Issuu

MIKE MCABEE Coven Haircraft owner

PAGE 4 VOLUME 27 NUMBER 21 ■ CHARLESTONBUSINESS.COM

Larger venue

Charleston Wine and Food expands for 2022 to North Charleston Riverfront Park. Page 6

RAISING THE BAR

Part of the

Charleston takes new approach to housing crisis By Teri Errico Griffis

Commercial King King Street commercial spaces fill up following pandemic vacancies. Page 30

Transparency, reinvestment bring Charleston School of Law back from the brink.

Ex-CEO sentenced

Former SCANA Corp. CEO Kevin Marsh gets two years in federal prison. Page 7

Uptown world

A $200 million mixed-use development coming to North Charleston. Page 15

INSIDE

Upfront................................. 2 SC Biz News Briefs................. 3 Small Business Spotlight........ 4 In Focus: Architecture, Engineering and Construction................29 List: General Contractors.....42 Bonus List: Commercial Moving & Storage Companies..........................43 At Work.............................. 45 Viewpoint............................47

OCTOBER 18 - 31, 2021 ■ $2.25

network

By Teri Errico Griffis

tgriffis@scbiznews.com

ean Larry Cunningham was full of apologies after running a few minutes late to a meeting. A group of Charleston School of Law students had surprised him last-minute by dropping off a handful of handwritten thank you notes, expressing their appreciation to him for volunteering at a recent event. The bubbly moment was a far cry from where the law school was nearly eight years earlier, on the brink of disaster and on its way to permanently shuttering. Back then, school administrators were far more likely to receive correspondence related to lawsuits than sentimental cards. The hiccup in the school’s history began in 2013 when owners Robert Carr and George Kosko called an impromptu gathering of faculty to inform them that that the school would either have to close or be sold to InfiLaw, a Florida-based for-profit company that owned three law schools consid-

ered so-called “diploma mills,” including Charlotte School of Law. The Charleston law school was only 10 years old at that time. Devastated but determined students, alumni, and faculty pushed back — with two faculty members filing lawsuits — fearing that the sale would mar the school’s reputation and lower the standards of a Charleston School of Law education. The turning point came in October 2015 when Ed Bell, a Georgetown trial lawyer, stepped in as president and bought into the school, alongside Carr and Kosko, to save it from the sale to InFiLaw. Bell’s agreed to manage the school, while Carr and Kosko serve as members of the board, until the school goes nonprofit and the former owners are bought out. Since then, InfiLaw has gone out of business and all of its law schools are now closed, while Charleston School of Law years has clawed its way back from that See LAW SCHOOL, Page 12

Real Estate Power List

The most influential residential and commercial real estate professionals in South Carolina. Inside, Page 17

tgriffis@scbiznews.com

n less than 10 years, Charleston will need 16,351 affordable places for people to live, according to a city report. To find and build those affordable residences, Charleston is seeking out a real estate broker whose sole job will be to find land for projects. Charleston Mayor John Tecklenburg said of all the concerns the coronavirus pandemic has made worse, affordable housing has been near the top — especially as more people work from home and more people from other areas sought to move to the region. Demand grows higher, supply dwindles, prices go up. “We just have a huge thousand-pound gorilla in the room of the real estate market to contend with as we try to keep some housing affordable here,” Tecklenburg said. He understands Charleston market is dynamic with housing developments popping all over the region, but the downside is that the more affordable housing is being pushed farther and farther away from where most people work, exploding in Berkeley and Dorchester counties, and places like Johns Island in Charleston County, where land is much more affordable. “You just end up with a situation where what’s available for folks is they have to travel farther to get where it’s affordable,” he said. “And that’s not a good thing,” The mayor understands the dire need to create more housing and to make not only the process to find more affordable and attainable housing easier on residents, but on homebuilders too. That includes changing zoning and regulations that might incentivize companies that aren’t building affordable housing to possibly consider it down the line. Tecklenburg regularly discusses housing See HOUSING, Page 14

Upfront

BRIEFS | FACTS | STATEWIDE NEWS | BEST ADVICE

Buying a house? You better bring it

he housing market in the Charleston region isn’t just hot these days. It’s volcanic. We keep hearing stories of homes being sold before they hit the market and buyers losing out on contracts because they “only” offered $10,000 over asking price. We recently sat down with a group of home builders and suppliers to talk about the state of the housing market, and the consensus was this is the best worst market in some time because demand is outstripping supply in nearly every category. Nearly two years in, the pandemic still seems to be the major reason for the off-the-charts demand, the lack of supply and the rising material prices for new construction. While home prices and population are rising for locals, people from other states are looking at South Carolina and seeing what they consider to be an extremely affordable housing market, lower taxes and fewer people. What’s been remarkable is that the pressures on the market haven't eased up even after a year of high demand. To give some context to on-the-ground experience, we looked at recent data from the Charleston Trident Association of Realtors to compare price and days on the market over the last five years for September across the region.

Days on market

Pricing housing markets

Over the past six months, homes have sold in an average of 19.1 days on the market, with July seeing a DOM average of 14 days.

The average price of a home in the Charleston region has increased by 42.7% over the last five years.

Year

Days

% change

Year

Average

% change

Sept. 2021

-60%

Sept. 2021

$463,771

+6.2%

Sept. 2020

-15.1%

Sept. 2020

$436,618

+21.9%

Sept. 2019

+6%

Sept. 2019

$358,172

-0.2%

Sept. 2018

-5.7%

Sept. 2018

$359,523

+10.6%

Sept. 2017

-1.9%

Sept. 2017

$324,938

+1.7%

Source: Charleston Trident Association of Realtors

ON THE

RECORD

“We’re going to get back into those high-occupancy, low-vacancy rates, and I think we’re going to see a steady resurgence of King Street from a business perspective.” — Josh Schaap, managing partner for Charleston Commercial

WEBSITE: www.CharlestonBusiness.com

@CRBJ

@CRBJnews

facebook.com/CharlestonBusiness

October 18 - 31, 2021

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SC Biz News Briefs MIDLANDS

Columbia Regional Business Report

Midlands Technical College to open welding center with $4.5M upgrade Midlands Technical College celebrated the grand opening of $4.5 million in upgrades to a new welding technology center at its airport campus on Sept. 22. The center adds 19 welding stations to the 45 previously in existence in another on-campus building. The new welding center was formerly known as the Industrial Building and originally The $4.5 million in upgrades at a new MTC welding constructed in 1967, according to a center include 19 additional welding stations. news release from Midlands Tech. (Rendering/Provided) MTC, the state’s third-largest technical school with 8,800 students, embarked on a $50 million modernization campaign in 2015. The push includes a new $30 million, 58,245-square-foot technology center at its Beltine campus. Ground was broken in June for that project, slated to be completed in August 2023. The center will replace the 53-year-old Lindau Engineering Technology building, which was used in April for firefighter training. The school also opened a $14.5 million Learning Resource Center at its Beltline campus four years ago.

UPSTATE

GSA Business Report

Anderson manufacturer expands to make parts for new GM line

STATEMENT OF OWNERSHIP, MANAGEMENT AND CIRCULATION (Requester Publications Only)

Levallois Cedex-headquartered Plastic Omnium plans to invest $17.7 million in its 5100 Pearman Dairy Road location to ramp up for the production of bumpers and tailgates for General Motor’s new Lyric electric vehicle. “With over a 25-year presence in Anderson, S.C., Plastic Omnium is happy to announce further investments and jobs,” Patrick Le Garrec, Plastic Omnium’s president and CEO for the Americas, said in a news release. “It underlines the attractivity of the automotive business in South Carolina, the growth of Plastic Omnium and its long-term commitment in this region — strengthening the group’s relationship with its customers.” The company also will upgrade existing injection molding machines and paint lines with the addition of new equipment in an expansion projected to create 76 jobs. “Plastic Omnium has been a mainstay here in Anderson for many years now,” Anderson County Council Chairman Tommy Dunn said in the release. “Their $17.7 million expansion and 76 new jobs they bring with this announcement shows why we are glad they continue to make Anderson their home, and it also shows their confidence in the quality of our workforce.” Founded in 1947, Plastic Omnium designs and manufactures complex and interactive body systems as well as emission reduction and energy storage systems for the automotive industry. The expansion is expected to be completed by February 2022. “This recent surge by South Carolina’s automotive industry to increase electric vehicle production continues to make a positive impact in our state and our environment,” Commerce Secretary Harry Lightsey said in the release. With publications in Charleston, Columbia and the Upstate, as well as a statewide magazine, SC Biz News covers the pulse of business across South Carolina. Above are excerpts from our other publications.

VOLUME 14 NUMBER 14 ■ COLUMBIABUSINESSREPORT.COM

Part of the

network

OCTOBER 11 - 24, 2021 ■ $2.25

Treasure hunt

Clemson archaelolgists seek Revolutionary War-era fort. Page 3

Growing rewards

BUILDING DEMAND

Eviction worries

Expiring moratorium stresses tenats, landlords. Page 6

By Melinda Waldrop

mwaldrop@scbiznews.com

ust before the groundbreaking for the Obama Presidential Center on Sept. 28, Michelle Obama stopped by a welding class at the Chicago Women in Trades career training and support center. In an Instagram post, the former first lady reflected on how her father provided for his family through his job as a pump operator, and noted that the welders she visited – some of whom will work on her husband Barack’s center – are pursuing a career that “can help them build a good life for themselves and their families.” According to May 2020 numbers from the U.S. Bureau of Labor Statistics, the 33,150 workers employed as welders, solders, and brazing machine setters, operators and

tenders (which does not include self-employed workers) made a mean annual wage of $41,320, with top-tier positions paying as much as $58,660. What’s more, a shortage of welders is looming: the American Welding Society estimates the U.S. will need 400,000 welders by 2024 as older workers retire. The average age of a welder is 55, the organization said, with fewer than 50% of welders under the age of 35. That’s where Midlands Technical College’s latest capital improvement comes in. A $4.5 million renovation to what is now the college’s new Welding Technology Center continues a $50 million modernization campaign the school embarked on in 2015. The center, now housed in the former Industrial Building on MTC’s Airport campus, features 64 state-of-the-art welding bays and fume extraction capabilities, multi-purpose class-

rooms, a computer lab and external covered work areas, among other upgrades. “We almost doubled our capacity in terms of welding booths, and so we’re going to be able to double the production of students,” MTC President Ronald Rames told The Columbia Regional Business Report after a ribbon-cutting ceremony for the new welding center on Sept. 22. “What we do know is the welding and welders are in high demand. By increasing this capacity, we’re going to be able to help business and industry meet their needs.” Along with welding fundamentals and qualifications certificates, MTC also offers the first college degree in welding available in South Carolina through its Associate of Applied Science degree in welding technology. See CENTER, Page 17

Infusion of cash

New Wells Fargo program adds to coffers of three S.C. Community Development Financial Institutions. Page 10

ColumbiaBusinessReport.com

Issue Date for Circulation Data is August 16, 2021; the average number of copies of each issue during the preceding 12 months is: (A) Total number of copies printed 4,927. (B1) Paid/Requested Outside-County Mail Subscriptions 1,849; (B2) Paid/Requested In-County Subscriptions: 2,482; (B3) Sales through dealers and carriers, street vendors, counter sales and requested: 0; (B4) Other classes mailed USPS: 0; (C) Total Paid/Requested Circulation: 4,341; (D1) NonRequested Distribution by mail, samples complimentary and other free copies: 115; (D2) In-county Non-Requested distribution: 426; (D3) Other classes mailed Non-Requested Distribution: 0; (D4) Non-Requested distribution outside the mail: 0; (E) Total Non-Requested distribution: 541; (F) Total Distribution: 4,882; (G) Copies not Distributed: 45; (H) Total: 4,927; (I) Percent of Paid/Requested: 88.92%. The actual number of copies of a single issue published nearest to the filing date are: (A) Total number of copies printed 4,437; (B1) Paid/Requested Outside-County Mail Subscriptions: 1,747; (B2) Paid/Requested In-County Subscriptions: 2,541; (B3) Sales through dealers and carriers, street vendors, counter sales and requested: 0; (B4) Other classes mailed USPS: 0; (C) Total Paid and/or Requested Circulation: 4,288; (D1) Non-Requested Distribution by mail, samples complimentary and other free copies: 34; (D2) In county Non-Requested distribution: 67; (D3) Other classes mailed NonRequested Distribution: 0; (D4) Non-Requested distribution outside the mail: 0 (E) Total Non-Requested distribution: 101 (F) Total Distribution: 4,389; (G) Copies not Distributed: 48; (H) Total: 4,437; (I) Percent of Paid/Requested: 97.70%. Electronic Copy Circulation; The Average number of copies in the last 12 months was: (16A) Requested/Paid Electronic Copies, 23; (16B) Total Requested/Paid Print and Digital Copies were 4,364; (16C) Total Requested Print and Paid/ Requested Digital Distribution was 4,905; (16D) Percent Paid/Requested Print & Digital was 88.31%. The Actual Number of Copies of a Single Issue (16A) Paid/Requested Electronic Copies, 40; (16B) Total Paid/Requested Print and Paid Digital Copies were 4,328 (16C) Total Requested Print and Digital Distribution was 4,429 (16D) Percent Paid/ Requested Print & Digital was 97.72%.

REQUIRED BY TITLE 39 U.S.C. 8400 STATEMENT SHOWING OWNERSHIP, MANAGEMENT AND CIRCULATION OF CHARLESTON REGIONAL BUSINESS JOURNAL, publication number 18822, filed October 1, 2021, Published Bi Weekly plus 1 annual issue, 27 issues per year, $57.95 annually, at PO Box 446, Charleston, SC 29402-0446. The General Business offices of the Publishers are at PO Box 446, Charleston, SC 29402-0446.

New MTC welding center aims to feed workforce pipeline

BullStreet addition Luxury apartment complex to add 500-plus residents. Page 14

INSIDE

Upfront ................................ 2 SC Biz News Briefs ................ 3 In Focus: Architecture, Engineering and Construction .......................................... 13 List: Landscape Architecture Firms ................................. 18 At Work .............................. 21 Viewpoint ...........................23

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Midlands Technical College held a ribbon cutting for its renovated Welding Technology Center on Sept. 22. (Photo/Melinda Waldrop)

SC Biz News honors high-growth companies. Page 4

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October 18 - 31, 2021

Small Business Spotlight MIKE “MAC” MCABEE, COVEN HAIRCRAFT MY COMPANY:

Staff Writer - Teri Errico Griffis tgriffis@scbiznews.com • 843.849.3144

Coven Haircraft is a hair salon servicing in beautiful, healthy hair with an unforgettable experience. I wanted to create a space that spoke to the different side of our beautiful city. The space has a carefully curated experience including the historic Charleston Green walls and antiques from here in the Lowcountry. I have spent 16 years in many different facets of the hair industry and have had the opportunity to source the most luxurious and healthy products for your hair. From our Hair Lingerie extensions to Isles Formula and VirtueLabs products, our main focus is health and integrity.

Research Specialist - Paige Wills pwills@scbiznews.com • 843.849.3125 News Editor - Alexandria Ng ang@scbiznews.com • 843.849.3124 Digital Editor - Rob Lyle rlyle@scbiznews.com • 843.849.3119 MIDLANDS NEWSROOM Editor - Melinda Waldrop mwaldrop@scbiznews.com • 803.726.7542

MY BUSINESS MODEL:

We are a hybrid concept salon with both commission and independent stylists. Each has its own benefits that suit each stylist. I feel that having a blended collective helps encourage knowledge and growth.

UPSTATE NEWSROOM Editor - Ross Norton rnorton@scbiznews.com • 864.720.1222 Associate Editor, Custom Publishing Division Jim Tatum jtatum@scbiznews.com • 864.720.2269

MY CUSTOMER:

Coven Haircraft offers a variety of services that caters to everyone. Coven Haircraft is not only a collective of stylists, but also a collective of guests who bring their own uniqueness to the salon. Our goal as a collective is to the make some “magic happen” no matter who walks in the door.

