An 8-story, 1-block building in downtown Charleston where a bowling alley operated for the last 10 years Hotel has been approved and is now under new ownership, but the transaction is not expected to affect The Alley’s operations for the foreseeable future.
A partnership between Chicago-based real estate investment firm North Park Ventures and property developer MCZ Development paid $10 million for the 16,000-square-foot building this week. Located at 131 Columbus Street, the bowling alley he has operated since 2012 has eight lanes and a restaurant. , according to Andy Butkins of real estate brokerage and investment firm Woodrock Capital LLC.
Butkins, along with Woodrock’s Wayne Simon and Elliott Calhoun, represented the buyer and seller Southern Realty Development Corporation. Southern Realty Development Corporation has partnered with Arnold Family Corporation, a Colombia-based development company that was once the largest wholesaler and liquor distribution business. in South Carolina.
The family owned a building that was once used to dispense wine and liquor for the better part of half a century.
In August 2021, Southern Realty Development Corporation received approval from city zoning officials to build a 175-room hotel. The hotel operates next to Lowcountry Lowline, where The Alley is planned.
The rights to the hotel come with the purchase of the building, but Butkins, who has served as a spokesperson for the new owner, declined to provide details on whether there are plans to pursue lodging options. .
Urban zoning administrator Lee Batchelder said hotel rights are valid for two years after they are first approved, but property owners can apply for a one-year extension for up to five years.
The new owner has been involved in numerous projects across the United States
According to North Park Ventures’ website, its developments are primarily apartment and mixed-use ventures in the Windy City and Minneapolis, Indiana, and South Florida, while MCZ Development owns apartments, condos, hotels, and properties in Chicago, South Florida, and Washington. I am building a mixed use project. , DC, among other locations.
MCZ also partnered with Charleston’s JRR Development to build a 250-unit apartment project at 584 Meeting St.
Stretching from Columbus to Spring Street, the bowling alley is located between U-Haul Moving and Storage on King Street and a closed supermarket on Meeting Street.
Alley owner David Crowley said his entertainment clients, who have dozens of group bookings lined up for 2023, will see no change in operations.
“The Alley is in touch with new property ownership groups,” said Crowley. “We look forward to working with them and moving forward as we continue to serve the Charleston community.”