The Kalikow Group to develop 355 acre - The Apartments at Shade Tree

The Kalikow Group, a multi-faceted real estate organization focusing on joint venture equity financing, multifamily property management, and development and construction services, will start construction on their latest development project, The Apartments at Shade Tree. The 9.167 acre apartment site is located at 2947 Maybank Highway on Johns Island at the entrance to Shade Tree, a 355 acre master planned development. The approved site plan for The Apartments at Shade Tree features 248 garden-style apartment homes in 11 three-story wood frame buildings. The Shade Tree Apartments development is a joint venture between The Kalikow Group and EYC Companies. The Charleston residential market is changing as a result of a recent boom in manufacturing jobs, specifically related to high-tech industries and aerospace, including Pacific Rim Aerospace and other Boeing-related suppliers, bringing an influx of high-paying jobs to the area. Traditionally, Charleston commuters have pushed farther and farther out along the I-26 corridor toward Summerville and Highway 17 to the outskirts of Mount Pleasant for affordable housing options. The Apartments at Shade Tree will be the first new construction project in the Johns Island area since 2005, and the submarket has lost over 1,000 units to condo conversion in recent years. "The inventory of multi-family apartments is very low and the barrier to entry for new multi-family development in the Charleston area is very high," explained Edward Kalikow, president and CEO of the Kalikow Group. "Johns Island is ripe for development for two reasons: The City of Charleston has expanded in the area as it is the last available location for annexation. The City has already taken steps towards that goal by appropriating a special Johns Island Urban Growth Corridor, entitling the area to higher density development rights, installing utilities along Maybank Highway and constructing substantial road improvements." The Apartments at Shade Tree will offer a host of Class A amenities including a fitness center, clubhouse, pool, business center, and playground. Apartments include energy efficient washer/dryers, refrigerators with icemakers, microwaves, granite countertops, and garbage disposals. The overall site will also include a dog park, walking trails, retail/commercial parcels, and several community parks. Shade Tree is located a half mile from a Food Lion and two miles from a Piggly Wiggly-anchored shopping center. The Kalikow Group is no stranger to the Charleston market. In April 2013, Silvana Oaks, LLC, a joint venture of BRT Realty Trust, The Kalikow Group and Canongate Real Estate, announced the completion of a renovation and amenity upgrade program at Silvana Oaks, a 208-unit Class A multi-family apartment community in North Charleston, SC that they acquired in October 2012.