Copyright Charleston Post and Courier
The potential future buyer of a Charleston restaurant site was denied a request to relocate the historic structure to another part of the property in the Cannonborough-Elliotborough neighborhood. NK Partners sought permission to partially demolish the Fuel Cantina building at 211 Rutledge Ave. The request was discussed at a meeting of the Board of Architectural Review on Oct. 23, with more than 230 public comments written in and from attendees at the meeting. The request was for partial demolition of the structure, which is under contract, and moving two walls and the façade closer to the corner of Rutledge and Cannon Street. The applicant noted that while the building pays homage to its gas station roots, it has over time been adapted with historic aspects demolished and only two original walls remain. With the move, the future owners want to add multifamily housing behind the former gas station that became a restaurant in 2008. But the board noted the request is more for relocation — which was not applied for. The denial was unanimous. J3 Holdings LLC currently owns the property after purchasing it for for $1.8 million in October 2017. The company is owned by Joshua Broome, a local real estate agent, and brother Justin Broome, the owner and chef of Fuel. Party of one And just like that, Charleston has landed among the top five least affordable cities to rent and live alone. That’s according to the latest annual “Carrie Bradshaw Index” report from The Economist, which compares the median wage and price for a studio apartment across cities nationwide. The takeaway? Most Charleston residents can’t afford to live alone. And that’s not including purchasing designer shoes on top of that. To measure affordability, the report uses a rule that a tenant should spend no more than 30 percent of their gross income on rent. Rental prices were gathered by Zumper, an online property platform, against the salary needed to afford a studio apartment in each city. Dividing the median wage by the median rent for a studio apartment gives a “Bradshaw score,” inspired by the 90s Sex and The City star who lived alone while navigating dating in the Big Apple. In Charleston, Zumper lists median studio rents at $1,656, although the Collier’s Multifamily 2025 first quarter report listed the average rent per unit in Charleston at $1,821 per month. With an average wage of $77,600 annually in Charleston, a person would need to make $24,110 more to fall in the comfortable 30 percent range for the cost of a studio apartment, the report states, making it the fourth least affordable median wage relative to affordable studio cost. And that may not be the full picture for rent in the City of Charleston proper: While the city has upped efforts to provide affordable workforce housing, on the peninsula, a Zillow search generated just 15 available rentals with a maximum budget of $1,600 per month. In the area’s most affluent South of Broad neighborhood, rents are even more unattainable, with prices reaching several thousand dollars per room. Among the highest is a furnished three-bedroom house listed for $12,000 a month. “Overall, we find that living solo has become more difficult in the past year,” the report states. “In the newest index, 41 cities were unaffordable, up from 38 last year.” The top city for affordability in the Carrie Bradshaw Index was ironically New York City, where the fictitious newspaper columnist lived and where median monthly rent for a studio apartment is $3,790, meaning New Yorkers must earn $151,600 annually to live within their means. For the second year running, Wichita, Kan., is the most affordable city in the index, where the affordable wage is $26,400 and a median studio apartment is $585 per month. Bank notes A big investment firm that’s been buying up branches from banks has cashed in on one of its Mount Pleasant deals in its second local disposition this year. An affiliate of Blue Owl Capital Inc. recently sold the Pinnacle Financial office at 3305 South Morgans Point Road for $4.85 million, or about $1 million than it paid for it in 2023. The buyer is MPH LLC, which is based in Georgia. The branch is on a 1-acre lot near the Charleston National golf-course development and across Highy 17 from the entrance to the Park West subdivision. It was built and opened in 2007 by the former Southcoast Community Bank, which was sold to a lender that Tennessee-based Pinnacle acquired eight years ago. In March, Blue Owl’s PNB Portfolio Owner LLC sold another Pinnacle branch at 2753 Maybank Highway on James Island for $1.6 million and a $500,000 pre-tax gain. Earlier this year the New York-based investment firm snapped up 170 branches from SouthState Bank in the Carolinas, Alabama, Florida, Georgia and Virginia in a $475 million leaseback back deal with the onetime Columbia-based company. In the Palmetto State, Blue Owl’s SSK SC Portfolio LLC acquired more than 40 SouthSate branches, including 11 in the Charleston market, for about $131 million, according to public real estate records. The priciest, at 100 Exchange St. on Hilton Head Island, commanded more than $5.2 million. 2 cents' worth The oldest bank owner headquartered in Charleston is doubling down its dividend this Halloween. The Bank of South Carolina Corp. is bumping up its cash payout to investors by another two cents for the second quarter in a row. The rate will increase to 23 cents per share when checks go out Oct. 31, up 35 percent in past 12 months. "For the first time in our history, we've raised the cash dividend for a second consecutive quarter - a milestone that highlights the strength of our capital and earnings, CEO Gene Walpole said in written statement. The publicly traded bank, which opened its doors in 1987 on Meeting Street and now operates six branches, has raised its dividend by 35 percent in the past year. Earlier this month, OTCQX-listed BKSC reported that its third-quarter and year-to-date earnings climbed about 19 percent to $2.1 million and $5.9 million, respectively. Walpole said it's been "a fantastic year." “A combination of strong net interest margin, steady fee income, and disciplined expense management continue to drive these outstanding results," he said. Walpole added that bank’s balance sheet “is well-positioned for a potential lower-rate environment, though the timing of such a shift remains uncertain.” The outlook will become clearer this week. Most economists expect the Federal Reserve to cut its interest rates for the second time this when it wraps up its policy meeting Wednesday afternoon. Designed to shine As The Charleston Place continues its $150 million hotel-wide renovation, interior design firm Atelier Kim gave a sneak peek to social media followers of what the newly refurbished guest rooms look like. They will "reflect an approach grounded in craftsmanship and restraint,” the firm posted on LinkedIn. “Each layer contributes to a cohesive sense of comfort, with custom furnishings, tailored detailing, and a palette that balances warmth and sophistication. You’ll find a fresh interpretation of contemporary Southern hospitality.” Presidential material North Charleston-based chemical maker Ingevity Corp. has filled a key leadership slot at its biggest business. The company last week announced that it has named industry veteran Ruth Castillo as president of its performance materials division. She starts Nov. 10. Previously, Castillo was vice president of global chemicals at Avantor Inc. She succeeds Ed Woodcock, who left July 1 after 37 years with Ingevity and its predecessors. The O'Hear Avenue manufacturer's performance materials business accounted for $301 million in sales for the first half of the year, or 46 percent of total revenue. Its products include a powdery substance known as activated carbon that's used to minimize gasoline vapor emissions in cars and has applications in purifying water and food.