Staff Writer - Molly Hulsey mhulsey@scbiznews.com • 864.720.1223 LOWCOUNTRY ACCOUNT EXECUTIVES Account Executive Amanda Alford aalford@bridgetowermedia.com • 843.849.3109

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Mission: Coven Haircraft is a collective of stylists who rejoice in the craft of cosmetology.

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October 18 - 31, 2021

Charleston Wine and Food grows with new locations, events By Alexandria Ng

See who the movers and shakers of the Lowcountry are and what they are up to.

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For advertising information, contact Robert Reilly at 843.849.3107 or rreilly@scbiznews.com

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fter a year’s pause to mitigate pandemic risks, the annual Charleston Wine and Food festival is back and bigger than ever. But this time around, patrons won’t recognize the sprawling field of Marion Square, where the event has been hosted ever since its inception in 2005. The culinary village has a new home – Riverfront Park in North Charleston. The new location offers about 10 acres of usable land, whereas Marion Square had about 2.5 acres. While the new culinary village will not take over all 10 acres of Riverfront Park, the increased space provides potential for festival growth in the coming years. “The festival is growing, and given the implications of COVID-19, the bigger venue is going to allow us to take more precautions and allow our vendors and participants and guests the room to spread out and roam,” said Alyssa Maute Smith, spokesperson for the festival. Smith said the economic impact of this five-day long event has tripled in its 16 years of existence. Looking at the festival’s 2020 report, a little more than 28,000 people attended as participants, with almost half of them coming from out of town. Taking into account the paid accommodations, airline tickets, average spend at local businesses and more, the total economic impact measured came out to almost $20 million. To date, this is the highest number of participants and the greatest economic impact that they’ve ever had, Smith said. The new culinary village at Riverfront Park will launch with additional stage areas for musical guests and culinary demonstrations. A separately ticketed event called NightCap will also be introduced in this space, where larger-scale musical performances will take place Friday and Saturday. Outside of these areas, Wine and Food will also provide venue space for guests who haven’t purchased a ticket. This non-ticketed area will include lounging furniture, food trucks and beverage carts so that all members of the community can gather, regardless of whether they prepaid for culinary village activities. “Because the event has grown in popularity, we wanted to meet community need, and we wanted this comeback after not having a festival in 2021 to feel welcoming to everyone,” Smith said. “In the

Above: The 2022 Charleston Wine and Food festival is moving from Marion Square in downtown Charleston to Riverfront Park in North Charleston. The location change gives the festival more room for social distancing and for the festival to grow, organizers said. (Photos/Alexandria Ng) Left: Riverfront Park offers 10 acres of usable space, as compared to a previous 2.5 acres at Marion Square.

past two to three festivals, the culinary village has sold out, and people who want to attend might not even be able to, so this will give people the opportunity to still participate in the festival and come at their leisure.” A new multi-day, free community event, similar to the non-ticketed area of the culinary village, will also take place in Hampton Park downtown. Other venues set to host festival events throughout the week include Brittlebank Park and Gadsdenboro Park, both on the peninsula. These new venues follow the heels of several 2020 announcements issued from Wine and Food calling for the removal of the John C. Calhoun statue that overlooked Marion Square, as well as for the boycotting of the use of plantations as event spaces going forward. In a July 2020 statement, the organization also pledged to audit its hiring process, reevaluate festival venues and diversify talent. In choosing these new locations, each venue was reviewed as Wine and Food worked with community leaders and focus groups to select spaces with intention, Smith said. “We wanted to make sure we had that significance and really paid respects to what we were trying to produce,” Smith said. “So every event and its venue was thought through with intentionality.” While the festival’s venues and event

offerings will be new, many participants won’t be, as they return after a year’s hiatus. With the hospitality industry being one of the hardest hit by the effects of the pandemic, the restaurant community is longing to come back and reconnect with their peers in one of the region’s first reopened, large-scale events since the pandemic, Smith said. In addition to the local and guest chefs, wine professionals, artists and farmers the event brings in, the organization also hires 80 to 100 independent contractors that help produce and bring the festival to life each year. “This does not include the additional staff and independent contractors that our largest vendors employ to produce the festival,” Smith said. The 2022 festival will take place March 2-6. Tickets go on sale starting 11 a.m. Oct. 21, with a new daytime pass option to complement the full weekend pass. “This time has definitely been a time of reflection,…and for the organization, that is re-centering on our mission and our ‘why,’ which is something that’s been guiding every decision that we’re making,” Smith said. “Our 501c3 nonprofit organization was created to celebrate, educate and promote our very unique culinary community that we have here in Charleston, and we wanted to make sure that this year’s festival spoke to that.” CRBJ

Reach Alexandria Ng at 843-849-3124.

October 18 - 31, 2021

www.charlestonbusiness.com 7

$200 million mixed-use development coming to Tanger Outlets By Jenny Peterson

Contributing Writer

nearly $200 million mixed-use development is coming to North Charleston directly across from the North Charleston Coliseum and North Charleston Performing Arts Center, which will allow patrons of shows and hockey games to pre-game or post-game within walking distance. The Uptown at Centre Pointe development will include a five-story, 300unit apartment building, 115-unit hotel, offices spaces and many restaurants — some with rooftops, according to Lenn Jewel, principal at RealtyLink Charleston, which will serve as the developers and landlord for the project. Jewel anticipates the restaurant offerings will include a high-end steakhouse and coffee shop. “It’s all purposely tied together to be walkable,” Jewel said. Some of the Uptown at Centre Pointe development will front International Boulevard, while the rest will front Centre Point Drive and Tanger Outlet Boulevard. The anchor tenant will be a two-story, 72-bay Topgolf, prioritized to be built first and estimated to open in late 2022 on Tanger Outlet Boulevard. “It will have 160-foot-high poles with nets and lights that you’ll be able to see from airplanes,” Jewel said. An “amenity courtyard” will connect the complex, which will also have include surface parking spaces and a 560-space parking deck, according to the master plan. The complex is near Interstate 526. Future plans include adding a Carvana “car vending machine,” for the e-commerce, used car dealer. According to Jewel, the project has been in the works for many years but needed proper permitting and approvals from the state and federal level. RealtyLink, a Greenville-based real estate development company first purchased the property in 1997, Jewel said. North Charleston’s Tanger Outlets were built in 2005. Jewel said over the last few years, RealtyLink has diversified its development away from mainly shopping centers in an e-commerce world, an industry further halted by the COVID-19 pandemic. “We expanded to industrial, cold storage, multi-family,” Jewel said. “This will be a mixed-use development; it’s got little pieces of different uses — apartments and a hotel and restaurants and Topgolf.” Jewel said RealtyLink plans to hire a management company for the apartment building, but will self-develop the units. “That’s out of the ordinary, at least for me, but it’s the right time to do multi-family and we want them to be nicer and higher-end, and this way, we can control

the product,” Jewel said. “The apartments alone are like $80 million.” Jewel said RealtyLink has partnered with Topgolf on many projects across the country, and the sports and entertainment company has been a winning anchor tenant. This will be the third Topgolf location in South Carolina, with other locations in Myrtle Beach and Greenville. Topgolf has personal bays for patrons to hit golf balls using radio-frequency identification technology and dart-

board-style targets to track how far balls go. Patrons hit balls in a trendy environment with music, food and alcoholic drinks. The first Topgolf location opened in the United Kingdom in the year 2000 and now has 70 locations across five countries with more than 23 million guests annually. “Topgolf has (more than) 60 locations in the U.S. and every one of them makes money, and that’s (even) during a pandemic,” Jewel said. CRBJ

“This will be a mixed-use development; it’s got little pieces of different uses — apartments and a hotel and restaurants and Topgolf.” Lenn Jewel Principal, RealtyLink Charleston

“My business is built on strong relationships with my clients and my collaborators. The emphasis I place on personal relationships is why I choose to bank with SouthState Bank. They share the same values I do — that relationships matter.” DAVID THOMPSON

Founder/Owner David Thompson Architect Certified Local Business

Support Local Businesses by Looking for the Badge.

SouthState Bank takes great pride in serving local businesses, ensuring they have the tools, guidance and security they need to reach their unique goals.

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October 18 - 31, 2021

BUILDING INSIGHTS: Homebuilders Roundtable Brought to you by Majestic Kitchen + Bath

SCOTT BYERS Majestic Kitchen + Bath

JIM BLAKENEY Mungo Homes

ADAM COPENHAVER CopeGrand Homes

JONATHAN BAILEY

WILL HERRING

Homes by Dickerson

Hunter Quinn Homes

CHARLIE TIPTON Pulte Homes

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Southeastern Family Homes

October 18 - 31, 2021

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FOR RESIDENTIAL CONSTRUCTION, THE BEST OF TIMES AND THE WORST OF TIMES Growth remains a constant in the Lowcountry, driven by an influx of new residents from all over the country – 34 people-a-day pouring into our region. All these people need a place to live. We sat down with local leaders in the building industry to get their thoughts on the state of residential housing. Here are some key discussion topics.

LENGTHENING BUILDING SCHEDULES AND HIGHER PRICES The boom in demand for housing contrasts with a shrinking of the supply of homes and a boom in prices caused by labor shortages and supply chain distortions caused by COVID-19. How are home builders keeping up?

ROB LUCAS: We do a mixture of product, mostly custom, but some production. And that’s the biggest challenge that we’re facing. Even getting bids back in time from some of our vendors and subcontractors for new construction and getting pricing returned to our customers has been a bit of a challenge. And then from the start of the process at the end of the process, things are just taking a lot longer than they used to. For a production home, our target schedule is four to five months. But with challenges in windows and trusses, it’s stretched to seven to eight months on average. Custom homes were running like clockwork, seven to nine months, but now they’re probably closer to 10 months to 12.

ADAM COPENHAVER: COVID’s brought on certain challenges from A to Z. There are fewer people in offices. There are fewer people to answer phones. There are fewer people available due to sicknesses. It’s been a “COVID’s brought on challenge to communicate to certain challenges get things done. In the

from A to Z.”

Adam Copenhaver CopeGrand Homes

“The labor constraints, the material constraints, all those things lead to rising house costs. Charlie Tipton Pulte Homes beginning of COVID, we went on DEFCON-9 to figure out what we were going to do next. We found ourselves very quickly hiring on and staffing on. And the first staff that we chose to hire were communicators, project coordinators, to help us coordinate the projects so that we could get things more effectively, efficiently to get them on the job site.

CHARLIE TIPTON: The labor constraints, the material constraints, all those things lead to rising house costs. Of course, lumber was the one that stood out for most of the summer. And everyone’s familiar with that. All the publicity that they got, but really, it’s across the board. Over the past 30 days, we’ve all started to experience some relief there, but not back to where it was pre COVID.

JONATHAN BAILEY: It makes it tough to have that conversation with buyers. They hear about futures in lumber, they watch the news, they’re thinking that effective immediately, the price on the website should change, but that’s the future. That’s not today’s price.

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DEMAND BOOMING FOR SUBCONTRACTORS An influx of residents from other parts of the country have pushed up demand for new homes; so too has demand for skilled tradespeople, creating price pressure and supply issues there as well.

October 18 - 31, 2021

WILL HERRING: If you’ve got a plumber that’s been working for you for 15 years, you can pick up the phone and call them and ask for help. It’s about relationships.

ADAM COPENHAVER: One thing a lot of folks don’t recognize is that Charleston continues to be on a fixed set of resources for our subs, our trades and our suppliers. And as demand has doubled in 18 months, the same number of plumbers, electricians, framers, roofers are available. So their opportunity to negotiate better rates at this time in our market increased and it’ll continue to be high, so long as the demand is there.

ROB LUCAS: Part of that too, with labor is that there was a shift at some point where skilled trades became unfashionable. People didn’t want their children to go into a skilled trade. They all had to go and get liberal arts or accounting and professional degrees. And 60% of electricians are over 45, and they retire on average at 58 years old. There are just not enough people coming up through the ranks to fill that skilled labor force.

RELATIONSHIPS ARE THE KEY TO SUCCESS As in every business, the home builders who manage the COVID-19 disruptions best will be those who have been honest and transparent with their staffs, suppliers and customers. When the market turned sideways, those relationships helped cushion the blows.

“The big thing is treating everyone how you’d want to be treated.” Jim Blakeney Mungo Homes

ADAM COPENHAVER: When we saw COVID come in and then realizing what it was going to do to the market and the capacity, we said, “We need to build our relationships with our contractors even further than we have. We need to fortify those relationships to keep the best people working with us.” There’s only one way to maintain satisfaction with clients in our business, and that is through personal communication. People will understand what you’re dealing with, that we’ve got supply issues, that we’re going to have contractors that are going to be showing up later than they used to, that things are going to take longer. If you can communicate that effectively and have somebody listen to that, then you’re going to have a great project.

JIM BLAKENEY: With our employees, we just celebrate those wins. The big thing is treating everyone how you’d want to be treated.

CHANGING THE WAY HOMES ARE SOLD “There are just not enough people coming up through the ranks to fill that skilled labor force.” Robert Lucas Southeastern Family Homes

These market pressures are affecting the way residential construction companies market and sell new homes.

WILL HERRING: a lot of people quit pre-selling homes.

Previously, it’s pre-sell everything you can pre-sell. Today, we wait until we’re 45 days from the house being complete to sell the house.

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www.charlestonbusiness.com 11

SCOTT BYERS: How far out must you plan compared to what it was pre-COVID? CHARLIE TIPTON: It was two years before and that’s

“It’s never been harder to build a house than it is right now.” Jonathan Bailey Homes by Dickerson

three, three-plus now. Any land that we already own, we’re going to try to permit it and get it in the process so we can bring it home as quickly as possible.

SCOTT BYERS: So you’re planning for 2024. CHARLIE TIPTON: Absolutely.

SOLID PROFITS BUT BIG HEADACHES

backlog for 2022?

In many ways, these are good problem to have if you’re a builder. Homes are easy to sell and profits are strong. But the builders say they prefer a balanced market.

WILL HERRING: It means that we’ve got more specs on

WILL HERRING: People are doing well, but it’s the most

SCOTT BYERS: So does that mean you have a huge

our books than we would typically have for sale. And we’re not worried about selling them. I mean, we’ll carry them until we’re ready to sell them. We’ll put them on the market, 30 days before they’re complete knowing that we can sell them. And it’s perceived oftentimes as being greedy. But what it’s really doing is making sure that the market keeps up with the cost so we can continue doing what we all do. They’re not windfall profits to wait. A lot of times it’s counting for that cost.

difficult environment to operate in that we’ve seen.

JONATHAN BAILEY: We always wanted to have 50%

pre-sale/50% spec. But we do recognize that having more specs on the books makes it easier for the guys in the field that are hard to come by right now. It’s never been harder to build a house than it is right now.

“People are doing well, but it’s the most difficult environment to operate in that we’ve seen.”

THE CHALLENGES OF LAND USE

Will Herring Hunter Quinn Homes

Construction of a home is hardly the first step in the process. Indeed, it usually can’t start until several years after land acquisition because of the required sewer, water and power permitting. All of this has gotten more challenging because of COVID-19.

ROB LUCAS: Even just getting a response from permitting

authorities is difficult. Their staff has just been getting gutted. They’ve lost so many people, getting stormwater done is a challenge. Just getting your wetlands permitting done, the court seems to be changing the regulatory conditions almost daily.

CHARLIE TIPTON: The municipalities are severely understaffed. We’ve all talked about how we’ve ramped up our hiring practices and we can make those quick decisions, but they’re not in the same boat. Even when they understand the additional volume that’s coming their way, it’s difficult for them to react to that and to get the qualified people that we need.

MICHAL ANDERSON: The problem is that we’ve got a lot of people

influxing from other parts of the country, and they have sold their homes at record speed, and their intentions were to be in a home, whether they were already in progress of building a home or whether they came down here with the expectation that they were going to come in and buy one. And so they come down here, maybe they had already been in progress for eight months, but now it is taking 10 months and they have nowhere to live. And so they’re frustrated and they’re irritated and they’re out of their space, but they have nowhere to go. And it filters into everything that we do, into the work-life balance and the personality changes of our customers.

