Good Question. There was so much uproar when the Beach Company got the green light to build Longborough and demolish the public housing project that was previously there. These townhomes were part of the negotiation that allowed the Beach Company to get that original approval to build such a nice neighborhood.
That doesn't mean that the new townhomes are going to be anything like the public housing project, however. Most things that Beach Development builds seems to be top notch. This will be interesting to see, since prices WILL be low. The townhomes will be part of the City of Charleston New Homes Initiative which places max income restrictions on the buyers and also limits them to first time buyers only. The income limits however are higher then most people think and prices look to be in the $200K range, meaning that in order to qualify for that type of mortgage, these buyers will most likely be in the working middle class range.
Wagener Terrace is already a very eclectic place to live with a great mix of newer and older, and bigger and smaller homes. I think that these new townhomes will probably fit in well and will only help to make the neighborhood better.
I wouldn't worry about their arrival as a potential damper on the current values of Longborough.
I found an interesting article from last October about the project on charleston.net here:
I have a few good friends who live in Longborough so I'll be keeping my finger on the pulse of this situation. Feel free to drop me a line if you'd like to chat further about it.