Personal Injury Attorney in Summerville, SC

Lumber

03:57 PM / August 19, 2024

Interfor Corporation will indefinitely curtail operations at its lumber manufacturing facilities in Meldrim, Georgia, and Summerville, South Carolina, the company announced on Monday. The move is in response to ongoing weak conditions in the lumber market.

Operations will wind down by the end of the third quarter of 2024. The two sawmills produce kiln-dried Southern Yellow Pine lumber, with a combined annual capacity of 330 million board feet. The decision affects approximately 180 employees, though Interfor plans to offer work opportunities at other locations where possible.

The impact of the closures was factored into earlier temporary curtailment guidance, but the indefinite nature of the move means production may be affected beyond 2024. The company will continue monitoring market conditions to adjust its plans.

Log deliveries will stop immediately, and operations will gradually wind down, with a complete halt expected by the end of the third quarter of 2024. The combined annual capacity of these two sawmills is 330 million board feet of kiln-dried Southern Yellow Pine dimensional lumber.

Approximately 180 employees will be affected by the curtailments, although Interfor plans to provide alternative work opportunities at other company locations where possible. The production impact from these closures was initially included in temporary curtailment guidance provided earlier in August, but with these curtailments becoming indefinite, the effects on production may extend beyond 2024.

Low lumber prices are forcing sawmills to cut production on both sides of the Atlantic. In Europe, sawmill companies also face rising sawlog prices, significantly eroding their margins. Many are hoping that lumber prices in the U.S. market will rise, which will mark a new growth cycle. However, despite the construction season, U.S. lumber prices remain stagnant, and sawmill closures have not stopped the decline to post-pandemic lows.

Lumber futures fell 3% to $452.50 per thousand board feet, down 27% since mid-March. Cash prices are even lower, with Random Lengths’ framing-lumber composite price dropping to $366, the lowest since May 2020. Southern yellow pine prices also hit lows not seen since the Covid market crash, with the Southern pine composite price falling to $335 last week​​​​.

In 2023, North America's net sawmill capacity decreased by 2%, triggered by diminishing lumber demand and past overproduction issues. This trend has led to the permanent closure of nine sawmills and reductions in shifts, particularly in British Columbia (BC) and the US South, where economic pressures have also forced mills to shut down to balance timber supplies.

SUMMERVILLE, S.C. (WCBD) – Charleston paleontologists excavated one of their biggest discoveries Friday.

A dolphin fossil believed to be at least 25 million years old was found in Summerville, and paleontologists have been working to preserve it.

After days of hard work to preserve the fossil, they brought it to their lab for further research.

Erin Osborne was visiting from Columbia when she discovered the fossil.

“I’d actually started in a creek, I thought I had more potential and did pretty bad and thought I’d give this a look, and luckily saw there was something that was pretty big there, and contacted people who knew more than I do,” said Osborne.

Charleston Center of Paleontology and Palmetto Paleontology were alerted and arrived quickly at the scene. They identified the species in under five minutes as an ancestor of whales and dolphins.

“Their teeth were a little different, their habits were a little. Their culture might have been slightly different but they are mammals they have always been mammals since the time we’ve evolved,” said Skye Basak, Founder of Palmetto Paleontology.

Experts worked for days to make sure the fossil was preserved exactly how it was found.

“We all have a love for not just what we can stick on a shelf in our house but a love for what can this teach us, what can this teach the next generation,” said Basak.

They found almost a complete collection of fossils- including at least 37 vertebrae, 8 ribs, a skull, and teeth.

“The great thing about what we do here is you’re out in a place that you find a specimen and you think it’s an important scientific find a fossil you don’t know what it is you can just give us a call. We’re here for land conservation for paleontology and come out in cases like this and provide resources for recovery and get things out of the place so they are not lost forever,” said Dr. Elizabeth Kane, Founder of Charleston Center of Paleontology.

