NEW YORK, July 16, 2019 /PRNewswire/ –Hunt
Real Estate Capital, Iron Bridge Capital, LLC, and the Charleston
Digital Corridor are pleased to announce the commencement of
construction of the Charleston Tech Center (CTC), an architecturally
modern, six-story office building located in Downtown Charleston, SC.
The CTC is targeted to start-up, early-stage, and mature tech
companies. The development of the CTC, a 92,000-square-foot building
scheduled for completion in late 2020, includes an adjacent 816-space
parking garage that will be owned and operated by the City of Charleston.
The development team has partnered with Hunt Real Estate Capital, a
division of Hunt Capital Holdings and leader in investing, financing,
and managing commercial real estate throughout the United States, for equity financing; Synovus was selected for debt financing.
The CTC will offer companies a unique combination of high-quality
space, large floor plates, attractive amenities, and an accessible
downtown location. The Charleston Digital Corridor, whose diverse
offerings will allow tech-focused companies to grow through this
landmark building, will be the anchor. The CTC development will include a
mix of lifestyle retail and restaurant uses on the ground floor,
conference facilities, and a rooftop terrace.
“The CTC represents a significant milestone for Charleston’s
tech economy, one that has grown from 17 companies in 2001 to over 450
today. With this building, we are well-positioned to serve an expanded
base of tech companies through a broader offering of business,
professional, and education services,” said Kirk King, Charleston Digital Corridor Chairman.
Bobby Hitt, South Carolina Secretary of Commerce, added, “South Carolina’s technology sector is booming, with more than 7,400 tech-based businesses pumping $12.6 billion
into the state’s economy. The Charleston Tech Center will be a creative
hub that fosters ingenuity and gives innovative companies a place to
plant their roots. Partnerships like this will further support, attract,
and advance South Carolina’s technology-focused and entrepreneurial business environment.”
The project is located in the evolving Upper Peninsula of Charleston in a federally designated Opportunity Zone. The development comprises a collaboration between the City of Charleston, the State of South Carolina,
the federal Opportunity Zone incentive, the Charleston Digital Corridor
Foundation, and the private sector that has been five years in the
making.
Commenting on the project, Tim Scott, United States Senator for South Carolina,
noted, “The Charleston Tech Center is a prime example of my Opportunity
Zone initiative coming to life. When the private and public sector come
together to invest in some of the most overlooked parts of our nation,
big things can happen. I’m looking forward to the new jobs, small
businesses, and potential that this partnership will bring to the Holy
City.”
Charleston Mayor John Tecklenberg
added, “Building on the proven model of the Flagship business
incubators, the Charleston Tech Center will provide much-needed space to
help support and grow our entrepreneurial technology sector, while
enhancing the vitality of the Upper Peninsula.”
“The Tech Center project is a great fit for Iron Bridge Capital and
our focus to work with states and municipalities to develop projects
that have a positive community impact while also being economically
viable. We are excited to be a part of the CTC project that will help
promote the technology industry and create higher paying jobs in Charleston for many years to come,” said John Hand,
Iron Bridge Founder & Managing Partner. “We are excited about the
early interest in the project, including 4-5 space commitments in
progress and a full floor committed to the CDC for its Flagship 3.”
The project is one of the first developments in Charleston, SC to commence construction under an Opportunity Zone structure.
“We are thrilled to provide Opportunity Zone equity financing for this unique project,” noted Rachel Diller,
Senior Managing Director at Hunt Real Estate Capital. “This project
meets our thesis of backing inclusive economic growth, and we are
excited to be a part of a collaboration between the Charleston Digital
Corridor, the City, the State, and the federal Opportunity Zone
program.”
About Hunt Real Estate Capital
Hunt Real Estate
Capital, a division of Hunt Capital Holdings LLC, (“HREC”) is a leader
in financing, investing and managing multifamily housing and commercial
real estate. HREC is a source of debt and equity capital for
multifamily, affordable housing, manufactured housing, healthcare/senior
living, retail, office, industrial, self-storage, and mixed-use assets
through Fannie Mae, Freddie Mac, FHA, its own balance sheet, and managed
public and private investment vehicles. HREC is the third largest
multifamily property manager in the US. To learn more, visit Hunt Capital Holdings.
About Iron Bridge Capital
Founded in 2001, Iron Bridge Capital is a private real estate investment and development firm headquartered in Charleston, South Carolina
and focused on transactions across the Southeast. The company is
committed to transformative projects that improve communities, create
meaningful impact, and secure strong returns for our investment
partners. To learn more, visit Iron Bridge Capital.
About the Charleston Digital Corridor
The
Charleston Digital Corridor is a community-sourced initiative to
attract, nurture, and promote the region’s tech economy through an array
of impactful programs, products, and events while leveraging Charleston’s renowned livability. To learn more, visit Charleston Digital Corridor.
MEDIA CONTACT
Michael Ratliff
Hunt Real Estate Capital
212-588-2163
michael.ratliff@huntcompanies.com
SOURCE Hunt Real Estate Capital