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Schneider Electric Forecasts 50% Surge in U.S. Industry Electrification by 2030, Announces $23.8 Million Investment and 280 New Jobs in South Carolina Operations Amid Electrification Trend

July 5, 2024

by Charleston Daily 0 Comments

The company’s Sustainability Research Institute projects uptick in Industry electrification and reduction in fossil fuel demand
Its investments to modernize and electrify its South Carolina operations advance its own sustainability and decarbonization targets
Planned 280 new South Carolina jobs add to the 1,200 workers it currently employs in the state

WASHINGTON, D.C./PRNewswire/ — Schneider Electric — the global leader in the digital transformation of energy management and automation — released a new report that projects that electrification of U.S. industry will grow from 30 percent to 45 percent by 2030, a 50 percent increase. The report, compiled by the company’s Sustainability Research Institute, also recognizes the potential for a corresponding 25 percent reduction in fossil fuel demand over the same period.

The report provides detailed analysis by sector, projecting that 16 of 21 sectors will reach 60% electrification by 2030. Further, it projects that U.S. industry as a whole will reach 64% electrification by 2040 with a corresponding 50 percent reduction in fossil fuel use.

In tandem with these trends, Schneider Electric will upgrade, modernize, and maintain its Seneca and Columbia manufacturing plants; it will also electrify Seneca’s heating, ventilation, and air conditioning system to enhance its efficiency and reduce costs advancing its own sustainability and decarbonization targets.

Altogether, the company will invest $23.8 million into its South Carolina manufacturing operations. The company also said it expects to create 280 new production jobs in the state, including 130 jobs in its Seneca facility and 150 jobs in its Columbia facility adding to the more than 1,200 workers Schneider Electric currently employs in South Carolina. Hiring at both facilities will take place over the course of 2024.

This expanded workforce will manufacture custom power distribution products that are integral to electrification and energy efficiency, bolstering support for critical infrastructure, industries—particularly healthcare and wastewater treatment—and the escalating demand for data center solutions across the U.S.

Speaking at the SelectUSA Investment Summit, Schneider Electric President of North America Operations Aamir Paul said: “This new research demonstrates why electrification is the most promising and practical means of decarbonizing industry quickly. We anticipate significant acceleration across all sectors, even hard-to-abate industry, to reach decarbonization targets and maintain economic competitiveness. As we move more towards this electrified and digitized world, we’re spearheading this transformation through our own investments in a robust domestic supply chain, including in the state of South Carolina to bolster our manufacturing efforts for customers.”

Commenting on the announcement, South Carolina Governor Henry McMaster said: “Schneider Electric’s further investment in South Carolina is a testament to our strong business climate and skilled manufacturing workforce, and we look forward to the economic opportunities this expansion will create for residents in Oconee and Richland Counties.”

In March, Schneider Electric announced plans to invest $140 million into its U.S. manufacturing operations and create about 750 new manufacturing jobs across the country in 2024. The company’s South Carolina investments, which are accounted for in the 2024 financial and jobs totals, follow its recent manufacturing expansion announcements in Tennessee and Texas. Since 2020, Schneider Electric has invested more than $440 million across its American manufacturing network, which includes more than 22 facilities across 14 states.

Schneider Electric has had a presence in the U.S for 135 years. The company employs more than 19,000 workers in the country and its products and solutions can be found in four of 10 U.S. homes, 40 percent of the world’s hospitals, and in water and wastewater installations in 150 countries.

In 2023, TIME magazine named Schneider Electric to its 100 Most Influential Companies list recognizing it for work done to help clients reduce greenhouse-gas emissions. The company is also ranked among the Top 10 of the 2023 Best Workplaces in Manufacturing & Production by the Great Place to Work U.S. organization and Fortune magazine.

More information about Schneider Electric’s heritage and presence in America can be found here.

About Schneider Electric

Schneider’s purpose is to create Impact by empowering all to make the most of our energy and resources, bridging progress and sustainability. At Schneider, we call this Life Is On.

Our mission is to be the trusted partner in Sustainability and Efficiency.

We are a global industrial technology leader bringing world-leading expertise in electrification, automation and digitization to smart industries, resilient infrastructure, future-proof data centers, intelligent buildings, and intuitive homes. Anchored by our deep domain expertise, we provide integrated end-to-end lifecycle AI enabled Industrial IoT solutions with connected products, automation, software and services, delivering digital twins to enable profitable growth for our customers.