Charleston Paleontology encourages anyone who finds what they think may be a fossil to call the center so they can preserve it.

NEW YORK, July 1, 2024 /PRNewswire/ -- Affiliates of Cantor Fitzgerald, L.P., ("Cantor Fitzgerald"), a leading global financial services firm and real assets investment company, and Silverstein Properties ("Silverstein"), a leading global full-service real estate development, investment, and management firm, announced that they have entered into a joint venture with Turnbull Development, LLC, a Charleston-based development firm. The venture intends to develop a mixed-use project encompassing 365 garden-style multifamily units across three buildings, and a 40,000-square-foot medical office building in a qualified opportunity zone in Summerville, SC.

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The venture simultaneously closed on $54 million in construction financing from SouthState Bank, to develop the project. Located at the corner of Berlin Myers Parkway and Highway 78 and strategically positioned within walking distance of Summerville's historic downtown area, the investment is part of a 57-acre mixed-use, master-planned development known as Sawmill. This highly anticipated project will have immediate and long-lasting impacts on Summerville and provide a connected, community-oriented environment where people can live, convene, and enjoy. The development will help the local Summerville government better respond to the growing demand for walkable, flourishing communities with convenient transit linkages, proximity to jobs, and access to nearby public services and destinations.

"Sawmill will be a vibrant, region-transforming community," said Milton Thomas, President of Turnbull Development. "We have spent the last four years developing the master plan, moving through entitlements, and working with the town of Summerville to ensure this will ultimately be one of the region's premier mixed-use developments."

"SouthState is committed to helping our communities thrive, and the Sawmill development will certainly contribute to Summerville's continued growth," said Thomas Anderson, SouthState Bank Coastal Division President. "As a leading regional bank in the Southeast, we are delighted to provide the capital needed to bring this important project to fruition."

Sawmill will be anchored by a two-story, Roper St. Francis medical office and will include a neighborhood grocery store and retail outparcels that will serve as convenience and service amenities for residents and employees. The multifamily component will have direct access to Sawmill Branch Canal and Greenway Trail and offers on-site outdoor amenities such as a pickleball court, a dog park, and a pool and clubhouse. Construction of the multifamily portion is expected to commence in July 2024.

"Summerville is a desirable residential destination near Charleston that benefits from the region's job and population growth," said Alex Cosio, Vice President, Silverstein Properties. "With preconstruction completed and financing in place, this development is positioned to further invigorate an already bustling community."

"The proximity to Historic Downtown Summerville places the project in an enviable location with essential amenities nearby. Residents have easy access to retail, culture, recreation, and dining," said Chris Milner, CIO, Real Assets at Cantor Fitzgerald Asset Management. "Our partnership with Turnbull Development on this project and the location promise to have a positive impact on the community."

Cantor and Silverstein launched an opportunity zone business in early 2019 to invest in, develop, redevelop, and manage a diversified portfolio of institutional quality commercial real estate assets with an emphasis on multifamily properties located in qualified opportunity zones in the United States. Their opportunity zone development portfolio includes eleven projects in various stages of development exceeding $2.2 billion in total estimated project costs, an average of $203 million per project.

About Cantor Fitzgerald, L.P. Cantor Fitzgerald, with over 12,500 employees, is a leading global financial services group at the forefront of financial and technological innovation and has been a proven and resilient leader since 1945. Cantor Fitzgerald & Co. is a preeminent investment bank serving more than 5,000 institutional clients around the world, recognized for its strengths in fixed income and equity capital markets, investment banking, SPAC underwriting and PIPE placements, prime brokerage, commercial real estate, and infrastructure, and for its global distribution platform. Cantor Fitzgerald & Co. is one of the 24 primary dealers authorized to transact business with the Federal Reserve Bank of New York. Cantor Fitzgerald is a leading SPAC sponsor, having completed multiple initial public offerings and announced multiple business combinations through its CF Acquisition platform. For more information, visit: www.cantor.com.

