As part of this project, the joint venture will improve approximately one mile of the frontage road along I-26 over the next five months. Site work for the first building will start this quarter, with full-scale construction beginning when a tenant is secured or as market conditions dictate. Additional terms of the joint venture were not disclosed.

"It is the first arrangement of its kind for our business group and a bold step in advancing our long-term land value maximization strategy," says Ken Seeger, president of MeadWestvaco's Community Development and Land Management Group. "Given the fact that the Port of Charleston recently finalized plans to increase port capacity by 50%, necessitating more port servicing space, our land is ideally situated to help provide the additional space and services global shippers will need."

The I-26/Jedburg Road area has been identified as a distribution cluster and will play an important role in the growth of the Port of Charleston. Foreign trade zone status is being sought for the property, which will be named Rockefeller Group FTZ/Charleston.