Construction Poised to Start after Successful Financial Closing
CAMDEN, NJ / ACCESSWIRE / October 15, 2024 / The Michaels Organization, working in partnership with One80 Place and Spandrel Development Partners, is set to transform a vacant lot in downtown Charleston into much-needed permanent, affordable housing exclusively serving homeless individuals and families, after successfully achieving a financial closing for 573 Meeting Street.
Front view of the new community being developed at 573 Meeting Street, Charleston, SC
The development is the result of a collaborative effort between Michaels, the nation's largest private-sector owner of affordable housing, Spandrel, a multi-disciplined real estate development firm, and One80 Place, one of the largest providers of services to people moving out of homelessness in South Carolina.
"We are thrilled to reach this milestone for 573 Meeting Street and we are grateful for the support of the city, the state, and all our partners," said Bruce Morgan, Senior Vice President of Development at The Michaels Organization. "This development exemplifies what the public, private, and non-profit sectors can accomplish when working together to create high-quality, service-enhanced affordable housing solutions that enhance communities and lift lives."
The planned development will maximize a vacant parcel within One80 Place's homeless and supportive services campus in one of historic Charleston's most dynamic neighborhoods. The six-story, mixed-use development will be a permanent home for 70 formerly homeless individuals, and the second floor will be a new family shelter for 65 women and parents with their children.
"We believe that our community's most vulnerable neighbors deserve the best of what Charleston has to offer. Housing built specifically to support people moving out of homelessness is critical to ending homelessness, once and for all," said Stacey Denaux, One80 Place's CEO. "The impact of this project will be profound and long-lasting."
Spandrel Development's Co-founder, Emanuel D. Neuman said: "After seven years of planning, we are very excited to see this development now poised to start construction and to make One80 Place's vision for this transformative community a reality." Sprandel has developed several communities in Charleston, including two on Meeting Street.
At 573 Meeting Street, One80 Place will offer comprehensive supportive services to the residents including case management, healthcare, tenancy support, and legal services. Residents will earn no more than 50% of HUD area median income (AMI) and spend no more than 30% of their income on rent.
Financing for the $44 million development was made possible through 4% low-income housing tax credits, tax-exempt bonds allocated by the South Carolina State Housing Finance and Development Authority, funding from the City of Charleston through the Charleston Redevelopment Corporation, the CLIMB fund, Charleston County, South Carolina Housing Trust Fund and generous private donations to One80 Place.
The City of Charleston Housing Authority has committed project-based rental assistance for all 70 rental units, ensuring long-term affordability for residents.
Development team partners include LS3P as the architect and Choate Construction as the General Contractor. Berkadia and Monarch invested in the federal and state tax credits with TD Bank providing the construction loan and Berkadia/Freddie Mac providing the permanent mortgage loan. Michaels will provide property and investment management services, ensuring the community remains a long-term asset to the neighborhood.
About The Michaels Organization
Michaels is a national leader in residential real estate, offering full-service capabilities in development, property and asset management, construction, and investment. Serving more than 200,000 residents in more than 600 communities across 39 states, the District of Columbia, and the U.S. Virgin Islands, Michaels is committed to crafting housing solutions that jumpstart education, civic engagement and neighborhood prosperity, and to creating Communities That Lift Lives.
About Spandrel Development Partners:
Spandrel Development Partners (Spandrel) is a multi-disciplined equity real estate development firm. Based upon its proprietary analysis, Spandrel pursues opportunities for conversion, capital improvement and ground-up development in targeted U.S. markets based on strong and thriving economic and demographic indicators. Currently focused on the multi-family, student, hospitality, industrial, and retail market segments, Spandrel leverages its principals' decades of development and investment experience in the creation of long-term value. For more information, go to spandreldevelopment.com.
About One80 Place
One80 Place ends and prevents homelessness. One80 Place serves more than 2,500 individuals annually across the state of South Carolina with offices in Charleston and Columbia. One80 Place has operated a shelter and community kitchen since 1984 and has expanded its services to end and prevent homelessness by offering case management, on-site healthcare, street outreach, and legal services for individuals, families, and Veterans. To learn more visit www.one80place.org.
Contact Information
Laura Zaner
Vice President, Michaels Corporate Marketing
lzaner@tmo.com
856-988-5983; 856-630-1540
Katie Smith
info@one80place.org
SOURCE: The Michaels Organization
View the original press release on newswire.com.
