Charleston City Council passes Union Pier Tax Increment Financing District
November 5, 2024
Last night, Charleston City Council passed a measure to establish a Tax Increment Financing (TIF) District at Union Pier, representing a significant milestone in the transformation of this blighted area. This initiative will open the doors to create a world-class park, enhance public access to our historic waterfront, provide more attainable housing options, and implement resilience measures.
Union Pier is located along the Cooper River near the city’s French Quarter. Originally developed in the early 20th century as a commercial shipping hub, Union Pier became a key part of Charleston’s port operations. The pier has since transitioned over the years, hosting cruise terminals and attracting significant redevelopment interest due to its prime waterfront location and proximity to downtown Charleston’s historic sites. Plans for its revitalization include transforming the area into a mixed-use district, blending residential, commercial, and public spaces while preserving its historical character.
Tonight’s city council vote included the passage of two Intergovernmental Agreements (IGAs) with Charleston County and the Charleston County School District (CCSD)—the first of their kind in the city’s history. These agreements will allow the county to acquire additional parking spaces, benefiting the county’s financial outlook. Additionally, CCSD will acquire the third floor of 75 Calhoun Street, currently leased by the city, enabling the consolidation of its staff and saving approximately $14 million annually, as they have been relying on trailers for office space in North Charleston.
The TIF District is a result of collaboration among City Council, Charleston County Council, and CCSD, and will allow for public investments in enhancing green spaces, waterfront access, and affordable housing by capturing property taxes from the 60+ acre site over the next 30 years. It will ensure that developments respect the character of our neighborhoods, maintain appropriate density, and include a public engagement process for community input.
Additionally, the county, city, and school board are set to benefit from increased revenue generated through the accommodations tax, hospitality tax, and sales tax associated with Union Pier development. Downtown CCSD schools are currently operating at 40% below capacity, and these developments will add more students which in turn means more funding benefitting CCSD students and teachers.
“By coming together as a community, we can achieve remarkable outcomes,” said Mayor Cogswell. “I am grateful to our partners in this effort and look forward to the positive changes that this project will bring to our beloved city. This is not the finish line, but the starting gun for a community driven process that will lead to a Union Pier centered around the needs of residents of our great city.”
Moving forward, the city will work with citizens, advocacy groups, the property owner, and our great staff on a collaborative process to make an incredible public space at this site.
