CHARLESTON, S.C. (WCBD) – Morrison Yard is one of Charleston’s newest additions. It is also the outcome of Opportunity Zones.
“These buildings that you see today, would not have gotten built without Opportunity Zone legislation,” said Mike Schwarz with Woodfield Development, the developer behind Morrison Yard.
U.S. Senator Tim Scott (R) visited the $300 million residential, office and mixed-use development project on Friday. Back in 2017, Sen. Scott co-sponsored legislation to create the Opportunity Zone Program which offers tax benefits to people who invest in low-income areas.
The goal is to stimulate economic and community development.
“Opportunity Zones was my way of helping to bring over $50 billion today, around the United States of America, back into some of the areas where the kids have unlimited potential but limited access,” said Sen. Scott.
Morrison Yard has several community improvements in the pipeline, including installing a traffic light at Morrison Drive and Johnson Street, a Quiet Zone at the railroad crossing, and a new pedestrian and bike connection to the Ravenel Bridge.
“When you combine it with the traffic light and Morrison Drive, you can see a much better pedestrian experience. From the bridge, walking or biking, down the pedestrian connection, around our building, or through our building, to that traffic light, to the greater peninsula,” Schwarz explained.
Affordability was brought into question a few times throughout the event. Nineteen of Morrison Yard’s 380 rental units are designated for people making less than 60% of the Average Median Income.
“Our affordable units are exactly the same as all of our market rent units,” Schwarz said.
Morrison Yard is also adding sidewalks and new bus stops across the street within the next few weeks.