Business News
MWV Acquires “The Parks of Berkeley” Near Charleston, South Carolina
Tuesday 04. November 2008 - Property Will Be Developed to Help Meet Areas Need for Well-Located Residential and Commercial Real Estate
MeadWestvaco Corp. has announced its purchase of The Parks of Berkeley, a 4,500-acre master planned community located between I-26 and Highway176 in Berkeley County, S.C. Previously owned by Crescent Resources, LLC, the property has been approved for residential and commercial real estate development.
“Our acquisition of The Parks at Berkeley further strengthens our commitment to this community,” said Ken Seeger, president of MWVs Community Development and Land Management Group. “The addition of this property to our portfolio will enable us to help meet the Charleston regions growing need for well- located residential and commercial development.”
The Parks of Berkeley is expected to grow rapidly and it adjoins the new Cane Bay High School. “This property is in the logical path of growth,” continued Seeger. “For example, Googles new $600 million data center in Goose Creek is nearby. Under Crescents ownership, the land was master planned and a development agreement was approved by Berkeley County. Our goal is to refine the land plan and move the project forward to help meet the regions growth needs.”
John Roach, director of land investments for Crescent Resources, said the companys sale of this property frees it up to focus on the 2,032-acre Wildcat tract located adjacent to The Parks of Berkeley site. “We have been privileged to participate in the vision for The Parks of Berkeley and manage this great property for the past two years,” said Roach. “Now, we turn our full attention to the Wildcat tract which we are in the process of master-planning and entitling. We look forward to continuing to work with Berkeley County and the surrounding communities on this site.”