CHARLESTON, SC—The turnaround of the former distressed Tides Condominiums is complete. After the ownership took over 50 foreclosed residences at the complex two years ago, it is now planning to build a fourth building at the property.

National residential developer East West Partners, in partnership with Charleston Harbor Holdings, received approval from the Mount Pleasant Town Council recently for a new building. The 55-residence structure will be the fourth building at the complex on the banks of Charleston Harbor.

In 2012, before the acquisition, three Tides Condominiums residences sold for an average of less than $500,000. The following year, 51 condominiums moved for an average nearing $800,000. Through May 2014, 14 residences have closed for an average of nearly $950,000.

"As a single property, Tides has essentially doubled the market for luxury condominiums in annual absorption, while doubling its own average sales price from 2012 to 2014," says Miller Harper of East West Partners. "We believe this significant demand is a testament to the location and quality of life offered at Tides."

He adds, "In two years, Tides has gone from foreclosure to plans for a fourth building. That's virtually unheard of."

The fourth Tides building will feature a dedicated concierge, lobby, fitness center and marsh-front swimming pool. Designs and pricing of the units in the new building have not been finalized.