We are a people company with an ecosystem of 150,000 colleagues and more than a million partners operating in over 100 countries to ensure proximity to our customers and stakeholders. We embrace diversity and inclusion in everything we do, guided by our meaningful purpose of a sustainable future for all.

www.se.com

Lowcountry

Spirit AeroSystems Announces Acquisition by Boeing in $8.3 Billion Transaction

July 5, 2024

by Charleston Daily 0 Comments

Enters into Term Sheet for Airbus to Assume Ownership of Certain Airbus Program Assets

WICHITA, Kan./PRNewswire/ — Spirit AeroSystems [NYSE: SPR] (“Spirit”) today announced it has entered into a definitive merger agreement under which The Boeing Company [NYSE: BA] (“Boeing”) will acquire Spirit for $37.25 per share in Boeing common stock (subject to the collar described below). At $37.25 per share, this represents an equity value of approximately $4.7 billion and an enterprise value of approximately $8.3 billion including Spirit’s last reported net debt. The price of $37.25 per share represents a 30% premium to Spirit’s closing stock price of $28.60 on February 29, 2024, the day before Spirit and Boeing issued press releases confirming they were in discussions regarding a potential transaction.

“After carefully evaluating Boeing’s offer to combine, we are confident this transaction is in the best interest of Spirit and its shareholders, and will benefit Spirit’s other stakeholders,” said Patrick M. Shanahan, President and Chief Executive Officer of Spirit. “Bringing Spirit and Boeing together will enable greater integration of both companies’ manufacturing and engineering capabilities, including safety and quality systems.”

Spirit also announced today that it entered into a binding term sheet with Airbus SE [EUR: AIR.PA] (“Airbus”). Under the term sheet, the parties will continue to negotiate in good faith to enter into definitive agreements for Airbus to acquire certain Spirit assets that serve Airbus programs, concurrently with the closing of Spirit’s acquisition by Boeing.

Shanahan continued, “We are proud of the part we have played in Airbus’ programs and believe bringing these programs under Airbus ownership will enable greater integration and alignment.”

Transaction Terms

Under the terms of the definitive merger agreement with Boeing, Spirit shareholders will receive for each of their shares of Spirit common stock a number of shares of Boeing common stock equal to an exchange ratio calculated as $37.25 divided by the volume weighted average share price (VWAP) of Boeing common stock over the 15-trading-day period ending on the second trading day prior to the closing (the “Closing Price”), subject to a floor of $149.00 per share of Boeing common stock and a ceiling of $206.94 per share of Boeing common stock. Spirit shareholders will receive 0.25 shares of Boeing common stock for each of their shares of Spirit common stock if the Closing Price is at or below $149.00, and 0.18 shares of Boeing common stock for each of their shares of Spirit common stock if the Closing Price is at or above $206.94.

The definitive merger agreement with Boeing and the term sheet with Airbus were unanimously approved by the Spirit Board of Directors. The closing under the definitive merger agreement with Boeing is subject to the completion of the divestiture of the Airbus businesses by Spirit and is subject to other closing conditions, including approval of the definitive merger agreement by Spirit shareholders and receipt of regulatory approvals. The closing of the Airbus transaction, if a definitive agreement for the Airbus transaction is entered into with Airbus, will be subject to the substantially concurrent closing of the Boeing acquisition of Spirit and will be subject to other closing conditions, including the receipt of regulatory approvals. The closings of these transactions are expected to occur in mid-2025.

In addition, Spirit plans to pursue the divestiture of certain operations. These include Spirit’s business and operations in (1) Subang, Malaysia, (2) Prestwick, Scotland that support Airbus programs, and (3) Belfast, Northern Ireland other than those that support Airbus programs.

Advisors

Morgan Stanley & Co. LLC is serving as lead financial advisor to Spirit. Moelis & Company LLC is also serving as a financial advisor to Spirit. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to Spirit.

On the web: www.spiritaero.com
On Twitter: @SpiritAero

About Spirit AeroSystems Inc.

