The City of Charleston has approved a plan to redevelop a city-owned parking lot at 529 King Street into a mixed-use building with a significant affordable housing component. The project, approved by City Council, will see the current surface parking lot replaced with a new structure.
The development is a partnership between the city and a private developer. The exact number of affordable units and the specific income targets for residents are still being finalized as part of the development agreement. The project aims to address the critical shortage of affordable housing in the city's downtown peninsula.
In addition to residential units, the new building is planned to include ground-floor commercial space. The redevelopment is part of a broader city strategy to utilize publicly owned land to create more housing options for workers and residents priced out of the downtown market.
The approval process included discussions on preserving some public parking, with plans to incorporate parking within the new structure. Construction timelines are dependent on the finalization of the development agreement and permitting.