About Cantor Fitzgerald Asset Management Cantor Fitzgerald Asset Management's investment platform consists of $13 billion of assets under management across mutual funds, interval funds, exchange-traded funds, separately managed accounts, unified managed accounts, non-traded REITs, opportunity zone funds, 1031 and 721 exchange vehicles, and other private investment vehicles managed on behalf of high net worth and institutional investors. The experience and knowledge of its senior leadership and portfolio management teams combined with the financial services prowess of industry leader, Cantor Fitzgerald, enable the delivery of a platform of solutions across a comprehensive range of capabilities. For more information, visit: www.cantorassetmanagement.com.

About Silverstein Properties Silverstein Properties is a privately held, full-service real estate development, investment, and management firm based in New York founded by Larry Silverstein. Silverstein Properties has developed, owned, and managed more than 40 million square feet of commercial, residential, retail, and hotel space. Recent projects include 7 World Trade Center, the first LEED-certified office tower in New York City (2006), 4 World Trade Center (2013), the Four Seasons Downtown (2016), One West End (2017) and 3 World Trade Center (2018). The company has been recognized as one of the "Best Places to Work in New York City" by Crain's New York Business. For more information, visit: www.silversteinproperties.com.

About Turnbull Development Turnbull Development, LLC is a full-service commercial real estate development company with a long and varied history of developing multifaceted projects in the Charleston, SC region. With decades of experience in real estate development and construction, Turnbull has established itself as a trusted partner in transforming ideas into realities that drive economic growth and elevate communities. The company's diverse portfolio showcases its expertise in creating innovative spaces that blend functionality, aesthetics, and sustainability across product types including industrial, office, retail, and mixed-use developments. In conjunction with Turnbull, marketing of the project will be handled by Lee & Associates Charleston, a local commercial real estate brokerage firm based in Downtown Charleston, SC.

About SouthState Bank SouthState Corporation (NYSE: SSB) is a financial services company headquartered in Winter Haven, Florida. SouthState Bank, N.A., the company's nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than one million customers throughout Florida, Alabama, Georgia, the Carolinas, and Virginia. The bank also serves clients coast to coast through its correspondent banking division. Additional information is available at SouthStateBank.com.

SOURCE Cantor Fitzgerald, L.P.

SUMMERVILLE, S.C. (WCBD) – A damage survey team with the National Weather Service (NWS) in Charleston released their findings from a severe storm that caused significant damage in portions of Summerville, Ladson, and Goose Creek on Monday evening.

Forecasters said a supercell thunderstorm that developed near the Savannah River during the afternoon produced a long swath of strong winds as it moved across the Charleston Metro during the early evening hours.

Widespread wind damage was reported from near the intersection of Dorchester Road and Boone Hill Road to St. James Avenue in Goose Creek, according to NWS forecasters.

The supercell produced large amounts of hail – up to two inches in some areas – as it moved through the tri-county area, and forecasters said peak winds were estimated to be 80 to 85 mph.

To put that into perspective, category one hurricane wind speeds are clocked between 74 and 95 mph, according to the Saffer-Simpson hurricane wind scale.

The bulk of the damage included large softwood trees being snapped and uprooted, and some hardwood tree limbs being snapped.

“Two areas of extensive damage were also found around the Quail Arbor neighborhood off Old Trolley Rd and around Wisteria St and the Tall Pines neighborhood along I-26 on the north side of Ladson. Within these two areas, both soft and hardwood trees were observed to have snapped near the trunks, several of which fell on residences and vehicles,” the damage survey team said in their report.

Minor damage to residential property was also observed including shingles and siding being blown off and privacy fences knocked down.

“Based on a uniform damage direction of generally north to northeast, a strong downburst producing damaging straight line winds is the most likely cause of the damage,” forecasters said.

There were no indications that a tornado occurred. Only one injury was reported.