first dedicated luxury condominium project to begin construction in the Charleston market since the 2000s.
The 54-residence Tides IV community is expected to be complete in summer 2016. All 13 residences released in a December 2014 pre-sale have already sold at an average price of $930,000. The most expensive sale was a $2.2 million penthouse, a top-3 transaction all-time in Charleston in terms of price per square foot.
"Today is a milestone for the Charleston real estate market," said Miller Harper, EWP's Managing Partner in South Carolina. "To put shovels in the ground on a project like this for the first time since 2007 speaks volumes about where the region is at and where East West Partners sees itself in it."
The fourth Tides building will continue the tradition of quality at the development and will feature open floor plans and large windows to enjoy the views of the Lowcountry. Amenities will include a lobby, fitness center and marsh-front swimming pool. Future residents will also enjoy immediate access to the Ravenel Bridge for a 5-minute drive to historic downtown Charleston. The beaches of Sullivan's Island and Isle of Palms are just a short drive to the east. And the Tides is conveniently located next to the Mount Pleasant Waterfront Park.
A further 10 residences will be released for sale in early April.
East West Partners, in partnership with Charleston Harbor Holdings, took possession of fifty foreclosed residences at Tides in 2012 and reintroduced them to the Charleston market in early 2013. The condominiums were sold out by the summer of 2014.
East West Partners has been active in residential development for more than 25 years and in Charleston since 2000, having also been part of the team that developed and sold the highly acclaimed One Vendue Range along Waterfront Park in downtown Charleston.
About East West Partners
East West Partners is a family of related but independent companies devoted to building, selling, managing and supporting high-quality real estate in the communities in which they operate. With projects across the nation, East West Partners is a two-time recipient of the Urban Land Institute (ULI) Award for Excellence, which is widely recognized as the development community's most prestigious awards program, recognizing the full development process of a project, including architecture and design, among other aspects. For more information about Tides IV, visit www.tidesIV.com.