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Capital Square announced that it has broken ground on its ROOST Apartment Hotel project in Charleston, South Carolina, targeting a completion of construction in approximately one year.
The project, located at 529 King Street in Charleston, will consist of a five-story development with 50 apartment hotel units. There will be a mix of one-bedroom, two-bedroom, and three-bedroom units. The units will be operated under the ROOST Apartment Hotel brand, which currently has a presence in Philadelphia, Cleveland, and Tampa.
Amenities will include a rooftop lounge that is open to the public, as well as a private interior courtyard, fitness center, library, and co-working space.
“Capital Square is an active developer of luxury properties in growing markets in the Southeast and we couldn’t be more pleased to begin construction on our inaugural project in Charleston,” said Whit Huffman, chief strategy and investment officer. “Charleston is a premier market, home to a growing community of high-income families and one of the nation’s most popular tourist destinations. 529 King Street will contribute to this legacy and become a premier destination for local residents and tourists alike.”
The ROOST project is being funded through Capital Square’s fourth QOF, the CSRA Opportunity Zone Fund IV. Capital Square has successfully raised equity for a number of single-asset OZ funds, typically targeting markets in the Southeastern United States.