On July 21, developers began building a $ 61 million, 50 long-stay hotel on the premises of a former retail store in downtown Charleston.
Real estate investment and management firms Capital Square, Virginia and Method, Inc. of Philadelphia have embarked on the development of the ROOST Apartment Hotel for short- and long-term guests at the former Dixie Furniture site in 529 KingSt.
Construction of the four-story accommodation is expected to be completed in early 2024.
Method Co. purchased the property for $ 11 million in 2019. By that time, the city’s building review board had approved the dismantling of existing structures. Some of the structures have already been demolished and the rest will be demolished within a few weeks.
Designed by New York City-based Morris Adjmi Architects, this property measures 52,700 sq ft and has a furnished studio, one, two and three bedroom units that can be rented as a hotel room or apartment. I can do it. It also has a rooftop lounge and 27,700 square feet of rentable space, with two retail units on the ground floor.
42 parking spaces with access to Morris Street will be added to the project.
Behind the recently opened Pinch Hotel, further south of King Street and George Street, Method operates ROOST’s rooftop lounge as an amenity for guests and locals.
David Grasso, president and co-founder of Method Co., called Charleston the “ideal market” for his latest project.
“It has the charm of the Old World and the hospitality of the South,” he said.
Developers are the growth corridors of King Street, with its upscale retail stores, abundant restaurants and nightlife, fast-growing technology and startup scenes, and “creating extraordinary demand for the development of high-end homes and hotels. I pointed out that it is a person.
With the exception of a few merchant-owned vendors, Appparking, once boarded, has recently entered the renaissance as long-time retailers sell real estate and new investors bring in hotels, restaurants and other new businesses. I did.
With millions of dollars in real estate transactions, it is no longer considered a poor part of the city. Still, the ROOST project is in a federal-approved “opportunity zone.” This is an area created by law in 2017 to promote development and employment in poorly serviced areas.
“They wanted the area to catch up with low working,” Grasso said of why the area was designated.
Capital Square founder and chief executive officer Luis Rogers has decided on a census zone designated by federal law as an opportunity zone for state legislators and governors to grant tax incentives to developers. He said he could.
“The new ROOST is a prime example of why there are opportunities zones to create employment and economic development,” Rogers said.
This is the first project in the capital square of the Holy City and hopes to take advantage of the city’s high annual visitor numbers along with the method.
The city recently received the top nod from Travel + Leisure magazine as the number one destination in the United States for the tenth consecutive year.
Whitson Huffman, Chief Strategy Officer and Investment Officer at Capital Square, said:
This development is the first ROOST Apartment Hotel in South Carolina. There are three other locations in Philadelphia’s hometown, including three newly opened venues in Cleveland and Tampa, Florida.