Study reveals Patriots Point Annex project is expected to bring nearly $400 million in revenue
MOUNT PLEASANT, S.C. (WCBD) – The University of South Carolina’s Darla Moore School of Business unveiled a study on the economic impact of Patriots Point revealing the space brings in over $200 million to the area.
The study showed that the Mount Pleasant property generates around $205 million for the surrounding Charleston region. Patriots Point is home to the historic warships and museums as well as the 61 acres around it. The Patriots Annex project is planning for that acreage to become a mixed-use development.
“There are three major elements to the economic impact of Patriots Point in Charleston and in South Carolina,” Joseph Von Nessen, a research economist at USC, said. “One is the operations of Patriots Point itself, one is the impact of the business tenants, and then one is the visitors’ spending. When new visitors come into the area, they are spending dollars here locally and that supports local businesses and the local community.”
The Patriots Point Development Authority initiated the project. The acting chairman said the board was looking for a solution to keep up with the costly maintenance and repairs of the USS Yorktown and USS Laffey.
“The biggest problem we have here at Patriots Point is the extensive maintenance on these 80-year-old ships, again we got two 80-year-old ships,” Wayne Adams, acting chairman of Patriots Point Development Authority, said. “They were built to last 30 years, so that’s sort of the context of what we’re doing.”
The first phase of the project is a hotel which is expected to break ground in 2025. The second and third phase will consist of commercial, residential, office, and retail space. Those are expected to begin operations in 2027 and 2030 respectively.
On a greater scale, by the time the Patriots Point Annex project is completed, nearly $400 million will add to the economic impact of the site. It will support nearly 3,000 permanent jobs and $130 million in labor income.
“If we look cumulatively, that’s means about a $2.1 billion, that’s billion with a ‘b’, $2.1 billion dollar economic impact between 2024 and 2030,” Von Nessen said. “We anticipate overall for the Charleston tri-county region.”
