|
Daniel's
Landing gets new owner, makeover
BY
JIM PARKER
Of
The Post and Courier Staff
Colorado-based Madison Development Group specializes in turning upscale
apartments into even swankier condominiums and town homes, converting 30,000
units in 28 states since the early 1970s.
The
company is selective. Top markets include Denver, south Florida and North
Scottsdale-Phoenix, Ariz.
So it's an achievement that Madison's
first acquisition in South
Carolina
is in the Charleston area, namely the 295-unit Daniel's Landing on Daniel
Island.
"This is
the high end of the high end," said Ben Henrich, project director. The company,
headed by Denver
developer Mark Kline, pumped $1.5 million to $2 million into the apartment
complex. Interior designer Buffy Kline, wife of the developer, designed each
condo and town home with a luxurious feel.
On May
14, Madison Development converted the apartments to one-story condos and
two-story town homes. Apartment dwellers were given the first option to buy.
Thus far, 35 to 40 percent have chosen to do so. "That's an unbelievable
number," Henrich said. In the month since Madison put the apartments on the
market, they have sold 195 condos and town homes, or 62 percent. The buyers
include the company's 10-employee staff on Daniel Island.
"That
success is attributed to several things," Henrich said. "Daniel Island has done
a tremendous job. It's one of the best master-planned communities."
Madison
has been able to piggyback on the work of builder Greystar, which took pains to
design a safe structure. Greystar installed fire-prevention sprinkler systems
required in condos but not apartments and built fire retardant strips into the
ceilings to keep blazes from spreading.
Because
it didn't have to put money into structural work, Madison could focus on visual
improvements such as landscaping and painting. Interiors were dressed up, and
all the pricey decorations can be purchased with the units. The developer
upgraded bathroom fixtures to Moen and kitchen appliances to General Electric.
The condos and town homes also have water and dryer hookups.
The units
have a variety of buyers. Some are drawn to the 650- to 1,330-square-foot units
for the competitive prices of $100,000 to $250,000, combined with near-record
low interest rates. Others buyers are investors, who purchase units believing
they will appreciate in value. And some are young professionals, couples,
retirees and starting families attracted by the fresh look of the condos and
town homes, which offer amenities such as a swimming pool, putting greens and
landscaping, from a backlit oak and marsh area to a row of palmettos.
In the
words of Madison's
advertising pitch, Daniel's Landing, located a few hundred yards from the Wando River,
is "Life on the Water's Edge."
"The fact
that we are on Daniel
Island today speaks volumes of what's happened in the past seven years and for
the next 10 to 15 years," Henrich said.
The
condos are bordered by a small commercial sector, including a business and
recreational center. The center has an entertainment room with wide-screen
television and video players, said Christine Barrett, property manager and sales
representative. Also in the building is a redesigned fitness center with new
treadmills and weight machines.
The
business center opens to the pool deck, where the new owner built a gazebo and
installed gas grills with steel hoods next to existing fireplaces.
Daniel's
Landing has five town home and condo models, with a few perks standard. Master
bedrooms come with ceiling fans, bathroom garden tubs and ample closet space.
Second- and third-floor units have fireplaces. Each unit has a patio, which can
be converted to a screened porch.
The
community, too, benefits from its location on burgeoning Daniel Island. For
instance, condos and town homes bump up to an avenue of oaks that dates to the
original island plantation. A retail center is under construction across the
street. And a riverside boardwalk connects the marshy section at the rear of
Daniel's Landing with the Family Circle Cup tennis center.
Madison
expects to continue enhancing the neighborhood as it matures, Barrett said. But
there are no plans to add more units, so this is the last chance to get in on
the ground floor, so to speak. "The property is totally built out," Henrich
said.
To get to
Daniel's Landing from downtown, take either Interstate 26 or U.S. Highway 17
North to the Mark Clark Expressway. From the Mark Clark, turn at the Daniel
Island exit (Exit 24). Follow Seven Farms
Drive
to the first traffic light and turn left on River
Landing Drive.
The town homes and condos are on the left
|
