CHARLESTON, SC—Regent Partners and Clement Crawford & Thornhill just broke ground on an $85 million Hyatt-anchored mixed use project in Charleston, N.C. Dubbed Midtown Charleston, the development will offer 304 hotel rooms, a rooftop restaurant and event facility, a 398-space parking deck, and about 37,000 square feet of King Street office and retail.
Midtown is located in the booming Upper King district of Charleston along King Street between Woolfe and Spring Streets. Patterson Real Estate Advisory Group is the capital advisor for the joint venture. Bank of America is providing the construction financing.
“From the geographic barriers to entry of a peninsula, to the historical barriers of entry enforced by the Board of Architectural review, the Charleston hotel market is unique in its protection against over-supply, and in reality has created a significant under supply situation,” says Fielder Shurling of Regent. “We recognized this in 2007 when we initially became involved in the Midtown project, and have patiently waited for the capital markets to match up with the hotel fundamentals readily evident in Charleston.”
Midtown Charleston represents the first hotel of any significance built in the Downtown Charleston market in more than 12 years. The project will be delivering into one of the tightest hotel markets in the country.
When its completed in spring of 2015, the mixed-use development will open under the dual flag Hyatt Place and Hyatt House with 191 Hyatt Place rooms and 113 Hyatt House rooms. Developers worked with Greystar, a Charleston-based national multifamily developer, to build Elan Midtown on the neighboring site. The two projects total more than $120 million in direct investment in the Upper King area.
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