Spirit AeroSystems is one of the world’s largest manufacturers of aerostructures for commercial airplanes, defense platforms, and business/regional jets. With expertise in aluminum and advanced composite manufacturing solutions, the company’s core products include fuselages, integrated wings and wing components, pylons, and nacelles. We are leveraging decades of design and manufacturing expertise to be the most innovative and reliable supplier of military aerostructures, and specialty high-temperature materials, enabling warfighters to execute complex, critical missions. Spirit also serves the aftermarket for commercial and business/regional jets. Headquartered in Wichita, Kansas, Spirit has facilities in the U.S., U.K., France, Malaysia and Morocco. More information is available at www.spiritaero.com.

Lowcountry

10 Common Misconceptions about People from Charleston, South Carolina

July 4, 2024

by Charleston Daily 0 Comments

Every culture; every region; every lifestyle has common behaviors and ways of life. Often times, perceptions are made based on entertainment, media, and even word of mouth. We uncovered some common misconceptions people have about Charlestonians:

1. Everyone in Charleston has a strong Southern accent. In reality, many residents are transplants from other areas, and accents vary widely.

2. Charlestonians only eat fried foods. While Southern cuisine is popular, the city has a diverse food scene with many culinary options.

3. They only listen to country music. Charleston actually has a vibrant music scene including jazz, indie, and other genres.

4. All Charleston women are like Scarlett O’Hara. This Hollywood stereotype doesn’t reflect the diversity of women in the city.

5. Life in Charleston is exactly like the TV show “Southern Charm”. The reality show doesn’t accurately depict everyday life for most residents.

6. Everything moves slowly in Charleston. While the city has a relaxed vibe, not everything is slow-paced.

7. All Charlestonians live in historic homes downtown. In reality, many live in modern homes and suburbs outside the historic district.

8. Everyone in Charleston is extremely wealthy. The city has diverse socioeconomic levels, not just “old money”.

9. Charlestonians are uneducated or “slow”. In fact, Charleston has several highly-ranked educational institutions.

10. All residents are obsessed with sports and drive pickup trucks. While some fit this stereotype, Charleston offers diverse interests and lifestyles.

What to learn more? Here are a few great additional articles:

10 Misconceptions About Charleston – Walks of Charleston
Debunking Common Myths about Charleston – The Cassina Group
19 Stereotypes About South Carolina That Need To Be Put To Rest – Only in Your State
Charleston Tour to Correct Myths About City – WLTX

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Lowcountry

5 Charleston, SC Restaurants that offer cozy and intimate ambiance for that special night out

July 4, 2024

by Charleston Daily 0 Comments

Are you looking for something casual, yet intimate; romantic, yet approachable? We have five (5) wonderful options that will not disappoint in Charleston, South Carolina. Click the links for the official websites and online menus.

1. R. Kitchen (212 Rutledge Avenue, Charleston, SC 29403): A cozy, casual restaurant in the Westside neighborhood. It has a warm and inviting atmosphere with a bright and airy dining area decorated in red, green, and yellow shades. The restaurant is open Tuesday – Sunday with seatings at 6:00 PM and 8:00 PM and the meal is $70.00 per person + tax. INSTAGRAM

2. Frannie & The Fox (181 Church St, Charleston, SC 29401): Located inside a cute hotel, it has a relaxing vibe and nice decor. Reviews mention its “awesome” atmosphere that’s always busy. There are a number of special events. Click HERE for themed events and special nights. INSTAGRAM

3. Southbound (72 Cannon St, Charleston, SC 29403): Described as having a “unique and enjoyable” ambiance. It serves food and drinks “in a timeless setting.” INSTAGRAM

4. Mario’s Italian Ristorante (487 King St, Charleston, SC 29403): Reviewers describe it as having a “cozy atmosphere” and mention it’s great for a comfortable dining experience.

5. Honeysuckle Rose (237 Fishburne St, Charleston, SC 29403): While not much is said specifically about the ambiance, multiple reviews describe it as an “absolutely delightful experience” that compares favorably to high-end restaurants. This 9-course meal with wine and champagne pairings with each course offers one seating a night and is $250.00 per person. Click HERE for the Charleston Daily Restaurant review. INSTAGRAM

These restaurants seem to offer intimate, welcoming environments that contribute to a cozy dining experience, making them hidden gems in Charleston’s culinary scene.

