– Development Adds 92,000 square feet of Tech-Focused Space to Charleston –
New York, NY – July 16, 2019 – Hunt Investment Management is pleased to announce the closing of its first Opportunity Zone deal, with a significant majority of the equity capital raised from third-party investors. The project, known as the Charleston Tech Center, will be a 92,000-square-foot, six-story office building located in downtown Charleston, SC.
Scheduled for completion in late 2020, the Charleston Tech Center will offer a unique combination of high-quality space, attractive amenities, and an accessible downtown location. The development will also include an 816-space parking garage owned and operated by the City of Charleston.
Hunt, in addition to putting up its own capital and partnering with a local development team, raised a substantial portion of the equity capital from third-party investors.
“We are excited about closing the Opportunity Zone deal in Charleston with a select group of third-party capital partners,” noted James P. Flynn, Executive Vice President at Hunt Investment Management. “This project serves as another pivotal moment in the growth of Hunt’s investment management business.”
The Charleston Digital Corridor, a tech-oriented, non-profit economic development organization, is anchoring the building. The Charleston Tech Center is intended to become a home for start-up and early-stage companies, as well as mature tech companies. The building will contain lifestyle retail on its ground floor and a conference center and roof deck on the top floor, along with adjacency to the City-owned garage.
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. “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.”