Having maximized output at its current Huger Street facility in Charleston, Palmetto Brewing Co. is planning to move into a new and larger production facility in the near future.

According to the The (Charleston) Post & Courier, Palmetto and the Firefly Distillery have partnered to purchase 17 acres along the Ashley River that both business plan to relocate to. The area is currently home to apartments that are scheduled to be torn down, and the new development could include new retail and residential portions in addition to the new brewery and distillery.

The property is valued at $3.5 million, although no development plan of dollar figure for future investment have been announced yet. Demolition on the current apartments should be finished by the middle of 2015.

“We bought it, and together with North Charleston, it’s going to develop into a great opportunity for our region,” said Susan Pearlstine, whose family owns Palmetto. “We are fleshing out plans to have a really great, fabulous site there. … That will be the perfect site for us to build a larger production brewery.”

Palmetto is South Carolina’s oldest brewery and recently underwent an equipment expansion and completed renovations on an upgraded taproom.