Lowcountry

22 Things for Your Charleston, South Carolina Summer Bucket List

July 3, 2024

by Charleston Daily 1 Comment

Here’s a bucket list of 21 things to do in Charleston, SC this summer:

1. Explore the historic downtown district and admire the beautiful architecture.

2. Visit Fort Sumter National Monument.

3. Shop and dine on King Street. If the timing is right, Second Sunday on King is an event all its own.

4. Take a carriage ride through the city.

5. Relax on Folly Beach and enjoy the ocean.

6. Watch Fourth of July fireworks at Patriots Point.

7. Tour a historic plantation like Magnolia Plantation.

8. Enjoy a Charleston RiverDogs baseball game.

9. Explore the Charleston City Market.

10. Visit the South Carolina Aquarium.

11. Take a sunset sail in Charleston Harbor.

12. Stroll through the Battery and White Point Garden.

13. Cool off at the Pineapple Fountain in Waterfront Park.

14. Visit the Children’s Museum of the Lowcountry.

15. Take a kayak tour through the marshes.

16. Visit the Charleston Museum.

17. Enjoy the Summer Wine Festival (August 24).

18. Explore Charles Towne Landing State Historic Site and zoo.

19. Take a ghost tour of Charleston’s haunted spots.

20. Attend the Charleston Caribbean Jerk Festival (July 20).

21. Book a photo shoot with The Pink Figgy.

22. Take an emotional journey at the International African American Museum.

This list offers a mix of cultural events, outdoor activities, historical sites, and local experiences to make the most of your summer in Charleston.

Want more ideas? These articles will help expand you options:

Lowcountry

For Sale: Coterie – Restaurant in Historic Downtown Charleston, SC – $595K

July 2, 2024

by Charleston Daily 0 Comments

The Elliotborough Neighborhood restaurant Coterie is for sale for $595,000. Here is what you need to know:

Coterie (17 Warren St, Charleston, SC 29403) – Restaurant for Sale

Restaurant Size: The property includes approximately 1,600 square feet of space. The indoor dining area accommodates 40 seats, including 6 low bar stools. The covered patio features 36 seats including 12 seats at the bar and 28 seats on the open patio. The fully equipped kitchen is ready to accommodate any restaurant concept.

Prime Location: Situated just off King Street in the vibrant Upper King District, this location offers excellent visibility and foot traffic, making it a prime spot for a successful restaurant.

Sales Price: $595,000.00, includes the lease, equipment, and fixtures.

Base Rent: $8,000.00 per month.
Sales Rent: An additional 8% of sales over $99,000.00

This listing presents a fantastic opportunity to establish or expand a restaurant in the bustling and popular area of Downtown Charleston.

Coterie Instagram

Lowcountry

Foundry Commercial, Oakwood Real Estate Partners Complete Sale of Dorchester Commerce Center in Charleston, South Carolina

July 2, 2024

by Charleston Daily 0 Comments

Charleston, S.C. (July 2, 2024) – Foundry Commercial, in partnership with Oakwood Real Estate Partners, is pleased to announce the successful sale of Dorchester Commerce Center, located within the greater Charleston industrial market. This transaction marks the partners’ first development in the Charleston metropolitan area, underscoring the company’s commitment to expanding its footprint in key strategic markets.

Dorchester Commerce Center was constructed on roughly 38 acres, strategically located at the intersection of Hodge Road and Thorpe Road, providing excellent access to I-26, Charleston’s primary corridor of commerce, ending at the Port of Charleston. Positioned within the Jedburg submarket, this development is poised to meet the growing demand for industrial space in the region.

Construction of the two-building speculative industrial project began in late 2022. The site now boasts 534,000 square feet of state-of-the-art industrial warehouses, featuring modern rear-load buildings with depths of 260 and 280 feet, opposite the 210-foot shared truck court. The tilt-wall warehouses feature 32′ clear heights, oversized drive-in doors, 9′ x 10′ dock-high doors, and 60′ loading bays, complemented by 514 combined parking spaces.

The Jedburg submarket has seen a surge in demand due to the limited availability of infill properties and the expanding production capacities of major corporations such as Boeing, Mercedes, and Volvo in Charleston. Dorchester Commerce Center is ideally equipped to support this growth, providing essential infrastructure for businesses seeking proximity to these manufacturing giants and the region’s robust transportation networks.

