Charleston real-estate company C.G. Williams Real Estate announced it has purchased three acres of land in the city.
Williams will build apartments and condominiums on the site and begin construction on a restaurant and retail store.
The project will begin construction next year.
The company purchased the site from the City of Charleston, which was planning to develop it as a housing complex.
Williams said in a statement that the purchase was a significant milestone for Charleston real Estate and an important step toward making the area a better place for the city to live and work.
The purchase includes the parcel of land that formerly served as a military airfield.
The property was the site of a long-time Army Air Force base that was decommissioned in 2013.
The airfield has been redeveloped and the property was once used as a training and housing complex for the Army Air Forces.