Partnership to Reposition North Charleston Navy Yard

CHARLESTON, SC – The real estate investment and management company, Jamestown has formed a joint-venture partnership with the local Charleston, SC developers, WECCO Development’s William Cogswell and Weaver Capital Partners’ Jay Weaver to reposition the North Charleston Navy Yard into a mixed-use neighborhood.

Located in the city’s Park Circle neighborhood, the 46-acre project, Navy Yard Charleston, will feature more than 1.2 million square feet of new office space, residences, shopping and dining. The development will additionally feature green space, a concert hall and an outdoor events venue.

The partnership is currently in the design phase of the project, and plans to commence renovations and break ground this year. The team will implement extensive renovations at Navy Yard Charleston, while committed to preserving the area’s local character, architectural detail and history.

“The naval historic district has great bones and a tremendous amount of character,” states Cogswell. “We are excited to be a part of all the positive things that are happening both in North Charleston and the region as a whole. We couldn’t have a better or more aligned partner than Jamestown, a company that has created huge success with the long-term vision they have brought to their properties across the globe.”

The partners are also committed to supporting the local economy, with plans to establish a neighborhood employment program in effort to help stimulate economic growth. The jobs program will offer a training program and will reserve specific project positions for local residents who live within the neighborhood.

“This project will improve connectivity and serve as a catalyst for more innovation in the neighborhood,” states Michael Phillips, president of Jamestown. “A strong local business community is emerging in the area, and we look forward to working with neighbors and the city to build something we believe will be truly additive.”

The Navy Yard began operating as a working dry dock in 1901 and maintained a presence on the waterfront until 1996. Certain historic buildings on the site have remained in use for various purposes. Currently, the site includes a former Naval Hospital, a neoclassical power plant and a series of storehouses.

Nearly two dozen companies currently occupy the Navy Yard, employing thousands of people and spanning industries, such as lighting design, blacksmiths, underwater welding, breweries and bakeries.

“We look forward to working with Jamestown, Jay and William,” states R. Keith Summey, Mayor of North Charleston. “They are continuing to establish the vision we placed for the Navy Yard once it closed. Historic structures, community rebirth, and a revitalized future in an area that needs attention. Jay and William have a track record in North Charleston, and we know of the great communities Jamestown has created. Good things come to those who wait.”

The Navy Yard Charleston represents the second time that Jamestown and Weaver have collaborated on a real estate venture. The partners previously launched the Westside Provisions District in Atlanta, GA in the early 2000’s.

Jamestown has previously invested in and operated similar redevelopment projects throughout the US, including Atlanta’s Ponce City Market, New York’s Chelsea Market, and Brooklyn’s Industry City.