CHARLIE TIPTON: I would take the 2019 market all

day long, over 2020-2021. For the sole reason that it was predictable. SPONSORED CONTENT BROUGHT TO YOU BY MAJESTIC KITCHEN + BATH

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LAW SCHOOL, from Page 1

brink of dissolution to record enrollments this fall. “We predicted we would get here, but we didn’t predict we’d get here this quickly,” Bell said. “We came from a law school that was getting ready to go under to now a nationally ranked law school in six years, so that’s pretty good.” Under Bell’s leadership, the school has transformed from a Washington Post headline reading “Charleston School of Law to close?” to increased job placement numbers, the highest South Carolina bar pass-rate in the school’s history at 87% and a student-centric model that invests money back into the education, rather than the pockets of its leaders, Bell said. This fall, 611 students enrolled in the school, with 1,515 first-year applicants from 35 states — the largest matriculation to date. And job placements are just as strong with firms all over the metro Charleston area, and some as far as Ohio, seeking out CSOL students. One local firm currently employs 11 graduates from the law school. “When you realize that a downturn like we had could have had a horrible adverse effect on our applications and admissions, I think we’ve been really fortunate,” Bell said. “It’s a testament to our faculty and our staff and our school. We have some good, strong bones.”

Charleston School of Law has seen record enrollment this fall, including more than 1,500 first-year applicants from 35 states. (Photo/Provided)

Pursuing nonprofit status

Bell’s involvement with the school started years ago, when a CSOL student was temporarily staying with his family. When troubles arose later on, the woman and her now-husband, also a Charleston School of Law graduate, asked if Bell would be willing to step up and help save the school with a group of others. A couple months later, Bell asked who else had joined the effort and he learned he was still the only one. “It just happened,” he said. “I can’t tell you. I just felt compelled to do it. I

couldn’t back down. I said, ‘You know, I’ll do the best I can,’ and I did.” Over the years, Bell felt the best way to right the ship was to reinvest in the school, the facilities, the faculty and students. While the school is still using a for-profit model, Bell has assured he has no interest in profiting from the school, and he thinks that is what has made the difference for CSOL. “If you have some money in the bank, do you take that as a profit or do you put it back in the school for the benefit of the students,” he said. “Do you have a board

that wants to get paid or do you have a board that wants to reinvest?” Annually, Bell earns a salary of $1 and said he hasn’t taken a penny out of the school since he began in 2015. Comparatively, between 2010 and 2013, Carr, Kosko and the school’s three other co-founders — who have since left the institution — withdrew $25 million in profits from the school. Bell, on the other hand, has put money into the school, settling a $6 million debt to InfiLaw. At the time of his arrival, the balance was $5 million, and Bell paid off the loan in 2017. He also settled two lawsuits recruited more faculty and updated the facilities to meet American Bar Association standards. On his first day, Bell set a new tone by rehiring four teachers who had been let go during the distress, most of whom are still there today. The school has had some lean years, but Bell and Cunningham are committed to Bell’s goal of nonprofit status. The conversion process should typically have only taken three years, but the road is complicated because the school must first generate the resources for the conversion, develop a reliable plan for the ABA, receive the ABA’s acquiescence to change in structure, and then receive approvals from the Department of Education, Internal Revenue Service and the South Carolina Commission on Higher Education. Before the school reaches that status,

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Carr and Kosko will be bought out. “We owe it to [the students] to give them an education that’s going to enable them to be successful,” Cunningham said. “I really view it as an ethical or moral imperative that that we focus on students so much. And for them to be successful, they have to be able to engage with us.”

An entirely new culture

David Estes, a third-year law student, hadn’t heard of CSOL’s history when he applied, but said his experience has been everything he’d hoped for in a law school because of the professors and their interaction with students on a personal level. “There is still the respect of a student-teacher relationship, but it isn’t confined just to that,” Estes said. “If you want to ask about their career experience, or share your own personal goals, they are always happy to speak during office hours or work around your schedule.” From his first tour of Charleston School of Law, Estes felt at home and today considers Cunningham family. The two forged a bond during the pandemic, working on initiatives engage students despite socially distanced protocols. Cunningham worked outside of the scope of his role, Estes said, attending virtual social events and judging contests that brought a glimmer of relief and joy to the mundane shut-in days. “We have some professors with amazing accolades that could really be doing

www.charlestonbusiness.com 13

anything else, practicing, but they have a passion for wanting to foster and create that next generation of legal leaders,” Estes said. “They want to be here, and I feel like they’re living out their passion that way by helping us.” The school and its culture sell itself, Cunningham said, with small classes, faculty that has been rated by Princeton Review as one of the top 10 most accessible, and millions of dollars in scholarships. For every student that is accepted to the school, Dean of Admissions Jacqueline Bell personally calls them to welcome them to the school. Charleston Mayor John Tecklenburg writes a letter to every incoming student, welcoming them to the city. “We’re able to say here are the improvements that we’re making in career services. Here’s how we’re going to help you get a job. Here’s how we’re going to help you pass the bar exam. And here are the results that we’re seeing,” Cunningham said. Bell’s passion for law is mirrored in his students, and his humility of working to earn their trust amidst a crumbling foundation is possibly what’s built the school back up again. “It’s simple,” he said. “You tell people the truth. You tell them what you can do for them and how important they are to the school and treat them as such. It’s an old fashioned way of doing business, but it works. It works.” CRBJ

Reach Teri Errico Griffis at 843-849-3144.

Charleston school could become nation’s 1st free law school By Teri Errico Griffis

tgriffis@scbiznews.com

harleston School of Law is preparing to become the first free law school in the nation. “When I started, my goal was to reduce our tuition to where our students wouldn’t have such a high student loan when they got out of school. So I’ve changed that goal,” CSOL President J. Edward Bell III told SC Biz News. “My goal is to be the first law school in the country to have no tuition at all. To be a free law school. And we’re on our way to doing that.” Though there is no timeline for such a feat as of yet, Bell is confident that his goal is attainable in the near future. “Well, someone is going to have to invest a lot of money in our endowment, and I think we’ve got that set up, and I think it’s going to happen,” he said. Charleston School of Law currently has 611 students enrolled, and Bell said unfortunately hundreds more applicants had to be turned away for capacity this fall. The school is right on the bubble of having more students than they

Charleston School of Law is one of two law schools in South Carolina. (Photo/Provided)

need for a balanced student-to-faculty ratio. If CSOL decides to increase its student body, the school would have to substantially increase its faculty, too, Bell said. As it is, the faculty is working overtime and the school is working to adjust the student-faculty ratio. But the question of whether, once free from tuition, the school sticks to its student limit or increases its capacity to accept more students is at the top of Bell’s mind. “Then we would really have a leg up on getting some of the top students in the country,” he said. “It especially would be helpful in getting minority students. It would help our diversity program. It would help everything.” CRBJ

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Apartment-style hotel under construction in North Charleston By Teri Errico Griffis

tgriffis@scbiznews.com

ary A. DeLapp, a veteran of the hospitality industry, set out to reinvent long-term lodging with apartment-style hotels intentionally designed to feel like home. The stayAPT Suites president and CEO is now bringing his new concept to North Charleston, which keeps the company on track to have 25+ locations open by the end of 2022, with 15+ more sites in development, according to a news release. The hotel will include suites of 500+ square feet and will each feature a fullsize kitchen with appliances, a living room with a sleeper sofa, a separate bedroom with a work area, a walk-in closet and two smart TVs.

The idea is to abandon the traditional one-room hotel in lieu of a “residential-feeling suite with intentional spaces,” stayAPT Suites said. “Next year, Lowcountry area travelers will have access to our unique, apartment-style hotel, which is ideal for any length of stay,” DeLapp said in a statement. “We’re excited to bring stayAPT Suites to this vibrant community, and we look forward to serving Charleston residents and its many year-round visitors through not only our hotel offerings, but the relationships we build here.” The new chain located at 9331 Blue House Road in North Charleston was selected for its close proximity to Boeing, Volvo’s manufacturing plant, Charleston Southern University and Trident Medical Center, the company said.

StayApt Suites, based in North Carolina, opened its first Palmetto State location in Greer in 2020. The 50-unit hotel was constructed across from BMW’s Upstate plant. A Greenville-Haywood Mall location is opening soon, with bookings available starting Nov. 15. Hotels in Columbia and Rock Hill are anticipated to reach completion in the winter or early 2022. The chain plans to build a portfolio of 100+ corporate-owned hotels, with a goal of more than 200 franchise locations within the next five years, the company said. “We saw an opportunity to reinvent long-term lodging and to provide our guests with what they really want — and that is the space and in-room amenities to truly live comfortably while traveling away from home,” DeLapp said in a statement.

As part of its model, stayAPT Suites offers two- and three-story construction models, ranging from 59 to 89 units. “Our lean, efficient labor model, depending on room count, calls for an average of 2.5 to five employees and provides very appealing cash-on-cash yields,” DeLapp said. The hotel serves guests of all kind, but in particular looks to serve business, relocation and leisure travelers, whether for a night, a week, a month or more, all at a moderate price, the company said. “Most long-term lodging accommodations consist of a single room with a bed steps away from a small kitchenette,” DeLapp said. “We’ve created an environment that goes well beyond that, giving travelers a better way to stay and live while away from home.” CRBJ

HOUSING, from Page 1

with major employers who are expanding in and moving to the Charleston region, asking that they consider creating some housing for their employees, so that they can guarantee some affordability. “You have companies that want to come here or consider coming here and they’re taking a look at what housing costs are and some of them get leery because they don’t want to bring employees here who can’t afford a decent place to live,” Tecklenburg said. As the city grows and refines what it needs to be successful, Tecklenburg sees affordable housing tools as the essential to the city’s “toolbox.” That’s where a real estate broker will come in, contracted in partnership with the city and paid through commission. The individual will focus on land near the Lowcountry Lowline, providing some of the best access points to working residents, Charleston Director of Housing & Community Development Geona Shaw Johnson said. This is the city’s second go at a real estate agent, having tried it two years go. While the process worked and a parcel of land was acquired, the former individual in the role moved on to another job. But the need still exists in Charleston, and the city felt it was time to look for a replacement. Johnson said the city would be best served by an agent who understand affordable and attainable housing, and must possess a knowledge of the zoning requirements, the acquisition process and the Charleston market and vision. The goal is to have someone hired next month. “That’s really the premise of it, wanting to have someone who has those skillsets, the knowledge of the market and what’s available to really help in our efforts to advance, increase affordable, attainable rental and for-sale housing in our communities,” Johnson said.

Charleston is making a push to develop more affordable housing, particularly along the Lowcountry Lowline route, and is searching for a real estate agent to help scout and aquire available land. (Photo/Andy Owens)

Like any buyer, the city also wants help obtaining land that is priced well in such a competitive time. Until now, Johnson said she and city employees have taken it upon themselves to drive through neighborhoods to seek out potential property, whether that’s a plot of land or land with a parcel on it. The city is also regularly in touch with neighborhood councils, residents and nonprofit and for-profit partners to keep a pulse on what’s available. Moving forward, however, Johnson said Charleston wants a more fine-tuned, deliberate process where it can hopefully garner greater access to what’s available. “Even though we have a strategy in place, we need a more defined, more intentional strategy about looking for opportunities that will lend to enhancing our efforts to access and build affordable housing,” she said.

Along with building more affordable housing, it’s critical to figure out how residents can earn better wages so that they can afford more of the housing currently available in the region, Tecklenburg said. “If you look at the differential rise of housing costs and the kind of marginal rise in income, there’s a pretty big gap there ... If we could pay folks more, they could better afford the housing. No question about it,” Tecklenburg said. A better educated workforce could close that gap and the state as a whole is working toward improved training, focused schooling and increased apprenticeships as potential solutions. “You can have workforce development and training for trades and electricians and plumbers, and they make pretty gosh darn good money, without having a college degree,” he said. “As long as you have

that value added to what you’re doing to bringing in more income.” There are many jobs that could stand to pay a little bit more money, especially the city’s flagship hospitality industry, and Tecklenburg said it would be deservedly so. He added that the city of Charleston recently increased its minimum wage to $13 an hour, and that he is not done yet trying to get employees paid more and trying to get them more affordable housing options. “We need housing at all price levels to accommodate demand,” Tecklenburg said. “I’m not against development at all levels, but if we leave out the workforce and the attainable level, then it just continues to compound this somewhat called crisis that we have.” CRBJ

Reach Teri Errico Griffis at 843-849-3144.

October 18 - 31, 2021

www.charlestonbusiness.com 15

Newsome inducted into International Maritime Hall of Fame By Teri Errico Griffis tgriffis@scbiznews.com

hen The Script wrote the lyrics, “Standing in the hall of fame, and the world’s gonna know your name” they weren’t talking about Jim Newsome, president and CEO of the S.C. Ports Authority, but they very well could be. Newsome was inducted into the International Maritime Hall of Fame in New York City on Oct. 5, in recognition of his career in the maritime industry. “Jim leads S.C. Ports with great vision, decisiveness and enthusiasm,” S.C. Ports COO Barbara Melvin said. “He encourages his team to lead alongside him and pursue bold ideas to further strategic initiatives for our world-class port. SC Ports has grown immensely under his leadership, leading to significant job creation and economic growth throughout South Carolina.” Newsome, who has led the SCPA since 2009 and is the longest serving head of a major container port in the U.S., is one of five inductees for 2021, alongside: • Lisa Lutoff-Perlo, president and CEO, Celebrity Cruises Inc., Miami. • James R. Mara, president emeritus, Metropolitan Marine Maintenance Contractors’ Association, Rutherford, N.J. • Nikolas P. Tsakos, president and CEO, Tsakos Energy Navigation Corp., Athens, Greece. • Lois K. Zabrocky, president and CEO, International Seaways Inc.,

“Jim leads S.C. Ports with great vision, decisiveness and enthusiasm. He encourages his team to lead alongside him and pursue bold ideas to further strategic initiatives for our world-class port.” Barbara Melvin COO, S.C. Ports Authority

S.C. Ports Authority President and CEO Jim Newsome was inducted into the International Maritime Hall of Fame in New York City on Oct. 5, in recognition of his career in the maritime industry. (Photo/Provided)

New York City. Edward Kelly, executive director of the Maritime Association of the Port of New York and New Jersey, said the inductees are all leaders in the industry who represent a wide array of the global shipping industry. “They have won the respect of the international shipping community based on their successes and professionalism and are much deserving of this distinguished honor,” Kelly said at the ceremony. Throughout his time with the SCPA,

Newsome has enhanced port operations and grown the port’s cargo base with strategic investments, resulting in cargo volumes doubling in a decade. He has also worked to maintain Port of Charleston’s global competitiveness as a top 10 U.S. container port. The Port of Charleston has also seen major infrastructure improvements with the Charleston Harbor Deepening Project and the opening of the Hugh K. Leatherman Terminal, South Carolina’s first container terminal in more than a decade. The new terminal will increase

capacity for the port at a time when the supply chain is most in need of relief. “Jim’s impressive career in the maritime industry spans his time in container shipping and more than 12 years as CEO of SC Ports,” S.C. Ports Board Chairman Bill Stern said. “Jim has dedicated his time and talents to ensuring that SC Ports continues to grow above the market. He has truly made a significant and lasting impact on South Carolina’s economy and supply chain. We all benefit greatly from his leadership.” CRBJ

Reach Teri Errico Griffis at 843-849-3144.

