For those worried that there’s no place on the Charleston peninsula to grow but up, the City of Charleston will consider first reading next week of a $155 million redevelopment plan for the area of the peninsula from Joe Riley Stadium to just past the Crosstown Expressway — a sparsely populated, but well positioned area of downtown they’re hoping to paint with a fresh coat of potential.

Most of the development area is surrounded, by Lockwood Drive, Fishburne Street, Hagood Avenue, and Bee Street. It also includes the developments to the north and south of the Ashley River Bridge entrance and the strip of properties across the river that surround the circular Holiday Inn. The development area also includes several homes on Allway and Ashton streets, just south of some of the city’s remaining public housing.

The Horizon Redevelopment Project is “a research-oriented urban infill development which seeks to advance the knowledge-based sector of the area’s economy,” wrote Mayor Joe Riley in a letter to council members.

The proposal states that the project will include reserach and incubator facilites as well as commercial, retail, and office space and various types of residential development. The city is looking to leverage future growth in the tax rolls in the district to improve urban spaces, recreational facilites, and infrastructure like streetlights and drainage.

The City Council will take up the proposal at Tuesday’s meeting, with a public hearing and final approval planned for a week later, on Dec. 16.