April 19, 2006
LAND PURCHASE FINAL FOR PLANNED VISTA COMMUNITY, CANALSIDE

The Beach Company today finalized its $6 million purchase of approximately 23 acres of land from the City of Columbia for the CanalSide project. The new community will be located along the Congaree River in Columbia’s Vista district and will feature approximately 750 total units. With the sale concluded, the Charleston-based developer will begin site work on the project immediately.

"CanalSide is a benchmark in the revitalization of Columbia’s Vista district," said Charles S. Way, Jr., chairman of the board of The Beach Company. "Once a center of the area’s textile and manufacturing industries, the Vista has evolved into a thriving arts and cultural district over the past 20 years. Residential development surrounding the Vista marks the next phase of the area’s growth and evolution."

The new development will offer Columbia residential choices within walking distance of the vibrant shops, galleries and restaurants of the Congaree Vista area. CanalSide’s townhomes, single-family homesites, condominiums and loft apartments will be designed with a modern sensibility that will complement its unique location.

A waterfront Esplanade and public open space will integrate CanalSide into the Three Rivers Greenway system and Vista neighborhood, and will provide pedestrian-friendly space along the historic Columbia Canal for the new neighborhood’s residents and the public to enjoy.

The Beach Company plans to offer limited retail space for lease in addition to the primary residential offerings. Restaurants, neighborhood shops and other service-oriented complimentary retail businesses are among the planned tenant mix.

"The pre-sale and construction of Phase I of the project are scheduled to begin in late spring," said Dan Doyle, vice president of development for The Beach Company. "Specific details on the different property types and real estate offerings are currently in the works and will be officially announced at a groundbreaking ceremony and reception in May."