Former SCANA CEO sentenced to 2 years in federal prison By Melinda Waldrop

mwaldrop@scbiznews.com

ormer SCANA Corp. CEO Kevin Marsh has been sentenced to two years in federal prison for his role in the V.C. Summer nuclear debacle. Marsh, 66, who pleaded guilty in February to conspiracy to commit mail and wire fraud, was sentenced today by U.S. District Judge Mary Lewis. Following his 24-month sentence, Marsh will serve a three-year term of court-ordered supervision, according to a news release from acting U.S. Attorney M. Rhett DeHart’s office. There is no parole in the federal system. Marsh, who paid $5 million in federal forfeiture prior to his sentencing, was also fined $200,000. Evidence showed that Marsh intentionally defrauded ratepayers while overseeing and managing SCANA’s operations, including the construction of twin

reactors at the V.C. Summer nuclear station in Fairfield County, so SCANA could obtain and retain rate increases and qualify for up to $2.2 billion in tax credits. In 2016, confronted with information that project delays put those credits at risk, Marsh and others withheld that information from regulators and made “false and materially misleading statements,” according to DeHart’s office. “Due to this fraud, an $11 billion nuclear ghost town, Marsh paid for by SCANA investors and customers, now sits vacant in Jenkinsville, S.C.,” DeHart said in a statement. “Hopefully, this prosecution will deter other corporate fraud in the future.” DeHart’s office noted that Marsh has no prior criminal history and has coop-

erated with federal and state investigators for more than a year in the ongoing investigation into criminal wrongdoing related to the V.C. Summer project. The U.S. Attorney’s Office has also obtained guilty pleas from Stephen Byrne, former SCANA executive vice president and ex-COO of former SCANA subsidiary S.C. Electric & Gas, as well as Carl Churchman, former Westinghouse Electric Corporation vice president and V.C. Summer project director. Westinghouse was the contractor for the project, abandoned in July 2017 in the wake of mounting delays and rising costs after more than $9 billion had been spent on the reactors’ construction. SCANA and SCE&G settled a Securities and Exchange Commission lawsuit charging the companies with defrauding investors in November 2020 and settled a lawsuit with SCE&G ratepayers in November 2018 for $2.2 billion. The U.S. Attorney’s Office has also

executed cooperation agreements with Dominion Energy, which acquired SCANA in a merger approved in December 2018, and has charged Jeffrey Benjamin, former Westinghouse senior vice president, in a 16-count felony criminal indictment. Marsh is the first defendant to be sentenced in the case. “Kevin Marsh deceived regulators and customers to financially benefit SCANA,” said Susan Ferensic, Special Agent in Charge of the FBI Columbia Field Office. “Unfortunately, Marsh’s and other executive’s actions resulted in South Carolinians bearing the financial brunt of the failed Summer nuclear station. This sentence should serve as a reminder to any corporation and their executives that there is a price to pay for those who conspire to commit fraud.” CRBJ

Reach Melinda Waldrop at 803-726-7542.

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www.charlestonbusiness.com 17

2021 REAL ESTATE

POWER LIST

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October 18 - 31, 2021

PRESENTING THE 2021

REAL ESTATE POWER LIST By Andy Owens

aowens@scbiznews.com

hen real estate moves, South Carolina’s economy moves with it. That has always been the case, but never has it been so critical as during the pandemic when demand soared to record heights, and everyone looked to the housing industry as a sign the economy was getting back on track. Individuals, families and businesses looking to relocate frequently have found the Lowcountry, Midlands and Upstate on their short list. Even with the changing dynamic of office space during the surge of remote work, businesses seeking a place to grow within the market have realized South Carolina is ideal to put down pilings. In the following pages, you’re going to see the people we picked from across the state as the key power players in residential and commercial real estate.

These individuals represent a market sector that serves as a leading indicator of the health of South Carolina’s economy. We picked this second Power List as a companion to Banking and Finance because access to capital and real estate provide the catalyst to economic development in cities, towns, counties and communities across South Carolina. Our editorial team analyzed industry data and considered the individuals who are called upon in the Palmetto State to serve as the experts when someone needs to understand a complex real estate transaction based on variables that require specific, real-time market information. All of these real estate professionals contribute to their communities, their businesses and to the businesses and families they serve. We felt the Top 5 distinguished themselves as economic ambassadors for our state and their sector. Please join me in congratulating these individuals in print and online.

TABLE OF CONTENTS 1. JOHN C.L. DARBY

2. SHARON WILSON

3. JONATHAN A. GOOD

4. OWEN TYLER

5. STEPHEN SMITH

HONOREES CONTINUED

23 - 28

JOHN C.L. DARBY

The Beach Co. n his roles as president and CEO of The Beach Co., and man-

aging partner of Kiawah River, John C.L. Darby is charged with executing the vision of his grandfather, company founder J.C. Long, to generate lasting value in all aspects of The Beach Co.’s real estate endeavors. Over more than 20 years, Darby’s efforts have had a significant impact on the communities served by The Beach Co., helping to improve their quality of life and contributing to their long-term economic vitality. A Charleston native and 1985 graduate of The Citadel, Darby began his career in banking. In 1988, his family approached him to work for The Beach Co., and in 1990, he joined family business. Since becoming CEO in 1999, Darby has expanded the company’s presence throughout Charleston and across the Southeast. Under his leadership, The Beach Co. grew from 18 employees to over 300, transforming into a full-service real estate business with a portfolio including residential and resort properties, office buildings, shopping centers, industrial parks and land across the Southeast. The company grew from a multi-million-dollar, multifamily portfolio to a more than $1.5 billion portfolio of Class A multifamily and mixedused properties. Darby also expanded the firm’s construction company, Gulf Stream Construction, and development division, Beach Development, as well as formed the Beach Investment Fund, The Beach Co.’s first-ever investment fund. The firm has been frequently recognized, regionally and nationally, for excellence.

Darby supports many community organizations and serves on The Citadel Foundation, Trident CEO Council, Palmetto Business Forum, Charleston Metro Chamber of Commerce, S.C. Tourism Council, Ashley Hall School Board, New Carolina, the S.C. Chamber of Commerce, and the East Cooper Land Trust Advisory Council. He has dedicated much time, energy and resources, both personal and on behalf of the company, to the Emanuel Nine Memorial, a planned memorial honoring the nine victims and five survivors of the mass shooting, which took place at Mother Emanuel AME Church in downtown Charleston. The memorial is expected to open in 2022.

October 18 - 31, 2021

www.charlestonbusiness.com 19

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www.charlestonbusiness.com

POWER LIST

October 18 - 31, 2021

SHARON WILSON Wilson Associates

haron Wilson is a name that has been synonymous with outstanding performance in the Greenville real estate market for decades, having earned numerous accolades from peers and clients alike. She co-founded Wilson Associates in 2014, where she is president and broker-in-charge of 28 full-time agents. Now in its seventh year, Wilson Associates consistently ranks among the top 10 performing real estate companies in Greenville and is an affiliate of the Leading Real Estate Companies of the World, a referral network serving clients nationwide and globally. Recognition aside, Sharon’s motivation to succeed has never been about awards or sales goals but loving what she does and prioritizing her clients. At the start of the pandemic, Wilson Associates put the safety of their clients, agents and staff first by providing proper personal protective equipment and weekly professional office sanitizations, as well as offering showings with streaming video, safety training programs for agents, and virtual house tours. One of Wilson’s favorite aspects of running her own company is the opportunity to hand-pick and mentor a team of professionals who share her work ethic to exceed client expectations as well as giving back to the community. In fact, Wilson Associates recently just pitched the idea of implementing bike racks alongside Greenville’s new Unity Park. This implementation will be paid for as a charitable donation to Unity Park by Wilson Associates and other real estate companies. A seventh generation Greenvillian, she

Congratulations! Sharon Wilson WILSON ASSOCIATES REAL ESTATE

2021 Power List - Real Estate

encourages everyone at Wilson Associates to support a charity of their choice to help make Greenville a better place. The company supports many local organizations such as Project Host, Cancer Society of Greenville County, Artisphere, the Julie Valentine Center, and the Meyers Center. Her leadership has earned local and regional sales awards as well as her being named to the 2020 GSA Women of Influence and being awarded the 2018 Business of Integrity Award for Outstanding Community Service by the Better Business Bureau of the Upstate. As she puts it, philanthropy and real estate professionalism, paired with ambition, approachability and innovation, make Wilson Associates just very good at real estate.

October 18 - 31, 2021

POWER LIST

www.charlestonbusiness.com 21

JONATHAN A. GOOD

NAI Earle Furman, NAI Piedmont Triad and NAI Columbia

1997 graduate of Furman University, Jonathan A. Good joined NAI Earle Furman in January 2000 after selling the first business he purchased after graduating college. He was elected to shareholder of the firm in 2005 and named CEO in 2011. Good’s ability to source deals and partner like-minded teams has led to the successful operation of a firm-controlled private equity fund that is currently in its second investment cycle. He has full oversight and heads the firm’s executive committee. He has a proven record of increasing sales for the firm throughout the Carolinas and concentrates his efforts on growing the bottom line. He also coordinates every facet of broker training and development and plays an integral role in creating valuable instruction for administrative employees. He has directed the restructuring of several divisions, facilitated growth initiatives, and led the merger and acquisitions of several additional brokerage firms to continue adding resources and new talent to the firm’s various businesses. Good has served in a variety of community leadership roles, including as a boardmember of the Greenville Housing Authority, past president of The Commercial Alliance of the Greater Greenville Association of Realtors, Past Chairman, Loaves and Fishes, a food rescue program that collects and delivers more than 1.1 million pounds of food each year. He serves as board secretary and member of the Community Foundation of Greenville’s Finance and Investment Committee and has been a member of the Young Presidents’ Organization since 2012. He is a member of the Aspen Institute’s Liberty Fellowship Class of 2020 and is a member of the Society of Industrial and Office Realtors. He is a former director and the 2003 Commercial Realtor of the year for the Greater Greenville Association of Realtors, a Costar Power Broker from 2007-2012. Company recognitions include the NAI Earle Furman Property Management Business Development Award, Capital Club, Silver, Gold and Platinum Levels, Largest Transaction of the Year, and Global Elite Performer.

OWEN TYLER The Cassina Group

fter a successful career as a general real estate broker, Owen Tyler felt it was time to take on a new role as managing broker and broker-in-charge at The Cassina Group, based in Mount Pleasant. Experienced in residential and commercial real estate, Tyler is an Accredited Buyer Representative, Certified International Property Specialist, Council of Residential Specialists, Resort & Second-Home Property Specialist, and Certified Mediator. He brings a passion for his profession, a stellar reputation, and offers a superb client service experience. Tyler joined The Cassina Group in 2014, charged with moving the brokerage to its next iteration with a focus on creating a highly specialized consumer experience. His focus on Realtor excellence and a client-first approach has helped The Cassina Group evolve into the successful luxury real estate firm that clients and customers expect today. Under his management, the firm has consistently

ranked among the best in the Charleston MLS, named to the Roaring 20s List, listed as one of the top 1000 Brokerages in the U.S., and landed on the Inc. 5000 list more than once. Tyler has served on local, state and national boards and in leadership positions for South Carolina Realtors, Charleston Trident Association of Realtors, National Association of Realtors, Charleston Regional Development Alliance, The Children’s Trust of South Carolina, and One80 Place. He was the 2013 President of Charleston Trident Association of Realtors, 2018 & 2019 Governance Chair for One80 Place, and the 2020 president of South Carolina Realtors. He was named 2013 Realtor of the Year by the Charleston Trident Association of Realtors, awarded the 2008 C. Dan Joyner Community Service Award by South Carolina Realtors, and named Charleston Global Realtor of the Year by CTAR Global Business Chapter. He was

named to the Charleston Regional Business Journal’s 2013 Forty Under 40. Tyler graduated from Clemson University with a bachelor’s degree in accounting.

www.charlestonbusiness.com

October 18 - 31, 2021

POWER LIST

STEPHEN SMITH CBRE

native South Carolinian born and raised in Charleston, Stephen Smith graduated from the College of Charleston and spent the first nine years of his career in the Lowcountry, specializing in commercial sales and leasing. In 1993, Smith moved to Greenville and joined the Furman Co., specializing in office sales and leasing before moving into leadership roles within the company. When CBRE acquired CBRE Furman Co. in 2014, he transitioned into his current role leading the brokerage, investment property and property management business for the state of South Carolina. He has been recognized throughout his career with a number of professional accolades, including the South Carolina Chapter of Society of Industrial and Office Realtors’ award for the largest office transaction in 2000, 2004 and 2010 as well as being named a member of Grubb & Ellis’ Circle of Excellence in 2000 and 2005, which recognizes the top producers in the company. Since earning the SIOR designation, Smith has been closely involved with that organization throughout his career, serving as the Carolinas Chapter president, and as a regional director and a member of the board of directors. He has worked with a number of business and philanthropic organizations in South Carolina, noting that he is “very proud of the work that I have been part of through my professional career and through these organizations.” He currently serves on the board of directors for the Greenville Tech Foundation and the board of directors for the South Carolina Chamber of Commerce, as well as on the Executive Leadership team for the March of Dimes Real Estate Committee. He is a former member of the Board of Governors for the Greater Greenville Chamber of Commerce and the Greenville YMCA Board of Directors.

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October 18 - 31, 2021

POWER LIST

WADE ALLEN

MARK BARDO

Lee & Associates

1983 graduate of Clemson University, Wade Allen is a 38-year veteran of the commercial real estate industry with vast experience in brokerage transactions, property and asset management, as well as construction and development of multiple asset types. His career roles have included both owner-occupier responsibility and real estate service provider relationship management. Recruited to Lee & Associates in 2019 as president and broker-in-charge of the company’s Charleston operations, Allen has been instrumental in growing the business in all facets. He has led the company to a compounded annual growth rate of 20% in revenues over the past two years. He serves many organizations through past and present board appointments, including Clemson University, Camp Twin Lakes, Charleston Regional Development Alliance, Downtown Athletic Club and The Church at LifePark.

Allen Tate Co.

n his 35 years of real estate leadership, Mark Bardo has held in many roles, including at an executive level. Licensed as a broker in four states, he currently oversees all sales and operations for Allen Tate Co. in the Upstate with nine offices and 170 personnel. Since his appointment, he has led the regional office to double-digit growth since 2019. Previously, Bardo led other divisions to similar growth levels. He is past chair of the Leading Real Estate Companies of the World’s marketing and technology committee, a past board member of the Charlotte MLS and a current board member for Luxury Portfolio International.

www.charlestonbusiness.com 23

BRENT CASE

Coldwell Banker Commercial Atlantic

ith more than 25 years experience in the business, Brent Case is president and BIC of Coldwell Banker Commercial Atlantic in North Charleston, specializing in retail brokerage in sales, leasing, tenant representation and development as well as multifamily, office and land acquisitions. Case has received many accolades, including Commercial Realtor of the Year, CCIM Region Vice President, and Commercial Realtor of the Year and has been named Broker of the Year and Circle of Distinction over the past 10 years. Since 2012, he has been named Coldwell Banker Commercial No. 1 Sales Professional by State

CONGRATULATIONS

WADE ALLEN, PRESIDENT & BROKER-IN-CHARGE 2021 POWER LIST HONOREE On behalf of Lee & Associates Charleston, we’d like to congratulate Wade Allen, the President of our Charleston office, for being named to SC Biz’s Commercial Real Estate Power List. Wade’s commitment to our firm, clients, and the entire community is commendable and something we can all aspire to. Congrats Wade, well deserved!

960 Morrison, Suite 400 | Charleston, SC 29403 | 843.747.1200 | lee-charleston.com

every year, as well as to the top 2% of the Coldwell Banker Commercial Global Network of Brokers. He serves on the National Advisory Board for Coldwell Banker Commercial Corporate, the Executive Committee for the Charleston Trident Association of REALTORS and chairs the North Charleston Business Expo. An active member in the Charleston Chamber, he has headed the Chamber’s Leadership Charleston program. He is leading the company in the development of three shopping centers totaling over 100,000 square feet, managing all aspects and processes of the development cycle. He has also been the exclusive real estate agent for many National Brands Retail Tenants. Case also is a Principle in Tenant Development Company LLC and in AI Insurance Services LLC.

www.charlestonbusiness.com

October 18 - 31, 2021

IT’S TIME TO BINGE BUSINESS What’s new on SCBIZtv? With nearly 150 videos (and counting), our YouTube channel features a wide variety of businessrelated content. From recognition events to one-on-one interviews with high-level business executives to in-depth discussions with industry leaders, our playlists have something for everyone. Here’s a sampling of what you’ll ﬁnd on SCBIZtv. What’s New and What’s Hot!

