Construction is Well Underway on Student Housing Projects in Historic Charleston— Press Release, Project Updates
Earlier this year, Armada Hoffler Properties announced that the Company had teamed with Spandrel Development Partners to develop and build $100 million of new purpose-built student apartments in downtown Charleston, South Carolina. The Company broke ground on both projects in August and expects to deliver over 600 new beds in time for the fall 2019 semester.
Kingston Place – also referred to as the King Street project – is one of the two student housing properties currently under construction on the Charleston peninsula. Located at the corner of King and Spring streets, this seven-story asset is expected to deliver nearly 260 new beds and 12,000 square feet of retail space within one mile of the College of Charleston.
The Meeting Street project, the second student housing property currently under construction in Charleston, is located at the corner of Spring and Lee Streets, also within one mile of the College of Charleston. This asset is expected to feature more than 360 beds over five stories.
The Charleston peninsula is home to over 20,000 students and current enrollment at the College of Charleston alone approaches 12,000 students.
“With its high barrier-to-entry and net market deficit of over 5,000 beds, new student housing product in downtown Charleston fits perfectly into our development and investment strategy,” said Louis S. Haddad, President and Chief Executive Officer. “We look forward to meeting the needs of the underserved student population on the peninsula and are excited to once again team with a partner who has the local expertise to quickly entitle prime sites in one of our target markets.”
Armada Hoffler Properties serves as both majority partner and general contractor in this joint venture.