“Infill industrial facilities are vital in major port markets like Charleston, where port, rail, and freight routes are bolstered by major manufacturing and highly skilled labor,” said Bill Simerville, Deal Principal and Managing Director at Foundry Commercial. “The development of Dorchester Commerce Center addresses the critical need for Class-A industrial space in this dynamic market, facilitating efficient logistics and distribution operations for businesses relocating or expanding in the area.”

The project team included Edifice as the general contractor, Merriman Schmitt Architects as the architectural firm, Seamon Whiteside as the civil engineers, and Bridge Commercial for leasing. For more information about Foundry Commercial’s development and investments team and projects, visit https://www.foundrycommercial.com/development-investments/.

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Photo Attached: Foundry Commercial, in partnership with Oakwood Real Estate Partners, recently sold Dorchester Commerce Center, marking the partners’ first development in the Charleston metropolitan area.

About Foundry Commercial:

Foundry Commercial is a full-service commercial real estate services and investment company operating across the office, industrial, retail, multi-family, healthcare, religious, and not-for- profit asset classes and clients. Focused on the Sun Belt markets, Foundry is sustained by 2,000 associates operating from 13 markets, providing leasing and management on more than 68 million square feet and over 3,000 seniors housing units, executing over $1.6 billion in leasing, tenant rep, and investment sale transactions annually. Foundry’s development and investment platform is fully integrated with its services business and is currently invested in over $4.3 billion in joint ventures with many of the best-known institutional investors in the country and currently has over $1 billion in active ground-up developments across all our markets. For more information, visit www.foundrycommercial.com.

About Oakwood Real Estate Partners:

Oakwood Real Estate Partners is a premier real estate investment firm specializing in value-add and opportunistic investments. The firm partners with top-tier developers and operators to deliver exceptional returns for investors while contributing to the growth and vitality of the communities in which they operate. www.oakwoodre.com

Lowcountry

Massive Cleanup Effort Could Soon Remove Dozens of Abandoned Boats from Carolina Waterways

July 2, 2024

by Charleston Daily 0 Comments

BoatUS Foundation Opens Grant Program for $7.5M Effort to Remove Abandoned and Derelict Vessels (ADVs) from Nation’s Waterways

Through August 12, organizations are invited to apply for grant funding to clean up their local waterways

WHAT:

In a nationwide effort to remove abandoned and neglected boats from our nation’s waterways, the Boat Owners Association of the United States (BoatUS) Foundation is seeking qualified, diverse and experienced organizations to submit projects for funding. The massive cleanup effort to remove abandoned and derelict vessels (ADV) in U.S. coastal waterways and the Great Lakes is fueled by a four-year, $10 million grant from the National Oceanic and Atmospheric Administration (NOAA) Marine Debris Program with funding provided by the Bipartisan Infrastructure Law.

Applicants are encouraged to submit a letter of intent between June 10 and August 12.

ADVs litter ports, waterways, and estuaries all over the country and can cause major problems. These boats can crush or smother sensitive plants and corals, sink or move during coastal storms, threaten safe navigation, and contribute to economic losses. Removing ADVs is a costly effort, often averaging more than $24,000 to remove a single boat. For many communities, there may be no local funding for removal of vessels, and navigating complicated funding programs can be challenging for communities with limited time or resources. This is why the BoatUS Foundation grant program is so important.

“We’re excited about building upon our years of experience with ADV removals,” said BoatUS Foundation Director of Outreach and Grant Program Director, Alanna Keating. “This is a unique program that is open to any organization, nonprofit or for-profit, as well as local, state, territorial, tribal, and regional government agencies. Some of our focus will be seeking underserved or marginalized communities that don’t have the local resources to rid their shores of abandoned and derelict vessels.”

“Abandoned and derelict vessels are a widespread problem across the United States,” said Nancy Wallace, Director of the NOAA Marine Debris Program. “We are pleased to partner with the BoatUS Foundation to maximize our impact, while reducing the accumulation of costly and damaging debris in our ports, waterways, and coasts.”