Check out our new content as well as our trending videos on this ever-changing playlist.

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With events like Women of Inﬂuence in the Upstate, Icons and Phenoms in the Midlands and Health Care Heroes in the Lowcountry, SC Biz News honors the movers and shakers across the state.

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Subscribe to SCBIZtv and stay in tune with what’s happening across South Carolina. https://www.youtube.com/scbiztv

October 18 - 31, 2021

FRANK DUPREE

Vista Capital Management

rank DuPree has been in the multifamily industry since 1978. Currently, he is CEO and founder of Vista Capital Management Group in Greenville, but prior to this role, he served as regional vice president of Apartment Investment Management Company. Prior to AIMCO, DuPree worked as an asset manager for Insignia Financial Group. He holds real estate broker’s licenses in North Carolina, South Carolina and Georgia. DuPree is a Housing Credit Certified Professional, awarded by the National Association of Home Builders; a Certified Property Manager, awarded by the Institute of Real Estate Management; and as a Certified Commercial Investment Member. DuPree is a past president of the Upper State Apartment Association and the South Carolina IREM Chapter, an active member of the Urban Land Institute, and currently serves on the National Affordable/Workforce Housing Council and as a National Governing Councilor for IREM.

www.charlestonbusiness.com 25

POWER LIST STEPHEN EDGERTON Coldwell Banker Caine

ore than 10 years ago, Stephen Edgerton joined Coldwell Banker Caine in the Upstate as COO. Today he serves as president and CEO, overseeing the company’s related real estate divisions. Under his leadership, the organization has come to be known for its innovative attitude, hundreds of high-caliber associates and deep commitment to community. Edgerton works personally with Meals on Wheels and other organizations. The company’s Caine Cares program similarly impacts the Upstate through programs focused on human services, animal welfare, arts and health and wellness. Previously, Edgerton has served as chairman of the Coldwell Banker Large Office Group for five years, as chairman of the Board of Directors for the Metro Greenville YMCA and as board member for Artisphere and VisitGreenvilleSC. He is also a member of the Young Presidents Organization. Edgerton graduated from Rhodes College and earned an MBA from Arizona State University.

PETER FENNELLY

CHRIS FRASER

Bridge Commercial

ince earning his first real estate license in New Jersey at the age of 18, Peter Fennelly has been representing clients throughout the country and has worked in cities such as Princeton, San Diego, Atlanta and for the past 20 years, Charleston. Working in teams and building teams over the years has provided some of the greatest opportunity and experiences to Fennelly. From playing college football at the University of Rhode Island to international sailboat competitions around the world. Those experiences helped develop the skills, empathy and camaraderie to be part of building a great organization such as Bridge Commercial. As the President of Bridge Commercial, Fennelly works on long term strategy, actively helps train young recruits and serves his various long term clients. Fennelly is active in his community through school, sports and community organizations and is a member of the Society of Industrial and Office Realtors and CoreNet Global.

Avison Young

graduate of Clemson University and a U.S. Navy veteran, Chris Fraser entered the real estate profession in 1985. Throughout his career, he has been involved in the development of multiple product types, including hospitality, sports complexes, retail, industrial and office space, and has worked in office leasing and management as well. Fraser’s experience has led him to a number of development and brokerage assignments, taking part in large-scale residential subdivision projects, anchored shopping centers, corporate office buildings and hotel and amenity-rich projects. Today, Fraser is managing director of Avison Young’s South Carolina and Savannah commercial real estate offices based in Charleston. Fraser holds a designation as a Certified Commercial Investment Member. He also serves in several community roles including, arts, education and economic development.

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CONGRATULATIONS PETER FENNELLY

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SOUTH CAROLINA’S 2021 POWER PLAYER IN REAL ESTATE BRIDGE-COMMERCIAL.COM

www.charlestonbusiness.com

October 18 - 31, 2021

POWER LIST

BRENDA HANNA

BRUCE HARPER

BEN HINES

DUSTIN AND TARA JOHNS

ruce Harper sp e ci a l ize s in investment sales and development as well as land sales and office and medical sales and leasing. He joined Trinity in 2018 and is currently managing partner for the company in the Columbia office. Prior to joining Trinity Partners, he was president and broker-in-charge of a major real estate company. He has received a Circle of Excellence Award every year since 1999, achieving Gold status each year from 2005-2008. He was awarded the CCRA 2008 and 2010 Commercial Transaction of the Year award. He is a member of the Central Carolina Realtors Association and National Association of Realtors, the Society of Office and Industrial Realtors, and the International Council of Shopping Centers. He served on the city of Columbia Design Development and Review Board, Clemson University Board of Visitors and the Columbia Market Forecast Board.

Berkshire Hathaway HomeServices Midlands Real Estate ith more than 40 years in the real estate industry, Brenda Hanna has served as an agent and licensed broker for over 30 years. She opened Prudential Midlands Real Estate in 2006 and joined Berkshire Hathaway HomeServices in 2015. She was president of the Central Carolina Realtor Association in 2014 and has been awarded a Realtor of the Year Meritorious Award. Today, Hanna serves as the chief financial officer, broker-in-charge and owner for Berkshire Hathaway Homeservices in the Midlands. Hanna has said that she shares a passion and core values for the team members under her in serving the communities in the Columbia region.

Trinity Partners

Spencer/Hines Properties

Resource Realty Group

1978 graduate of Wo f f o r d College, Ben Hines started Spencer/ Hines Properties, a commercial real estate firm, in 1986. Headquartered in Spartanburg, the company, a commercial real estate firm, is celebrating 35 years in the industry. Hines grew the company into the largest market share in Spartanburg County, with 20 brokers and a branch office in Greenville. The firm added two partners, Andy Hayes and Guy Harris, three years ago. Hines and his team have represented many clients, producing millions of dollars in commercial real estate transactions, hundreds of jobs, and substantially increasing the Upstate’s tax base. He is a Certified Commercial Investment Member and former certified financial planner. Hines has served on numerous boards, including the United Way of the Piedmont, Child Evangelism Fellowship, The S.C. Christian Foundation and First National Bank.

ounded by Dustin and Tara Johns in 2008, Resource Realty Group is the largest independent brokerage in the Columbia market, servicing investors and bank-owned properties. Since then, and as the markets improved, RRG has grown to sales of over $100 million annually, with 35 agents and six brokers. The Johns’ thrive on solving unique property challenges and complex transactions for their clients in both the commercial and residential sectors. Dustin is also a licensed builder and Tara serves as Broker In Charge. RRG also offers flat fee listing services for $2,800, regardless of price, which has saved their clients over $5 million in commission since they introduced the model four years ago. They are also active in community affairs. Tara was nominated to run for their local Leukemia/Lymphoma Society’s Woman of The Year fundraiser. Her team goal is to raise $150,000 for the society.

Congratulations to our Founder,

Congratulations to Bruce Harper,

BEN HINES

from all the Agents and Staff at Spencer/Hines Properties.

Managing Partner

Ben Hines CFP, CCIM President, Spencer/Hines Properties

Thank you SCBiz News for honoring Ben as one of the 30 Most Influential Real Estate Agents in South Carolina.

https://www.trinity-partners.com/team/bruce-harper-sior

Visit us at spencerhines.com Spartanburg 864-583-1001 Greenville 864-991-8077

October 18 - 31, 2021

JOSEPH KLOSIK

Keller Williams Realty

oseph Klosik started in real estate in the Atlanta area in 2001 with Keller Williams Realty. After working as a sales agent, team leader and coach, he joined his wife, Lynne, in her sales business to form Salt Marsh Properties within Keller Williams, serving as the listing specialist and CFO. He currently is the operating principle for Keller Williams Charleston’s West Ashley and Summerville offices, as well as broker-in-charge for all Charleston Keller Williams offices. Klosik’s biggest passions are teaching and coaching agents around the country. In 2018, he was accepted into the Keller Williams Realty International Master Faculty. Klosik has served on grievance, professional standards and the MLS board of directors, is the immediate past president of the Charleston Trident Multiple Listing Service, and currently serves on the board for both the state and local Realtor associations. The Klosiks live in Mount Pleasant, where they are active in their church.

www.charlestonbusiness.com 27

POWER LIST PATTY KORAHAIS Keller Williams Realty

graduate of the University of South Carolina, Patty Korahais has been a licensed South Carolina Realtor since 2000. She is currently broker-incharge of more than 400 real estate associates in the Upstate as operating principal of Keller Williams Realty. She oversees more than 4,000 closed real estate transactions per year. Korahais also serves as the broker-in-charge of Central Property Management, which has been serving clients in Greenville, Anderson and Spartanburg since 2010. Korahais said that as a local industry leader, Keller Williams always searches for solutions and resources for agents to serve their clients better. Under Korahais’ leadership throughout the past five years, the Spartanburg brokerage has been ranked No. 1 in Spartanburg County for units and volume closed, and the Greenville offices rank third in units sold in Greenville County.

DAVID LOCKWOOD Colliers International

Clemson University graduate, David Lockwood is currently executive vice president and COO, as well as a shareholder of Colliers International South Carolina Inc. He started with the company in 1986 as a leasing agent and six years later was promoted to vice president of leasing, in charge of all lease production for the Columbia office. In 2005, Lockwood was promoted to senior vice president and promoted in 2010 to executive vice president. In 2016, he was named executive vice president and COO, responsible for all marketing, research and IT operations, as well as overseeing staff for the company’s four offices in South Carolina. He has been president of the Central Carolina Realtors Association and the South Carolina Realtors Association, and served for more than eight years on the executive committee of the National Association of Realtors, along with numerous leadership positions within National Association of Realtors.

www.charlestonbusiness.com

POWER LIST

TED PITTS

LAURA RITTENBERG

Wilson Kibler

October 18 - 31, 2021

ed Pitts first joined Wilson Kibler in 1999 as a broker, and became a principal in the company in 2008. More than a decade later, in January 2021, he was named Wilson Kibler’s president and CEO, overseeing operations in all three S.C. offices in Greenville, Columbia and Charleston. Prior to being named president and CEO, Pitts left Wilson Kibler to work in Gov. Nikki Haley’s administration in 2011, first as deputy chief of staff, then later chief of staff. Following that role, he shifted his efforts to the S.C. Chamber of Commerce where he took on the role of president and CEO in 2015. Pitts graduated from Presbyterian College where he now serves on the Board of Trustees. He is also a football official in the Southeastern Conference.

Coldwell Banker Realty, Atlanta; Coldwell Banker Realty, Carolinas

aura Rittenberg has 40 years of experience in residential real estate as a salesperson, branch office manager and corporate executive. After managing sales offices for two national franchises, she went on to oversee her own real estate company, mortgage company and real estate licensing school. She joined the Coldwell Banker executive team in 2000 when she sold her Denver-based company to Coldwell Banker Residential Brokerage. In 2017, Rittenberg took the helm of Coldwell Banker Realty in Atlanta and her role was expanded two years later to include operational oversight in North and South Carolina. She leads 29 sales offices and nearly 2,700 affiliated agents. In 2020, Rittenberg helped implement the shift to virtual learning, marketing and conducting business. Under her management, the company’s sales rose to $5 billion last year, a 14% increase over 2019. She was named to the 2021 Women of Influence list and Atlanta Magazine’s Women Making a Mark. Rittenberg also is the president of the Atlanta and Carolinas chapter of Coldwell Banker Realty Cares Foundation.

DAN JOYNER

Berkshire Hathaway HomeServices C. Dan Joyner Co.

Greenville native and Furman University graduate, Dan Joyner has worked with the company from his youth, starting in property management and doing appraisals, insurance and residential sales. He started the commercial division in 1996, serving as president and general manager. He became president of the C. Dan Joyner Co. in 2010 leading the company through the transition to Berkshire Hathaway HomeServices C. Dan Joyner, Realtors in 2013. Under his leadership, Joyner continues to be the Upstate’s market leader in residential home sales and is poised for continued growth. Joyner has served on many boards in the Upstate, including The American Heart Association, Coaches for Character and Greenville Little League, and recently completed The Riley Institute’s Diversity Leadership Program.

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Appraisers struggle to keep up with demand in hot real estate market By Steve McDaniel

smcdaniel@scbiznews.com

he real estate frenzy of the past year-plus has been well-documented in state, local and national data. As buyers flood the market, a dwindling supply of available homes has caused a spike in home prices, yet done little to blunt that surge in demand. In South Carolina, home sales in 2020 and early 2021 increased by almost 15% over 2019. This red-hot real estate market has put a strain on every industry involved in home buying and selling: homebuilders, real estate agents, mortgage lenders and, especially, appraisers. Nearly every home sold must go through an appraisal process, where a licensed or certified appraiser inspects the home for sale and researches nearby comparable properties recently sold to calculate a fair market value for the home. No bank or mortgage lender will agree to a loan without an appraisal, and the process by its nature is detailed

and painstaking. But as with many other industries during the coronavirus pandemic, those in the real estate appraisal business find themselves overwhelmed by a trend no one saw coming. Paul Ryll is a real estate appraiser based in Greenville and owns several restaurants in the Upstate. When COVID-19 cases first started to surge in the U.S. and lockdowns forced business and school closures in spring 2020, he thought about how he’d survive financially with an expected sharp decline in revenue. “I remember thinking at the start of the pandemic about what I would do when business slowed down, where I could save money, because I assumed a lot less money would be coming in,” Ryll said. “We had no idea we’d be going 100 miles an hour right now.” Ryll said he and other appraisers in the Upstate have been overwhelmed with appraisal orders since at least May or June 2020, a few weeks after the first lockdowns were imposed. At first, it was home loan refinancing that created a surge in his business.

