Historic Charleston Foundation is committed to ensure Union Pier has a visionary design that includes waterfront access to iconic parks, generous civic spaces, blocks and buildings that reflect Charleston’s historic neighborhoods, integrated resiliency, and an authentic mix of uses that make a vibrant district for all residents.
Union Pier, a 70-acre site in the historic district along Cooper River, represents the largest redeveloped property on Charleston's peninsula in decades. Currently owned by the SC Ports Authority, Union Pier is poised to trade hands with billionaire Ben Navarro and become his most consequential investment in Charleston.
On August 20th, Charleston City Council unanimously voted to establish the Union Pier Tax Increment Financing (TIF) district, with the support of Historic Charleston Foundation (HCF) and coalition partners. TIF districts are a common revitalization tool that allow the city to issue bonds against the projected future tax revenue created by the redevelopment to help pay for public improvements such as parks, resiliency features, affordable housing, and other infrastructure. Due to the scale and complexity of this site, HCF strongly believes that a true public-private partnership is required to make Union Pier the world-class development that the community is expecting, and the waterfront of Charleston deserves.
Being owned by the SC Ports Authority, Union Pier is currently exempt from paying property taxes. By forming a TIF district lasting 30 years, the city anticipates more than $626 million in future tax revenue over that period. As Mayor Cogswell told Council, “We are essentially setting up a bank account for the project.” The detailed terms of the TIF, including the amount of revenue it generates and how exactly those funds are spent, will be determined by City Council through a public process where the community will have the opportunity to weigh in and be engaged.
While City Council moves forward with the proposed district, Charleston County Council and the Charleston County School District Board will also have to vote to participate in this public investment. According to the City of Charleston, the project will eventually generate $22 million annually for the school district. However, the district wouldn’t see those additional tax dollars until the end of the financing period.
Following the formation of the tax district will be establishing the land use, design, and character of what Union Pier will become. Urban planning is the greatest tool in preserving what makes Charleston- Charleston, that's why HCF is committed to advocation for:
HCF is diligent in monitoring this project and looks forward to moving into the next phase of this redevelopment - providing guidance and feedback to the Beemok team and their planners, a process we anticipate to begin fall 2024.
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