Recently, representatives from Patriots Point and local real estate + development company Bennett Hospitality held a groundbreaking ceremony for Patriots Annex, a mixed-use development in Mount Pleasant.

The development, located at Patriots Point Naval & Maritime Museum, is set to generate capital for Patriots Point and is said to be the "most important initiative at Patriots Point in its history."

We're breaking down the details to give you an idea of the project timeline, proposed plans, and local impact.

By the numbers

Here's a look at the proposed master plans.

$500 million. The amount that the project could cost, according to developer Mike Bennett. The projected range is $400-500 million.
15 years. The current projected timeline for the real estate development
5 years ago. When the concept was initially approved
31. The total acreage of the development's property
3. The number of hotels featured in the plans
100, 150, and 250. The total rooms in each of the three hotels
2,800. The total spaces in three parking garages
130. The number of residential units
1. A convention center in the master plan
60,000. The square footage of a proposed amphitheater
405,000. The combined square footage of office space, set to include three buildings
65. The approximate number of units in two apartment buildings within the development

Project timeline

A portion of the proposed development is expected to be built where the museum's 600-space parking lot currently sits, so a new parking area is in order. After thenew parking areais developed, construction plans for the first building will be submitted.

Initial construction may begin in fall 2023, which could include five project phases.

Local impact

The development is expected to bring various new businesses, millions of dollars of revenue, and create hundreds of jobs in the area.

This is a developing story, so we'll keep you updated.