“People could basically sit at home and apply online, do most of the refinancing work at their computer,” he said. “With everyone being home so much more and interest rates being so low, we saw a big increase in refi appraisals at the beginning of the lockdowns.” That unexpected spike in demand was compounded as people started looking to move out of larger cities where COVID19 cases were at high levels or sought to move within their local area into a newer or larger space more suitable to spending substantially more time. Appraisals have always been one of the limiting factors in the timeline of the home-buying. According to Ryll, a normal timeline for an appraisal to be completed is about 10 days. But now, with the backlog of orders from home sales and refinancing, 30 days is what his company quotes to complete an appraisal. “We are absolutely slammed right now,” he said. “Before the pandemic, we would do about 80 appraisals a month. See APPRAISERS, Page 31

OT Wallace County Office Building Renovations 101 Meeting St., Charleston Developer/owner: Charleston County Architects: McMillan Pazdan Smith Architecture LLC, Charleston General contractor: HITT Contracting Inc., Charleston Engineers: Live Oak Consulting, Charleston (structural, plumbing, mechanical, electrical, fire protection) Estimated completion date: September 2021 Estimated total cost: $1.5 million This project includes the renovation of multiple floors within an existing Charleston County office building. The first phase includes the build out of courtrooms for the City of Charleston Magistrate Court. Interior finishes include wood paneling, laminate casework, solid-surface countertops, a combination of luxury vinyl tile and carpet flooring, new paint and custom courtroom bench seating. The second phase includes the build out of a training room. See CUC, Page 32

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Commercial real estate on King Street sees pandemic recovery By Alexandria Ng

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fter a year of for lease signs and empty retail spaces amid the COVID-19 pandemic, King Street is coming back to life. According to Charleston Commercial data, there were roughly 110,000 square feet of vacancy among retail properties on King Street between Broad and Spring streets last year. This was across about 35-40 separate retail suites, which equates to an average vacancy size of about 2,800 square feet. Today, there are far fewer retail properties available along that same stretch of road – about 18-20 spaces, totaling about 70,000 square feet. “40,000 square feet of absorption in a 12-month period is far greater than normal market trends, which bodes well for the street and market confidence,” said Jack Crenca, vice president of Charleston Commercial. Josh Schaap, managing partner for the group, said there has been a positive change in long-term lease commitments as well. “When we first started emerging from the pandemic, which might have been November of last year, we were seeing tenants only wanting to commit to those one-, two- or three-year terms,” Schaap said. “But as we started to get trajectory and economic tourism data back, people started getting into those longer term commitments – five, seven and 10 years on a lease term.” One of the newest deals on the block includes the sale of 438 King St. to Miamibased Le Chick, a restaurant founded by Coco Coig and Jorge Sanchez. The transaction, totaling $5,995,000, was sold by ROA LLC and brokered by Charleston Commercial. The three-story, 9,000-square-foot property includes a high-end retail suite and two additional floors. The restaurant will include an upscale casual dining and bar menu and is planned to open at the end of 2022. “I thought it was the right moment for Charleston because it seemed like a good place to expand,” Coig said. “It’s a prime location right in the center where we can attract the local people, which is the bread and butter of your business.” Schaap said he’s seen a trend of business owners like Coig, who have taken advantage of the reletting opportunities to break into a market that they’ve always wanted to get into. “You’re seeing it as a business owner, and you’re like, ‘Wait a minute, if I sit around and rest on my laurels for too long, I’m going to miss the opportunity to ever be back on one of the most incredible

Charleston Commercial has sold 438 King St. to Miami-based Le Chick. The restaurant is expected to open at the end of 2022. (Photo/Provided)

streets in the world,’” Schaap said. “These businesses from out of town are saying, ‘I’ve been wanting to come here, now is obviously the time, and if I don’t act now, I’m going to be waiting for another five years.’” Charleston Commercial has also recently leased three other retail spaces on King Street, including a 1,650-squarefoot space at 550 King St. to OddFellows Ice Cream Co. This small-batch ice cream shop based in New York City is known for its wacky flavors. The shop plans to open this fall. The space was formerly occupied by Revelator Coffee. “We’re going to get back into those high-occupancy, low-vacancy rates, and I think we’re going to see a steady resurgence of King Street from a business perspective,” Schaap said. “It’s extremely positive, and I’m glad we’re in the right place at the right time.” The commercial real estate firm has also leased 1,422-square-feet of space at 564 King St. to The Drip Lounge, a medical spa administering FastVitaminIV, a blend of 19 vitamins, minerals and amino acids designed to boost exercise intensity and recovery, as well as improve concentration, mood and sleep. FastVitaminIV was created by Craig Koniver, founder of Koniver Wellness in Charleston. His clients include professional athletes, Fortune 100 executives, politicians and celebrities. Brandy Melville, European clothing and accessory brand, will also be coming to 328 King St., replacing the corner retail space of the former Jos. A Bank. According to Schapp, Charleston Commercial has about another 10 transactions closing within the next two months as well. Charleston Commercial also brokered the sale of the former R.B.’s Seafood Restaurant on Shem Creek for $7 million in 2020. In the last several years, the firm brokered or participated in 19 property acquisitions in downtown Charleston, totaling more than $74 million. CRBJ

Reach Alexandria Ng at 843-849-3124.

October 18 - 31, 2021

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www.charlestonbusiness.com 31

APPRAISERS, from Page 29

Now, we’re doing about 140. All appraisers in the Upstate are in the same situation.” Ryll said the number of appraisal companies in the Upstate has remained fairly steady in the past decade or so, and the fact that the certification process takes up to 18 months or more means new appraisers can’t enter the market quickly. “It’s difficult to add staff quickly in this business,” he said. “The training takes a long time, and licensed appraisers like myself simply don’t have the time to properly train people when we’re as busy as we are right now.” According to information from the state Department of Labor, Licensing and Regulation, which oversees certification and licensing of real estate appraisers, the process for qualifying as an appraiser begins with three courses and completion of a supervisor/trainee course. Once that is completed, training continues under the supervision of a certified appraiser for six to 18 months, depending on the license being attained. During that time, trainees must take more appraiser courses and gain experience to upgrade to “licensed” or “certified.” The last step is the state exam. Ryll has developed an online software platform that aims to streamline the appraisal process. During the pandemic, many lenders allowed more desktop appraisals, which means an appraiser is not required to do an on-site inspection, but can accept photos and data from a real estate agent or home inspector to begin the appraisal process. He said appraisers were reluctant in the past to accept data from third parties not specifically trained to take those measurements because the appraiser was still liable for any mistakes made. But new language in federal lending guidelines has now passed that liability to the data collector, so certified appraisers have more protection in that regard.

“We are absolutely slammed right now. Before the pandemic, we would do about 80 appraisals a month. Now, we’re doing about 140. All appraisers in the Upstate are in the same situation.”

ANNIVERSARY 1981 2021

Paul Ryll Real estate appraiser

Ryll’s platform, Oscar Mike Mobile Appraisals, helps data collectors upload information into a template that can easily be accessed and used for online appraisal submissions. “It makes the process more streamlined, and saves a lot of time on data entry,” he said. “When you can save 20 minutes or so in one appraisal, that adds up over a month of doing so many appraisals.” Ryll unveiled his platform at the recent Valuation Expo in Las Vegas, a national convention for appraisers and lenders. He said response was enthusiastic, especially about the fact that his software was developed by an appraiser, not from a typical source such as a fintech firm or lending company that might store data that can be used basically in perpetuity. “Appraisers are reluctant to submit data on properties that can be stored indefinitely,” he said. “If enough of that data is kept, appraisers worry that it can reduce demand for their expertise and services. OMMA keeps data for just 30 days; then it’s erased. We aren’t interested in data storage; appraisers understand current data on a home or property is the only way to create an accurate market value.”

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Trade Park East - Building 1 6880 Weber Blvd., Ladson Developer/owner: Trinity Capital, Charlotte Architects: DMA Architecture, Winston-Salem, N.C. General contractor: Frampton Construction, Charleston Engineers: Reveer Group, North Charleston (civil); Insight Group, North Charleston (geotechnical); LJB, Charlotte (structural) Estimated completion date: March 2022 Estimated total cost: $8.5 million This project includes the construction of the largest building within Trade Park East, an 840,000-square-foot Class A industrial campus in Ladson. Building 1 is cross-docked and totals 342,160-square-feet.

James Island Charter High School Career and Technology Center 1000 Fort Johnson Road, Charleston Developer/owner: Charleston County School District Architects: Quackenbush Architects and Planners, Columbia General contractor: M. B. Kahn Construction, Charleston Estimated completion date: Spring 2022 Estimated total cost: $18 million This project includes the construction of James Island Charter High School’s new Career and Technology Center and competition gym. The 30,000-square-foot education center will house hands-on training spaces for careers, including construction, health science and computer technology. The 30,000-square-foot gym will provide seating for 1,500 spectators, as well as locker rooms and a weight room. The two buildings will be connected by a new entry plaza.

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Crosspoint II 9015 Sightline Drive, Ladson Developer/owner: Childress Klein Properties, Charlotte Architects: Wagner Murray Architects, Charlotte General contractor: Choate Construction, Mount Pleasant Engineers: HLA Inc., Hanahan (civil, structural) Estimated completion date: Summer 2021 This project includes the construction of Crosspoint II, which contributes an additional 182,000 square feet of speculative warehouse space to the 1,120-acre Palmetto Commerce Park. It is settled adjacent to sister building, Crosspoint I, and constructed of tilt-up painted concrete and a 45-mil thermoplastic polyolefin roof. The facility is capable of housing multiple tenants requiring warehouse and industrial operation space.

www.charlestonbusiness.com 33

CHARLESTON UNDER CONSTRUCTION

Eastport Commerce Center Expansion 104 Pinnacle Way, Summerville Developer/owner: Eastport Commerce Center LLC, Charleston Architects: LS3P Associates Ltd., Charleston General contractor: Choate Construction, Mount Pleasant Engineers: PEA of SC, Greenville (structural); Hensley & Goerling, Charleston (mechanical, electrical) Estimated completion date: Winter 2022 This project includes the renovation and expansion of the Eastport Commerce Center. An additional 64,000 square feet of leasable distribution and warehouse space will double the size of the facility. The expansion is identical to the center originally constructed by Choate.

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Ashton Woods 877 Island Park Drive, Daniel Island Developer/owner: Ashton Charleston Residential LLC, Atlanta Architects: McMillan Pazdan Smith Architecture, Charleston General contractor: Choate Interiors, Mount Pleasant Engineers: Echo Engineering LLC, Mount Pleasant (mechanical, electrical) Estimated completion date: Fall 2021 This project includes the construction of a first-generation office and studio upfit in the new Daniel Island Center for homebuilder Ashton Woods. The 4,500-square-foot space will include several offices, a large conference room and a design studio that will have millwork finishes with display cases to showcase Ashton Woods’s homebuilding experience.

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St. Johns Fire District Kiawah Station No. 4 12 Sora Rail Road, Kiawah Island Developer/owner: Construction Dynamics Inc., Columbia Architects: RosenBlum Coe, Charleston General contractor: Choate Construction, Mount Pleasant Engineers: Thomas & Hutton, Mount Pleasant (civil); 4SE, Charleston (structural); RMF Engineering, Mount Pleasant (mechanical, electrical, plumbing) The new station includes three apparatus bays on structured fill and raised crew quarters with amenities such as laundry facilities, a gym and a breakroom with a full kitchen. A combination of cast-stone masonry and Hardi siding make up the exterior of the fire station.

The Opportunity Center 8570 Rivers Ave., North Charleston Developer/owner: Homes of Hope Inc., Greenville Architects: McMillan Pazdan Smith Architecture LLC, Charleston Project manager: North Charleston General contractor: J. Musselman Construction Inc., Charleston Engineers: Britt Peters and Associates, Mount Pleasant (structural); Epic Engineering Inc., Mount Pleasant (mechanical, electrical, plumbing, fire protection) Estimated completion date: November 2022 This project includes the construction of Harvest of Hope’s new Opportunity Center, a headquarter for local nonprofits, a business incubator and career training facility utilizing a former 34,600-square-foot warehouse. Additional office spaces will be available to local businesses for rent. Shared amenities include conference rooms, a print room, phone booths and a break area. Renovations include a complete redesign of the interior with newly installed wood screens and atrium clerestory windows.

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CHARLESTON UNDER CONSTRUCTION

Duckett Hall – The Citadel 171 Moultrie St., Charleston Developer/owner: The Citadel, Charleston Architects: McMillan Pazdan Smith Architecture LLC, Charleston General contractor: J. Musselman Construction Inc., Charleston Engineers: DWG Consulting Engineers, Mount Pleasant Estimated completion date: August 2021 This project includes the renovation of an existing classroom in Duckett Hall at The Citadel to create a new Anatomage room. Renovations will accommodate Anatomage equipment, student and teacher seating, tables, lab casework and new ceiling and floor finishes.

900 Johnnie Dodds Exterior 900 Johnnie Dodds Blvd., Mount Pleasant Developer/owner: First Reliance Bank, Mount Pleasant Architects: Novus Architects Inc., Mount Pleasant General contractor: J. Musselman Construction Inc., Charleston Engineers: Britt, Peters & Associates Inc., Mount Pleasant (structural) Estimated completion date: October 2021 This project includes exterior renovations to an existing office building. An updated courtyard space is being constructed with new canopies, hardscapes and updated signage.

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CTC Iron Bridge Capital 997 Morrison Drive, Charleston Developer/owner: Iron Bridge Capital, Charleston Architects: McMillan Pazdan Smith Architecture LLC, Charleston General contractor: J. Musselman Construction Inc., Charleston Engineers: Barrett Woodyard & Associates, Norcross, Ga. (mechanical, electrical, fire protection) Estimated completion date: January 2022 This project includes interior upfits on the fifth and sixth floors of the Charleston Tech Center to create a layout of offices for tenants.

Roper Point Hope 1711 Clements Ferry Road, Charleston Developer/owner: Roper St. Francis Healthcare, Charleston Architects: McMillan Pazdan Smith Architecture LLC, Charleston General contractor: J. Musselman Construction Inc., Charleston Engineers: DWG Consulting Engineers, Mount Pleasant (mechanical, electrical, plumbing) Estimated completion date: December 2021 This project includes an upfit of a shell space into medical offices, exam rooms, an X-ray room, lab, nursing station and waiting room for Roper Hospital.

October 18 - 31, 2021

CHARLESTON UNDER CONSTRUCTION

Charleston Trade Center – Tract 1A Trade Center Parkway, Summerville Developer/owner: The Keith Corp., Charlotte Architects: McMillan Pazdan Smith Architecture LLC, Spartanburg General contractor: Frampton Construction, Ladson Engineers: WGPM Inc., Charlotte (structural); Alliance Consulting Engineers, Columbia (civil); Team Mechanical, Fort Mill (mechanical); Eldeco Inc., North Charleston (electrical); Constantine Engineering Associates Inc., Charleston (plumbing); Shambaugh & Sons LP, Fort Wayne, Ind. (fire protection) Estimated completion date: Spring 2022 The project includes the construction of Tract 1A at the Charleston Trade Center, one of the Lowcountry’s Class A industrial campuses. At more than 1 million square feet, the new cross-dock industrial building will be the largest speculative industrial facility ever built in the Charleston region. The building is located 30 miles from the Port of Charleston and is designed with 40-foot height and 120 fully equipped dock doors.

www.charlestonbusiness.com 37

Charleston Trade Center – Tract 4B Trade Center Parkway, Summerville Developer/owner: The Keith Corp., Charlotte Architects: McMillan Pazdan Smith Architecture LLC, Spartanburg General contractor: Frampton Construction, Ladson Engineers: WGPM Inc., Charlotte (structural); Alliance Consulting Engineers, Columbia (civil); Team Mechanical, Fort Mill (mechanical); Eldeco Inc., North Charleston (electrical); MECA Inc., Columbia (plumbing); American Fire Protection LLC, Concord, N.C. (fire protection) Estimated completion date: Spring 2022 The project includes the construction of Tract 4B at the Charleston Trade Center, one of the Lowcountry’s Class A industrial campuses. The building is a 433,000-square-foot double-loaded distribution center designed to complement the existing industrial park. The building will be constructed using concrete tilt-wall panels with protruding fins and low roof insets to enhance the entrance corners.

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Johns Island Pharmacy 3133 Maybank Highway, Johns Island Developer/owner: Johns Island Pharmacy Architects: Cobb Architects, Charleston General contractor: J. Musselman Construction Inc., Charleston Engineers: Earthsource Engineering, Mount Pleasant; Constantine Engineering Associates LLC, Charleston Estimated completion date: October 2021 This project includes additions to an existing structure on Johns Island to create a compounding pharmacy. Site work includes supporting parking spaces, sidewalks and drive aisles, along with complete remodeling of the interior to include custom cabinets for the lab/pharmacy, flooring, doors and hardware, and new mechanical, electrical and plumbing systems.

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Animal Hospital of North Charleston 8636 Dorchester Road, North Charleston Developer/owner: Veterinary Practice Partners, King of Prussia, Pa. Architects: BDA Architecture PC, N.M. General contractor: J. Musselman Construction Inc., Charleston Engineers: Teeter Engineering Group PA, Charlotte (mechanical, electrical, plumbing) Estimated completion date: December 2021 This project includes an interior build out of an existing shell space to accommodate full veterinary care needs for the Animal Hospital of North Charleston.

October 18 - 31, 2021

www.charlestonbusiness.com 39

CHARLESTON UNDER CONSTRUCTION

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Smith Dray Line Warehouse – Dorchester County Ashley Phosphate Road & Lincoln Patriot Blvd., North Charleston Developer/owner: Smith Dray Line, Greenville Architects: McMillan Pazdan Smith Architecture LLC, Spartanburg Project manager: The Furman Co., Greenville General contractor: Choate Construction Co., Mount Pleasant Engineers: WGPM Inc., Charlotte (structural); Thomas and Hutton, Mount Pleasant (civil); Poe’s Heating & Air, Gwinnett Village, Ga. (mechanical); Eldeco Inc., North Charleston (electrical); Live Oaks Consultants, North Charleston (plumbing); Century Fire Protection, Duluth, Ga. (fire protection) Estimated completion date: Spring 2022 This project includes the construction of a 59,082-square-foot warehouse designed to store wooden vaults that secure furniture for Smith Dray Line’s clients. The building will also have 3,146 square feet of office space for a total of 62,228 square feet. The office will be divided into a main office and remote operations office.

