Insights and Market News
Federal economic-development program draws early interest
Richard Rubin and Ruth Simon of the Wall Street Journal write, "Wealthy investors, fund managers and real-estate developers are racing to take advantage of a tax incentive meant to spur economic growth in neglected areas." Read more about the federal economic-development program here: https://on.wsj.com/2AoSiI6
Low Line Moves Forward
More than 60 years after the construction of Interstate 26 splintered several downtown Charleston neighborhoods, a rail-to-trail project that would reunite those streets inches closer to reality.
Charleston Harbor Deepening Is Largest Dredging Contract In Army Corps History
A key part of the plan to dredge Charleston Harbor to 52 feet received the go-ahead Monday with the announcement of the most expensive contract in the history of the Army Corps of Engineer [The Post & Courier reports] — a $213 million deal to help make the waterway the deepest on the East Coast and more accessible to supersized cargo ships visiting the Port of Charleston.
“We look forward to seeing dredges in our harbor in the next few months,” said Jim Newsome, president and CEO of the State Ports Authority. “The investment in harbor deepening … and multiple other projects to improve our existing and inland infrastructure will pay dividends to South Carolina’s economy for many years to come.”
The contract for the second phase of the project was awarded to Great Lakes Dredge and Dock of Oak Brook, Ill. The second phase includes deepening the 20-mile inner harbor to 52 feet from 45 feet, from the entrance channel to the Wando Welch and North Charleston container terminals, including the Hugh Leatherman Terminal under construction on the former Navy base…
Great Lakes also earned the previously awarded $47.2 million first-phase contract to dredge the harbor’s entrance channel to a 54-foot depth.
Two more phases will complete the estimated $529 million project.
Charleston County Marks Record Year For Economic Development
As reported by the Post & Courier, Steve Dykes, executive director of Charleston County Economic Development, wasn’t entirely sold on the idea in the beginning, but Charleston County’s economic development director admits he’s grown fond of the ringing sound he hears with each new industrial announcement.
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