CHEVY CHASE, MD—Locally-based Federal CapitalPartners has been steadily expanding beyond its WashingtonDC-based home into other points along the East Coast. Its latestforay has brought it to Charleston, SC where itacquired, along with joint venture partner Roi-TanInvestments, LLC, the city's historic CigarFactory for $55 million. The duo plan torenovate the 244,000-square foot building, which is located on theCooper River waterfront, into a mixed-use development.

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The envisioned property will include creative work/office space,restaurants and event space and high-end retail. The building'sVictorian-era commercial architecture will be restored as well.

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The companies plan to start the redevelopment immediately anddeliver the base building for first quarter 2015.

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The total project costs for the redevelopment of the building,including historic restoration of the facade and windows, and buildout of the tenant spaces will exceed $55 million. Both FCP andRoi-Tan are contributing equity capital to the project and FCP isalso kicking in mezzanine debt financing.

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The Cigar Factory is located at 701 East Bay St., sited on 4.5acres. It was built in 1882 as a cotton mill, then sold in theearly 1900s to American Tobacco Co., which manufactured the cigarbrand, Roi-Tan, until the 1970's.

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The property was later redeveloped into office space and usedcommercially under various owners. The redevelopment will takeadvantage of much of the work that has been done on the property inrecent years. The project also qualifies for federal historic,state historic and textile mill tax credits.

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