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Bevi Bene Brewing Co. 1859 Summerville Ave., Charleston Developer/owner: Clay Carlisle, Charleston Architects: Synchronicity LLC, Charleston General contractor: Choate Interiors, Mount Pleasant Engineers: Tharpe Engineering, Savannah (structural); Forsberg Engineering and Surveying Inc., Charleston (civil); Hensley & Goerling, Mount Pleasant (mechanical, electrical, plumbing) Estimated completion date: Winter 2021 This project includes the interior upfit of a vacant, 4,500-square-foot shell space to feature a brewery, tasting room and operational space for the Bevi Bene Brewing Co. A patio will be incorporated to the exterior of the brewery.

www.charlestonbusiness.com

October 18 - 31, 2021

CHARLESTON UNDER CONSTRUCTION

Downtown Nexton Sigma Drive & Brighton Park Blvd., Summerville Developer/owner: Sharbell Nexton LLC, Robbinsville, N.J. Architects: McMillan Pazdan Smith Architecture LLC, Charleston General contractor: Landmark Construction Co., North Charleston Engineers: Seamon Whiteside, Mount Pleasant Estimated completion date: First phase expected to be complete by first-quarter 2023; overall expected completion date: 2027 Estimated total cost: More than $400 million This project includes a full build out of retail, dining, hospitality, residential and office buildings in downtown Nexton. The first of the multiphase project is expected to be completed in 2023 and will include a convenience store/gas station and a multifamily mixed-use building with loft apartments above ground-level retail stores.

United Community Bank 602 Coleman Blvd., Mount Pleasant Architects: LFK Architects, Mount Pleasant General contractor: The Cornerstone Co., Mount Pleasant Engineers: Tobias West Engineering LLC, Mount Pleasant (structural); Epic Engineering, Charleston (mechanical, electrical, plumbing) Estimated completion date: September 2021 The project includes the complete renovation of an existing 2,627-square-foot building for a new bank branch. The project includes a curved cedar awning at the front entrance and a reclaimed wood feature wall in the lobby.

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CHARLESTON UNDER CONSTRUCTION

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General Contractors

Ranked by Construction Revenue Received in 2020 in the Charleston Area Construction Revenue Received 2020

Active Contracts / Employees

Robert D. Fairey, Timothy K. Kennedy 1981

$150,000,000

60 90

Commercial, health care, industrial, multifamily, educational and religious construction

843-284-9053 www.choateco.com qgaines@choateco.com

Tim Heichelbech, Matt Brewer 1989

$122,600,000

22 60

Manufacturing, distribution, aviation, medical office, institutional, corporate, hospitality, senior living, multi-family, student housing, interiors, CM@R, design-build

Gulf Stream Construction Co. Inc. 1983 Technology Drive Charleston, SC 29492

843-572-4363 www.gulfstreamconstruction.com mblackwood@gulfstreamconstruction.com

Matt Arrants, Matt Blackwood, Mark Hylton 1963

$102,000,000

37 270

Civil, site and infrastructure general contractor

Samet Corp. 2457 Aviation Ave., Suite 122 North Charleston, SC 29406

843-714-2077 www.sametcorp.com general.inquiry@sametcorp.com

Carson P. Knizevski 1961

$89,104,284

23 39

Industrial and manufacturing, corporate office and base building, health care, technology, education, historical renovations, senior living, multifamily, civic and sports facilities

The Whiting-Turner Contracting Co. 900 Island Park Drive, Suite 150 Charleston, SC 29492

843-972-6400 www.whiting-turner.com

Jay H. Norman 2018

$81,500,000

21 55

Construction management, general contracting, design-build and integrated project delivery for health care, higher education, mission-critical, manufacturing, aviation, hospitality

Balfour Beatty US 306 Meeting St., Suite 100 Charleston, SC 29401

843-974-4590 www.balfourbeattyus.com info@balfourbeattyus.com

Jeff Sandeen, Scott Skidelsky 1933

$70,000,000

8 15

Highways, bridges, tunnels, water and wastewater treatment plants, light rail networks, heavy rail, commuter rail, city streetcars, short line, Class 1 freight railroads, corporate offices, education

M. B. Kahn Construction Co. Inc. 148 1/2 E. Bay St. Charleston, SC 29401

843-990-7700 www.mbkahn.com jmorris@mbkahn.com

William H. Neely, Robert A. Chisholm 1927

$62,531,000

20 33

General contracting, construction management, construction management at risk, integrated project delivery, facility planning and design-build services

HITT Contracting Inc. 216 Seven Farms Drive Charleston, SC 29492

843-308-9400 www.hitt.com info@hitt-gc.com

Ryan Bixler, Josh VanScoy 1997

$58,647,247

22 33

Commercial base, industrial, government and defense facilities, historic, design-build

Thompson Turner Construction 111 Coleman Blvd., Suite 401 Mount Pleasant, SC 29464

803-773-8005 www.thompsonturner.com info@thompsonturner.com

Liz Rhoads, Hal Turner 2001

$45,000,000

7 20

New construction and renovation services throughout South Carolina; educational facilities, commercial and industrial buildings, and complex renovations

Linden Construction of South Carolina Inc. 350 Seacoast Parkway Charleston, SC 29464

843-637-4375 www.lindenconstructionco.com lfranks@lindeninc.com

Brandon Linden, Greg Munzel, Thad Ott 2009

$35,125,000

20 26

Ground-up construction, multifamily, Class A office, mixed-use, interiors, major renovations to existing structures, medical, corporate retail, light industrial and flex, special purpose, design-build

Vannoy Construction 2457 Aviation Ave., Suite 105 North Charleston, SC 29406

843-998-7194 www.jrvannoy.com melvin.cline@jrvannoy.com

Mark Vannoy, Eddie Vannoy 1952

$30,096,137

9 13

Mashburn Construction Co. Inc. 1202 Chuck Dawley Blvd. Mount Pleasant, SC 29464

843-853-4303 www.mashburnconstruction.com

Lee MashburnJr., Paul Mashburn, Harry Mashburn 1976

$29,280,000

43 36

Healthcare, education, historic renovation, hospitality, retail, industrial, office, religious, municipal and upfit markets

Berenyi Construction LLC 49 Immigration St., Suite 201 Charleston, SC 29403

843-284-2000 www.berenyi.com

Tony A. Berenyi, Jordan Behringer, Razvan Cojocaru 2008

$27,454,710

32 4

Design-build with in-house architecture and engineering, preconstruction and planning, construction management, general construction, specializing in heavy industrial and commercial markets

Harbor Contracting Inc. 1147 Pleasant Oaks Drive Mount Pleasant, SC 29464

843-884-3434 www.harborcontracting.net info@harborcontracting.net

Andrew S. McKellar, Alex S. McKellar, Peter A. McKellarIV 1985

$22,500,000

22 25

Commercial construction, medical, dental, office, municipal, industrial, religious

Construction Services Group Inc. 1022 Physicians Drive Charleston, SC 29414

843-225-2527 www.csgcharleston.com contactcsg@csgcharleston.com

Ron McCollum, Andy Moody 2005

$20,000,000

37 31

Commercial construction including but not limited to hospital construction and up-fits, retail, medical office building, general office space, metal buildings, all mechanical including electrical, HVAC and plumbing

JE Dunn Construction 4000 Faber Place Drive, Suite 300 North Charleston, SC 29405

854-999-4261 www.jedunn.com bryan.ferris@jedunn.com

Bryan Ferris, Ryan Price 1924

$18,000,000

3 16

Self-perform, virtual design and construction, augmented reality, building solutions, BIM and JE Dunn capital partners

CR Hipp Construction Inc. 121 Carolina Ave. Goose Creek, SC 29445

843-744-4477 www.crhippconstruction.com pete.bailey@crhippconstruction.com

Pete L. Bailey 1962

$17,000,000

32 100

Mechanical, HVAC, plumbing, process piping, sheet metal fabrication, prime mechanical work and utility

J. Musselman Construction Inc. 654 St. Andrews Blvd. Charleston, SC 29407

843-225-0406 www.jmusselmanconstruction.com elise@jmusselmanconstruction.com

Vance Alexander, Jon Musselman 2006

$14,215,002

27 15

Commercial offices, medical offices, health care, dental, retail and designbuild work

Charles Blanchard Construction Corp. 2845 Rivers Ave. North Charleston, SC 29405

843-747-5757 www.blanchardconst.com ronnie@blanchardconst.com

Matt O'Donnell, Michael Blanchard, John O'Donnell 1975

$12,368,093

29 60

Industrial, historic, commercial

SouthCon Building Group LLC 682 Johnnie Dodds Blvd., Suite 101 Mount Pleasant, SC 29464

843-225-2845 www.southconbuilding.com administrator@southconbuilding.com

Chris R. Spach 2008

$12,078,203

6 13

Commercial general contractor, construction manager providing a variety of preconstruction and construction services ranging from conceptual cost estimates to constructability review and scheduling

Design Build Construction 9561 Hamburg Road Ladson, SC 29456

843-851-1449 www.designbuild-construction.com rob@designbuild-construction.com

Stephen M. Mueller 1992

$8,500,000

7 12

Commercial general contracting, new construction, site development, upfits; working with an owner from the initial theoretical phase all the way to completion

R.M. Buck Builders General Contractors 900 Main Road, Suite 3 Johns Island, SC 29455

843-559-1155 www.rmbuck.com ryan@rmbuck.com

Ryan Buck 1977

$8,500,000

20 20

New construction, renovation, luxury homes, investment properties, self storage, commercial buildings, regime, and new developments

Company

Phone / Website / Email

Top Local Official(s) / Year Founded

Trident Construction 2245 Technical Parkway North Charleston, SC 29406

843-572-7600 www.tridentconstruction.com chappy@tridentconstruction.com

Choate Construction Co. 235 Magrath Darby Blvd., Suite 250 Mount Pleasant, SC 29464

Because of space constraints, sometimes only the top-ranked companies are published in the print edition. Although every effort is made to ensure accuracy, errors sometimes occur. Email additions or corrections to research@scbiznews.com.

Area of Specialization

Researched by Paige Wills

IN FOCUS: ARCHITECTURE, ENGINEERING AND CONSTRUCTION

October 18 - 31, 2021

www.charlestonbusiness.com 43

General Contractors

Ranked by Construction Revenue Received in 2020 in the Charleston Area Construction Revenue Received 2020

Active Contracts / Employees

Tyler Bowers, Terry B. Weeks 2003

$7,850,000

12 8

Design-build contractor specializing in medical, dental, veterinarian, light industrial, commercial, retail, self-storage and warehouse projects

843-853-5557 www.flywaysc.com info@flywaysc.com

Lindsay N. Nevin 2004

$7,219,737

13 4

Residential and commercial restoration, residential and commercial new construction, consulting, client management

Pepperdam Construction Co. Inc. 7215 Cross Park Drive North Charleston, SC 29418

843-552-3669 www.pepperdamconstruction.com info@pepperdamconstruction.com

Jordan M. Blanton, Gregory C. Blanton, Jennie D. Blanton 1984

$7,000,000

15 40

Since 1984; specializes in industrial and commercial construction; services include design-build, sitework, utilities and concrete

IPW Construction Group LLC 7623 Dorchester Road North Charleston, SC 29418

843-308-0524 www.ipwcg.com cyrussinor@ipwco.com

Cyrus D. Sinor 2002

$6,186,169

30 19

New construction, renovations, design-build, historical renovations, road work, site work, operations, maintenance, electrical, mechanical services, trucking, site surveying and aerial mapping services

Seamar Construction Group Inc. 3690 Bohicket Road, Suite 3C Johns Island, SC 29455

843-768-1758 www.seamarconstruction.com info@seamarconstruction.com

Mark A. Faenza, Richard J. Faenza, Steven C. Parham, Charles L. HudsonJr. 2004

$4,700,000

4 8

New custom home construction, commercial, historical renovation

RC Building Co. Inc. 761 Johnnie Dodds Blvd., Suite 200 Mount Pleasant, SC 29464

843-881-0808 www.rcbuildingcompany.com ted@rcbuidlingcompany.com

Ted Beckenhauer, Edwin C. CuttinoJr. 1998

$4,500,000

10 10

Complete facility design-build, Varco Pruden pre-engineered building systems, metal building maintenance, unlimited licensing capabilities

Alder Energy Systems 495 Jessen Lane Charleston, SC 29492

843-388-5493 www.alder-energy.com info@alder-energy.com

Craig Knowlton, Don Zimmerman, Jarrett Branham 2008

$4,300,000

18 18

Design and installation of solar energy systems and energy storage systems for commercial, industrial and institutional customers

Atrium Builders Inc. 919 W. Richardson Ave. Summerville, SC 29483

843-873-1818 www.atriumbuildersinc.com abuilders@sc.rr.com

Bill Beauchene 1992

$3,861,965

18 8

Steel, concrete, carpentry, project management, renovations, retail, church, industrial

Bohicket Construction LLC 147 Wappoo Creek Drive, Suite 403 Charleston, SC 29412

843-225-2003 www.bohicket.org marion@bohicket.org

Marion Davis 2017

$2,000,000

9 4

Upfits, renovations, LEED certifications, construction management

Infinger Construction Group LLC 4748 Franchise St. North Charleston, SC 29418

843-554-9414 www.infingerconstruction.com dmurdock@infingerconstruction.com

Danna Murdock 2013

$1,143,343

5 3

New commercial construction, additions, renovations and upfits

Chastain Construction Inc. 623 Meeting St. Charleston, SC 29403

843-722-4555 www.chastainconstruction.com newprojects@chastainconstruction.com

Liston Guerry , Kevin Townsend 1995

$1,000,000

15 18

Active medical, hospital, health care institutional, commercial office, distribution and warehouse, education, government, retail and restaurants, sports and entertainment

Company

Phone / Website / Email

Top Local Official(s) / Year Founded

The Cornerstone Co. of Charleston 543 Long Point Road, Suite 101 Mount Pleasant, SC 29464

843-849-7760 www.thecornerstonecompany.net tbw@thecornerstonecompany.net

Flyway SC LLC 1640 Meeting St. Road, Suite 302 Charleston, SC 29405

Area of Specialization

Researched by Paige Wills

Commercial Moving & Storage Companies Ranked by No. of Employees in the Charleston Area Company

Phone / Website / Email

Top Local Official(s) / Year Founded

Employees / Warehouse Sq. Ft.

Climate Controlled? / Packing Available?

