The new project will bring 50 apartment-hotels at from Charleston Historic city center in 2024
CHARLESTON, SC, July 21, 2022 /PRNewswire/ — capital squarea leading national sponsor of tax-advantaged real estate investments and an active promoter of multi-family communities, and Co method.a property management, development and design company rooted in hospitality, today held a groundbreaking ceremony for a new, cutting-edge 50-unit development linking the boutique hotel experience to apartment-style living, located at 529 King Street in from Charleston historic city center.
The $61 million The project designed by acclaimed architects Morris Adjmi will comprise 52,700 square feet of space comprising a mix of studios, one-, two- and three-bedroom hotel apartments, a rooftop lounge and 27,700 square feet of rental space. Method Co. will operate the facility’s rooftop lounge, drawing on significant experience in food and beverage operations to create a space that serves as both guest and local amenity.
Attendees included executives from Capital Square Louis Roger, founder and CEO, and Whitson Huffman, chief strategy and investment officer; CEO and co-founder of Method Co., Randall Cookand President and Co-Founder, David Grasso; and Kathy CrawfordU.S. Senator’s Office Regional Director Tim Scott (SC). With construction underway, the hotel property is expected to be completed in early 2024.
“Capital Square is an active developer of luxury properties in the growing South East markets and we couldn’t be happier to begin construction on our inaugural project in Charleston“said Whitson Huffman, Chief Strategy and Investment Officer.”Charleston is a premier market, home to a growing community of high-income families and one of the country’s most popular tourist destinations. 529 King Street will contribute to this legacy and become a destination of choice for local residents and tourists. »
The property will be the city’s first upscale extended-stay hotel concept, combining the comfort and functionality of an apartment with the conveniences and design of a boutique hotel, creating a temporary living environment perfectly suited to a long-term stay.
“We are delighted to open our first ROOST Apartment Hotel in Caroline from the south and our second project in the city of Charleston,” said David Grassopresident and co-founder of Method Co. “ROOST will offer guests Charleston a comfortable stay in a beautifully designed apartment that feels like a home and the option to stay for a few nights or a few months. The design of the building by Morris Adjmi Architects is exceptional; it will be a fitting complement to the classic architectural charm of Charleston.”
Located in the highly desirable “Upper King” section of downtown CharlestonHome to a concentration of luxury shops, restaurants and nightlife venues, the new apartment hotel will provide ideal accommodation for the city’s high volume of annual visitors. The Upper King Street neighborhood also supports a burgeoning tech and startup scene and represents an exceptional growth corridor and demand generator for high-end residential and hotel development.
Property renderings can be found here and credited to Morris Adjmi Architects.
About ROOST Apartment Hotel
ROOST Apartment Hotel is an upscale boutique hotel concept for extended stays, conceptualized by philadelphia cream-A Method Co-based hospitality company. A first of its kind, ROOST introduces a new approach to hospitality by blending the comfort and convenience of an apartment with the conveniences and design of a boutique hotel, creating an ideal temporary living environment for a long-term stay. Designed by Morris Adjmi Architects, ROOST offers studios, one and two bedroom apartments and penthouses with full kitchens and modern appliances in a beautifully appointed space, which includes contemporary furnishings, antique features, custom lighting and unique works of art. Amenities on offer include an artisan coffee program hosted by La Colombe, a self-service bicycle program, and recurring resident receptions in partnership with local vendors, while dedicated 24-hour concierge service and a on-site service team further improve and ensure a memorable customer experience. The first location, ROOST Midtown, opened in 2015 and offers 28 fully furnished apartments; their second outpost, ROOST Rittenhouse, followed in 2016 with 27 apartments and a communal lobby; their third location, ROOST East Market opened in January 2019 with 60 apartments, an outdoor swimming pool and Philadelphia Midtown Village neighborhood. The fourth location is the first outside of philadelphia cream – ROOST Cleveland, which opened in March 2022 and has 62 apartments located downtown in the historic May Building, a restoration of the city’s original 1915 department store, while their fifth location, ROOST Tampa, opened in July 2022 and comprises 97 apartments in Asher, a residential building in the new Water Street development. ROOST plans to open sites in other markets, including Detroit, Baltimore and Charleston. www.myroost.com
About Capital Square
Capital Square is a national real estate company specializing in tax-efficient real estate investments, including Delaware statutory trusts for Section 1031 exchanges, qualifying opportunity zone funds for tax deferral and exclusion, and a real estate investment trust (REIT). In recent years, the company has become an active developer of multi-family, mixed-use properties in the Southeastern United States, with eight ongoing projects totaling approximately 2,000 apartments with a total development cost of more than $600 million. Since 2012, Capital Square has achieved over $6.0 billion in transaction volume. Capital Square related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management and disposition, for a growing number of high net worth investors, capital companies -investment, family offices and institutional investors. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the fastest growing companies in the country for four consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense’s list of fastest growing companies. Additionally, Capital Square has been listed by Virginia Business on their “Best Workplaces in Virginiain 2019 and their “Fantastic 50” reports in 2019 and 2020. To learn more, visit www.CapitalSq.com.
About Method Co.
Method Co. is a philadelphia cream-a hospitality, development, design and branding business based on bringing together historically compatible disciplines under one roof; the company bridges the worlds of interior design and real estate development, while embracing the personalized design of products, furniture, identities and experiences. Built from a team of people with extensive experience in finance, interior design, branding, architecture, urban planning and fine art, the Method’s diverse skill set forms the foundation of the firm’s interdisciplinary practice. The team has been responsible for the design, staging and development of hotel, restaurant and real estate projects, such as the ROOST Apartment Hotel brand, Whyle, Wm. Mulherin’s Sons Restaurant & Hotel and the HIROKI restaurant , as well as the recently opened boutique establishment at CharlestonThe Pinch, with plans to expand their concepts to other major markets in the United States, including Detroit and Wilmington, DE. www.methodco.com
Capital Square/Spotlight Marketing Communications
SOURCE Capital Square