Why am I trying to buy Union Pier?
In short, because in my view, this project needs a long-term steward, not an out-of-town developer.
What do I mean by that?
I’ve had the pleasure of working with many real estate developers over the years. They are truly some of the most talented, driven, entrepreneurial people I have known in my career, willing to work against all odds to bring incredible projects to life.
But developers at their core are economically driven, thinking in terms of maximizing the financial value of a given piece of property. A developer’s perspective is how we ended up with the original plan for Union Pier.
Ben Navarro. File
Furthermore, no matter how detailed a development plan might be, the quality and usability of the completed project can vary greatly depending on countless everyday decisions made by the developer. Looking at some of the new construction in Charleston, it isn’t hard to see examples of exactly what I’m referring to.
OK, so what do I mean by a steward?
A steward would care every bit as much about the long-term legacy of Union Pier as about the economics. Does this development enhance the quality of life of all Charlestonians?
I believe this perspective is why the Ports Authority decided to go down this path with us.
Whether it’s education, wellness, hospitality, open space, recreation or entertainment, we have tried to make a positive impact on our city. I hope to leave Charleston better off than I found it 20 years ago, when I first made the decision to move my company and my family here. I owe this city so much for taking me and my family in and making us feel at home from the day we arrived. I want to see the city that was revitalized under the stewardship of Joe Riley continue to move forward and become an even better place to live, work and play.
Our involvement with Union Pier began when community leaders contacted me following the demise of the original plan, asking us to consider approaching the port about purchasing the property. I was initially a bit overwhelmed by the thought; however, after further consideration I realized we could play a truly unique role in turning Union Pier into the neighborhood that Charleston deserves. While we won’t be able to make everyone happy, we will commit to working closely with Mayor William Cogswell and the city as well as other relevant constituents, and we will always try to balance economics with what’s best for Charleston.
From what I know today, some of our basic tenets will be:
• Seeking to eliminate the cruise ships.
• Turning the terminal into a bustling waterfront location.
• Significantly reducing overall density versus the previous plan.
• Providing public access to the waterfront.
• Creating a sense of place that feels like Charleston.
• Including plenty of open space.
• Developing a resiliency plan to deal with flooding and rising water levels.
• Ensuring that the development is aesthetically pleasing and is built to last.
• Working to become part of the solution for affordable housing.
There are trade-offs in all of this. The port needed to receive a fair price in order to sell. Going forward we will need to figure out how to balance the need to recover the dollars we invest with the city’s goals and objectives for the property. For example, the lower the density, the less opportunity to maximize open space. And the more public waterfront (the most valuable land) allotted, the more density required for the remaining property.
I don’t yet have all the answers to the many questions the community will have. But I can tell you this: I will always have the interests of the residents of Charleston in mind and the humility to be a good listener as we move forward with adding this critical missing piece to the Peninsula.
Benjamin W. Navarro is a Charleston-based businessman and philanthropist whose family office is called Beemok Capital.
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