WHY:

The goal of the BoatUS Foundation program is to improve U.S. coastal and Great Lakes waters affected by ADVs and create a first-of-its-kind national online database to track ADV location and removal efforts. By removing the associated pollution, navigation and safety hazards ADVs can cause in waters for years, the 20-75 awardees of this grant program will have a lasting, positive impact on the environment and our waters locally and nationally for years to come.

HOW:

Organizations are invited to apply for ADV removal funds by submitting a letter of intent that answers the following questions:

Body of water from which the debris will be removed
The purpose of the project and the planned steps to complete it
Anticipated outcomes of the project on the environment and the community
How diversity, equity, justice and inclusion will be part of the project
Project budget and expenses to be covered by the grant funding
Authorizations and/or permits needed to complete the work

Priority will be given to projects that include input from and benefit tribal, underserved, or low-income communities; demonstrate strong community support; benefit marine animals and their habitats, local coastal communities, and/or local economies; and include local outreach and education activities directed toward the boating community and general public to prevent abandoned and derelict vessels.

More information on how to apply and grant guidelines can be found here.

About the BoatUS Foundation for Boating Safety and Clean Water:

BoatUS Foundation is leading a nationally competitive grant program for the removal of abandoned and derelict vessels throughout coastal and marine areas of the United States, including the Great Lakes, U.S. territories, and Freely Associated States. This project is supported by the NOAA Marine Debris Program with funding provided by the Bipartisan Infrastructure Law. In an effort to help educate and prevent future ADVs, the Foundation will also create a national ADV database to track the scope of the challenge and measure success, document ADV prevention and removal activities to share with the public, and support a national dialogue and education efforts on boating-related debris removal, with an added focus on how ADVs impact waters in underserved communities. Learn more about the Marine Debris Program by visiting marinedebris.noaa.gov.

Lowcountry

In a recent study, Charleston, SC is the fastest growing life sciences metro hub in the nation between 2018-2022

July 2, 2024

by Charleston Daily 0 Comments

Did you know that Charleston is the fastest-growing life sciences metro hub in the country?

In a recent study by CommercialCafe, between 2018 – 2022, Charleston was the fastest growing life sciences metro hub in the country among 24 leading metro competitors, according to a recent ranking. During these four years, Charleston, South Carolina outpaced traditional hubs including Boston, San Francisco and New York. Though Charleston is not ranked #1, it is clearly indicating a strong foundation and interest around the country.

If you’re seeking a position in the life sciences sector, there are currently 6,000 job postings in life and health sciences-related occupations at Charleston area employers.

Learn more about jobs in Life Sciences in the Lowcountry: https://lnkd.in/eK2yYHRG

Lowcountry

15 Quirky and Silly Facts about Charleston, South Carolina

July 1, 2024

by Charleston Daily 0 Comments

By Mark A. Leon

We always love to educate and help our residents and visitors learn about the origins of our beautiful Charleston home. Here are 15 quirky and somewhat silly facts about Charleston, SC that are less commonly known:

1. The city was briefly known as “Oyster Point”. It was named for the prehistoric oyster shell ring mounds left by indigenous tribes in the days before Charles Town was settled in the 1670s.

2. Local legend claims pineapples on doors announced a ship captain’s return home and welcomed visitors.

3. The infamous pirate Blackbeard once blockaded Charleston’s harbor demanding medicine, not treasure.

4. “Charleston Green” paint was created by mixing Union army black paint with Southern yellow to avoid using “Yankee black”.

5. Buzzards (called “Charleston eagles”) were legally protected for keeping the old city market clean.

6. The colorful houses of Rainbow Row were not painted to help drunk sailors, but because a couple decided to paint their house pink in 1935.

7. George Gershwin composed “Porgy and Bess” while living on Folly Beach.

8. Buildings in Charleston can’t be taller than the highest church steeple.

9. The city’s layout is almost identical to Bridgetown, Barbados.

10. Edgar Allan Poe was stationed at Fort Moultrie under the alias Edgar A. Perry.

11. Some believe Lavinia Fisher, supposedly America’s first female serial killer, haunts the Old City Jail.

12. A World War II gun turret occasionally appears on Sullivan’s Island beach after certain weather conditions.

13. The pineapple is used as a symbol of hospitality throughout the city.

14. Charleston’s single houses have front doors on the side, not facing the street.

15. The city is home to America’s first theater, first public college, and first museum – a trifecta of firsts.

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