Azalea Moving & Storage Inc. 7131 Bryhawke Circle North Charleton, SC 29418

843-767-4888 www.azaleamoving.com josh@azaleamoving.com

Josh Keiffer 1982

113 -

Nilson Van & Storage 2017 Pittsburgh Ave. Charleston, SC 29405

843-744-1655 www.nilsonvan.com dnilson@nilsonvan.com

Phyllis Nilson 1938

Armstrong Relocation 7167 Cross County Road North Charleston, SC 29418

843-552-4833 www.charleston.armstrongrelocation.com

Mather Brothers Moving Co. 3240 Benchmark Drive Ladson, SC 29456

Moving/Storage Services

Geographic Coverage

Yes Yes

Full service moving company

Nationwide

48 -

No Yes

Southeast region

Travis Beverley 1922

26 35,000

No Yes

Residential, commercial, hospitality, communication equipment, general warehousing

International

843-572-5155 www.matherbrothers.com chris.reed@matherbrothers.com

Chris Reed, Chris Reed 2013

20 28,000

No Yes

Storage, warehousing, cross dock services, container load and unload, import export services, household and office relocations

Worldwide

ABF Freight 3153 Pacific St. North Charleston, SC 29418

479-785-6000 www.arcb.com customerservice@arcb.com

Steven Leonard, Nate Ross, Marc Weidner 1923

16 -

No No

An ArcBest company; ReloCubes and trailers

U.S., Canada and Puerto Rico

ATS World Packaging 7370 E. Spartan Blvd. North Charleston, SC 29418

843-266-0010 www.atsworldpackaging.com troth@atsworldpackaging.com

Tom Roth 1997

15 -

Yes Yes

Crating, packaging, pallets, heat-treated wood crates (heat chamber on premises)

Worldwide

McCorquodale Transfer Inc. 4567 Piggly Wiggly Drive, Suite C North Charleston, SC 29405

843-200-1937 www.mtmoves.com

Bryan R. Terrell 1996

15 65,000

Yes Yes

Designer installation services, household moving, commercial moving, warehouse receiving, packing and crating

Nationwide

Main Road Self Storage 926 Main Road Johns Island, SC 29455

843-559-0061 www.mainroadstorage.com matt@mainroadstorage.com

1995

7 105,000

Yes No

Local

Blackmon Warehouse Systems Inc. 1930 Hanahan Road, Suite 1400B North Charleston, SC 29406

843-747-4630 vickys@blackmon-warehouse.com

Vicky Slagle 1974

5 -

No No

Southeast

Carolina Boatyard Inc. 2383 S.C. Highway 41 Mount Pleasant, SC 29466

843-971-1812 www.carolinaboatyard.com theyard@carolinaboatyard.com

Bradley J. Kerr, Tracy R. Kerr 1997

2 250,000

No No

Secure, clean storage for boats; locally owned and operated since 1997; 2 boat storage yard with locations in Awendaw and Wando; outdoor space only

Regional

Specialty Services of Charleston 4246 Scott St. North Charleston, SC 29405

843-225-9051 movers.mg@gmail.com

2006

2 1,200

No Yes

East coast

Researched by Paige Wills

www.charlestonbusiness.com

IN FOCUS: ARCHITECTURE, ENGINEERING AND CONSTRUCTION

October 18 - 31, 2021

2021 | SOUTH CAROLINA

MANUFACTURING CONFERENCE AND EXPO PRESENTED BY:

SAVE THE DATE: NOV. 10 - NOV. 12

GREENVILLE CONVENTION CENTER | GREENVILLE, SC

To view the agenda and to register, visit www.scmanufacturingconference.com

Join Manufacturing suppliers and innovators across all industry verticals at South Carolina’s most significant manufacturing event of the year. The 2021 conference will include:

• An exhibit hall the equivalent of three football fields • Leadership Training (SHRM/HRCI credits earned) • Implementing Industry 4.0 Technology • Driving Change: The Future of Electric Vehicles in South Carolina • 2022 Economic Outlook: Auto, Aerospace, Biotech • Women in Manufacturing: Leaders and Influencers • SCMEP Manufacturing Excellence Awards • The South Carolina Manufacturing Extension Partnership (SCMEP) will conduct training courses

PRESENTING SPONSORS:

#NotYourAverageJanitor

SUPPORTING SPONSORS:

For questions about exhibiting or sponsorship opportunities, please contact Melissa Tomberg at (864) 720-1220 or mtomberg@scbiznews.com Visit scmanufacturingconference.com for the latest updates.

At Work

BUSINESS DIGEST | PEOPLE IN THE NEWS | HOT PROPERTIES

People in the News

Business Digest

Edisto Island house receives National Parks Service grant The Edisto Island Open Land Trust has received a $171,512 grant from the National Park Service for the restoration of the interior of the Hutchinson House. The grant was funded through the Historic Preservation Fund and African American Civil Rights grant program. Fifty-three of these grants totaling $15,035,000 were awarded for projects across the United States. The Hutchinson House represents one of the oldest houses on Edisto identified with the African American community after the Civil War. Once the restoration is complete, it will be open to the public as a museum and heritage center.

Berkeley Chamber rebrands to Business and Industry Advocate

The Berkeley Chamber of Commerce recently announced the beginning of a rebranding to Business and Industry Advocate and released a new website and logo. The new website features an updated interface designed to provide users with readily available information about businesses in Berkeley County. Its new business advocacy program page keeps members updated with the latest developments on legislation affecting the local business community, and its enhanced member center allows members to post events to the calendar, manage their business listing, submit news and press releases, submit job posts and offer deals to fellow chamber members.

Postpartum Support Charleston launches Beyond Delivery program

Postpartum Support Charleston has a new program aimed at providing new moms in the Charleston area with basic necessities and support as they head home from the hospital with their infant. Beyond Delivery launched Oct. 1 in a pilot program with Summerville Medical Center. The first delivery was made Oct. 16. Through the program, moms who are discharged from Summerville Medical Center will receive a homemade lasagna, an infant care package with diapers, wipes and butt paste, as well as materials about maternal

mental health and resources provided by Postpartum Support Charleston. All moms who give birth at Summerville Medical Center are eligible for Beyond Delivery.

Procurement Technical Assistance Center opening in SC

The University of South Carolina’s Office of Economic Engagement, in partnership with the S.C. Department of Commerce, recently announced the opening of the Procurement Technical Assistance Center of South Carolina. The center will provide South Carolina businesses the resources and services required to obtain contracts and subcontracts with the U.S. Department of Defense as well as federal, state and local governments. The office will focus on seeking out and assisting with small business concerns, including Small Disadvantaged Businesses concerns, Women-Owned Small Businesses concerns, HUBZone small business concerns and Service- Disabled Veteran-Owned Small Business concerns.

CARTA connects bikers, walkers across North Bridge

The Charleston Area Regional Transportation Authority received unanimous board approval for enhancements to Route 32 aimed at bridging the gap for cyclists and pedestrians seeking to cross the North Bridge. The new initiative provides free transportation between

bus stops on either side of the bridge for both cyclists and pedestrians and allows bicycles to be brought on board the bus in-between stops in the event that racks are full. The service frequency for Route 32 has also been doubled, cutting wait times in half to every half-hour Monday through Saturday and every hour on Sunday.

Teak & Table Outdoor opens flagship showroom in Downtown Charleston

Outdoor furniture manufacturer Teak & Table Outdoor has opened a new flagship showroom at 656 King St. The South Carolina-based company began operations at the 9,500-square-foot facility on Sept. 24, closing down its Mount Pleasant location in the process. Teak & Table designs outdoor furniture for the home and works with hospitality operators to design, produce and deliver custom sets for businesses. Their new showroom will serve as a hub for home- and business owners alike to browse and shop the latest in outdoor décor.

Smile Generation-trusted dental practice opening in the Lowcountry

Summerville Smiles Dental Office, a Smile Generation-trusted dental practice, is now accepting adult and pediatric patients. The new practice is led by Dr. Ali Shahrestani and his team of clinicians. The Smile Generation is a referral service See BUSINESS DIGEST, Page 46

BANKING Bank of the Lowcountry has appointed Erik Lebkicher as the company’s new vice president and commercial relationship manager. Lebkicher has nearly Lebkicher 17 years of banking experience in the Lowcountry and has managed teams in West Ashley, the peninsula, Summerville and Mount Pleasant. His focus will be on growing commercial relationships in the greater Charleston region.

CONSTRUCTION Cullum Constructors Inc. has hired John Duffield as a design engineer and promoted Brady Harris to field layout technician. Duffield grew up helping his Duffield family with Habitat for Humanity builds and attended Clemson University where he earned his Bachelor of Science in mechanical engineering. He is a South Carolina licensed Harris professional engineer and will work in construction operations on Cullum’s design build team. Harris joined Cullum in 2020 as a plumbing apprentice, gaining field experience and achieving OSHA certification. In his new role, he will perform the initial field layout for mechanical and plumbing systems and record as-built field measurements of these same systems. Landmark Construction Co. Inc. has hired Derrell Ward as assistant superintendent for the concrete division. Ward began his career in construcWard tion 19 years ago in the residential field as a footing laborer. After transitioning to the commercial side in 2009, he made his way to the role of superintendent. At Landmark, he is responsible for on-site See PEOPLE, Page 46

www.charlestonbusiness.com

October 18 - 31, 2021

Business Digest BUSINESS DIGEST, from Page 45

connecting patients with trusted dentists and offering financial options that help them afford the care they need. Its network spans more than 800 dental offices in 24 states.

Target your market in an upcoming issue of the Charleston Regional Business Journal

NOVEMBER 1

BANKING AND FINANCE

List: Banks Bonus List: Financial Brokerage Firms

Advertising Deadline: October 18 NOVEMBER 15

DEFENSE AND HOMELAND SECURITY List: Defense Contractors

Advertising Deadline: November 1

Wilkerson named among top bankers in S.C.

Kim Wilkerson, South Carolina president for Bank of America, has been named to the SC Biz News Power List of Top Banking Professionals in South Wilkerson Carolina for 2021. Wilkerson serves as the bank’s enterprise leader and provides business, civic and philanthropic lead-

People in the News PEOPLE, from Page 45

administration, safety, budget management, project planning and coordination on construction projects. He is certified in OSHA 30 hour, CPR and first aid, fall protection and aerial lift operation.

INSURANCE

NOVEMBER 29

AEROSPACE

List: SC Aerospace Companies Bonus List: SC Regional Airports

Advertising Deadline: November 15 DECEMBER 13

ARCHITECTURE, ENGINEERING, AND CONSTRUCTION (AEC)

List: Commercial Property Management Co Special Section: Health Care Heroes

Advertising Deadline: November 29

For advertising information, call Robert Reilly at 843.849.3107

ership across the state. She also serves as managing director and S.C. market executive for the Bank of America Private Bank. Active in civic affairs, she is the first female successor member of the Clemson University Board of Trustees. She is currently Chair of the Board for Clemson University, Chair-Elect for the S.C. Chamber of Commerce and serves on the Palmetto Business Forum. Wilkerson also previously served as chair for the Columbia Chamber of Commerce. Throughout her career, she has served on numerous boards including the Clemson University Foundation Board, the Clemson University Board of Visitors and the S.C. Bankers Association. A 1980 graduate of Clemson University with a bachelor’s degree in financial management, she has a Six Sigma Greenbelt and is a NASD Registered Principal with Series 7, 24, 63 and 65 securities licenses.

The Farnsworth Family Agency has added two licensed agents. Danny Clark joins the insurance agency from Utah, where he earned his bachelor’s degree at BYU, and Chris Hatton joins from Colorado.

Sen. Ted Cruz’s presidential campaign in South Carolina. He was recently elected chairman of the Dorchester County Republican Party and is a member of the Summerville Rotary Lunch Club and the Summerville Dream Economic Vitality Committee. Westfall began his career as a licensed Medicare specialist in 2015 and became the youngest speaker at the National Medicare Conference. He then began utilizing his digital marketing skills to assist with political campaigns, large events and local businesses, eventually using these skills to open his own digital firm.

TECH Clark

MARKETING Push Digital, a political campaign and digital advertising agency built for the integration of mobile and television marketing, has hired South Carolina politicos Steven Wright and CJ Westfall. Wright was born and raised in Summerville. He graduated from Summerville High School and went on to obtain his associates degree in business from Trident Technical College. He has worked on political campaigns as a paid staffer and volunteer for nearly 15 years. In 2015, he served as Lowcountry field director for

Quantum Reality Capture has hired Joshua Good as vice president of building information modeling operations. Good graduated from The Savannah College of Good Art and Design with a bachelor’s degree in architecture in 2003 and a master’s in architecture in 2004. He came to Charleston in 2005, where he has practiced architectural design and project management for the last 16 years. At Quantum, he will manage the use of LiDAR capable devices and drone technology to scan architecture and construction projects, translating them into a variety of design-ready files.

Submit items at our online submission portal: www.CRBJBizWire.com. Publication in print and online is subject to editorial discretion.

Viewpoint

VIEWS, PERSPECTIVES AND READERS’ LETTERS

Think of money as a tool to build your business W

hy did you start your business? Really think about it. Why? What are your hopes and dreams? Why are you doing this? You are investing a large part of your life and you will ask others to join, so you really need to know your goals. And those goals, in my humble opinion, need to COLE go deeper than just DUDLEY making money. When looking for an investor partner, and I do mean partner, seek people to whom you will be married for many years. You’re not just looking for money. Let that sink in, it’s not all about the money! Money is a tool. It does not grow a business. Money will come if you build a good business, and the partner you are seeking will help you build that business. Your first task is to identify someone who buys into your vision, adds value beyond the money, and with whom you have mutual respect. Start by understanding which investor types match your goals for growth, exit time frame, and social good. For early-stage companies, the most likely investors include friends and family who may invest just because they like you. Angel investors are wealthy individuals or groups of wealthy individuals. They usually make investment decisions individually, so their goals and decision processes vary. Family offices invest for wealthy families and, again, their goals vary, but a long-term hold strategy is a possibility. Finally, venture capitalists invest for high growth and an exit in five to seven years at multiples of their investment. Corporate venture capitalists may invest for financial or strategic reasons, or a combination. With professional investors, you will give up some control through board and share votes and/or restrictive covenants. Be sure to develop a good relationship with your investor partner and align goals before you accept money. Then, review the documents with an attorney

Photo/file

experienced with early-stage financings. Money is invested as debt or equity. Which is better for your long-term goals? Debt will allow you to maintain 100% ownership but uses cash flow and comes with restrictive covenants. Equity holders will own part of your company but are more fully in the boat with you. Either way, you have a new partner, and you will need to communicate often with them. If you’re not familiar with capital structures, make sure you get expert advice. The capital stack is the order in which holders of debt and equity are repaid. Debt always gets paid first. Equity holders are paid next, with the exact order driven by the share classes and differing rights of each. Money is just a tool. Spend it, and it’s gone. What is left behind? What did you build? And, did you build a company that will get to the next step? That next step may be attracting a larger round of funding, reaching cash flow break-even, or

selling the company for a nice valuation. The question is, did you reach the critical milestones you forecast when you raised the money? If not, the path gets steeper as attracting additional capital will be harder. How much is your company worth? Valuations change with time, geography, investor and stage of the company. Valuing an early-stage company is not exact science, but it can be logic-driven as it is often guided by the market for similar companies. Be aware of the valuations being paid and know the keys to increasing a company’s value such as showing great potential and reducing the management, technical, operational and market risks. To efficiently grow a business, identify and understand the business’s levers (i.e., repeatable processes) that yield repeatable results. For example, how many new accounts will a salesperson produce per month and how much new revenue does

Correction A story in the Oct. 4 edition of the Charleston Regional Business Journal incorrectly characterized the purpose of a cell phone tower near The Charles. The tower ensured AT&T and T-Mobile cell reception for nearby residents and first responders during construction of The Jasper and has been replaced by a new antenna located atop The Jasper.

that provide? What is the lifetime value of a new account? You can now build a revenue ramp forecast based on the number of salespeople. Also, with the average lifetime revenue of a customer, the average cost to acquire a customer, and your margins, you know the payback and profit for each new customer and therefore each sales rep. You won’t start with this knowledge, although there are likely industry metrics. You will need to initiate gathering the data from the very beginning, then define the repeatable processes and use the data to measure effectiveness and direct investment of resources. So…. What will you build? How will you do it? Will it get you to your goal? Will it attract the people and customers you need? If so, the money will follow. CRBJ

Cole Dudley is director of SC Industry Solutions for the S.C. Research Authority. Find more information at www.scra.org.

We want to hear from you Write: Andy Owens, Executive Editor Charleston Regional Business Journal 1802 Dayton Street, Suite 101 North Charleston, SC 29405 Email: aowens@scbiznews.com

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October 18 - 31, 2021

Helping 258,000 South Carolina businesses connect with customers Every day, hundreds of thousands of South Carolina small businesses like Bobby’s BBQ are being found online. With a free Business Profile on Google, small businesses can connect with customers through phone calls, directions, bookings, and more.

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