North American Properties (NAP) cancels planned development on Laurel Island

North American Properties (NAP) announced recently that it is no longer pursuing the Lorelei project.

First announced in May 2016, NAP planned to transform 160 acres of waterfront property into “Lorelei,” an upscale, experiential mixed-use community on Laurel Island in Charleston’s upper peninsula.

NAP was first brought in to the project to look at the site and devise a plan for the best use, taking into consideration what would work for Charleston’s current needs and future growth. Through an intensive discovery and design charrette process involving input from the community, industry experts and City stakeholders, the NAP team crafted a plan that would honor Charleston’s heritage while also supporting its future needs.

While the project continues to enjoy the support of the City and the community, the pace of discussions and anticipated timeline for the entitlement process did not align with NAP’s timeframe for project completion.

“Lorelei represented a landmark opportunity to develop a community on a prime waterfront location in the heart of Charleston,” said Mark Toro, NAP managing partner. “We engaged the community and assembled a world-class team to design a project that would deliver the best use for the site and a much needed relief-valve for the historic downtown.”

The City of Charleston released the following statement about the developer’s decision to withdraw its plans for Laurel Island.

From City of Charleston Planning Director Jacob Lindsey: “While the Laurel Island site may not have been an ideal fit for these developers’ very large plans, the City continues to support appropriate development of the Upper Peninsula and Laurel Island. This site presents a number of challenges, including building atop a former landfill, and the successful project will require significant coordination with the City and Charleston County. We look forward to a properly-scaled development of this site in the future, which will certainly include improvements to the island’s access in the form of new roads and bridges that respect the needs of both Laurel Island and existing peninsula neighborhoods.”