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Capital Square and Method Co. Announce New ROOST Apartment Hotel Construction in Charleston
- 22nd Jul 2022
The new ROOST apartment hotel should be ready in In 2024 and would bring 50 apartment hotel units to the historic downtown of Charleston.
CHARLESTON, SC - 21 JULY 2022 - Capital Square, one of America's leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, and Method Co., a real estate management, development and design company rooted in hospitality, held a groundbreaking ceremony for a new design-forward, 50-unit development located at 529 King Street in Charleston's historic downtown.
The $61 million project, designed by renowned Morris Adjmi Architects, will have 52,700 square feet of space, including studio, one-, two-, and three-bedroom apartment hotel rooms, a rooftop lounge, and 27,700 square feet of rentable space. The rooftop lounge will be managed by Method Co., which will use its extensive expertise in food and beverage operations to create a location that serves both tourists and residents.
Capital Square executives Louis Rogers, founder and CEO, and Whitson Huffman, chief strategy and investment officer, as well as Randall Cook, CEO and co-founder of Method Co., and David Grasso, president and co-founder of Method Co., and Kathy Crawford, regional director of the Office of U.S. Senator Tim Scott, were in attendance (S.C.). The hotel is expected to be completed in early 2024, with building already ongoing.
Chief strategy and investment officer Whitson Huffman said, "Capital Square is an active developer of luxury properties in expanding Southeast cities, and we couldn't be happier to begin building on our first property in Charleston." "Charleston is a top market, home to a rising population of high-income families, and one of the most popular tourist destinations in the United States. 529 King Street will add to this history and become a destination of choice for locals and visitors."
The facility will be the city's first high-design, extended-stay hotel concept that combines the comfort and practicality of an apartment with the facilities and design of a boutique hotel, so providing a temporary living environment perfect for long-term stays.
"We are excited to begin construction on our first ROOST Apartment Hotel in South Carolina and our second project in Charleston," stated Method Co. President and Co-Founder David Grasso. "ROOST will provide visitors in Charleston with a pleasant stay in a beautifully decorated apartment that feels like home, as well as the option to stay for a few nights or many months. The building's design by Morris Adjmi Architects is exceptional; it will enhance Charleston's traditional architectural beauty."
The new apartment hotel, situated in the extremely desirable "Upper King" neighbourhood of downtown Charleston, which is home to a concentration of luxury retail establishments, restaurants, and nightlife, will serve as an excellent lodging option for the city's large number of yearly tourists. In addition to a flourishing tech and startup environment, the Upper King Street district is a growth corridor and excellent demand generator for luxury residential and hotel construction.
Here you can find architectural renderings attributed to Morris Adjmi Architects.
More About ROOST Apartment Hotel
Conceptualized by the Philadelphia-based hospitality business Method Co., the ROOST Apartment Hotel is a high-design boutique extended-stay hotel. ROOST pioneers a new approach to hospitality by combining the comfort and practicality of an apartment with the facilities and decor of a boutique hotel, so producing a temporary living space appropriate for long-term stays. ROOST, which was designed by Morris Adjmi Architects, provides studio, one- and two-bedroom, and penthouse apartments with full-sized kitchens and modern equipment in a tastefully equipped space with contemporary furniture, antique accents, bespoke lighting, and original artwork. Amenities include an artisanal coffee programme developed by La Colombe, a bike sharing programme, and periodic resident receptions with local vendors; a 24-hour concierge desk and on-site services staff further enhance and guarantee a remarkable visitor experience. ROOST Midtown began in 2015 with 28 completely furnished apartments; ROOST Rittenhouse followed in 2016 with 27 apartments and a communal lobby; and ROOST East Market opened in January 2019 with 60 units, an outdoor pool, and a common area in Philadelphia's Midtown Village district. The fifth location, ROOST Tampa, opened in July 2022 with 97 apartments inside Asher, a residential building within the new Water Street development. ROOST intends to expand into more markets, including Detroit, Baltimore, and Charleston. www.myroost.com
About Capital Square
Capital Square specialises in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges, qualified opportunity zone funds for tax deferral and exclusion, and a real estate investment trust (REIT). In recent years, the business has been an active developer of mixed-use multifamily buildings in the southern United States, with eight projects comprising over 2,000 apartment units and a total development cost of over $600 million. Since 2012, Capital Square has executed transactions totaling over $6.0 billion. Capital Square's affiliated organisations provide a variety of services to an increasing number of high-net-worth individuals, private equity firms, family offices, and institutional investors, including due diligence, purchase, loan sourcing, property/asset management, and disposal. Since 2017, Capital Square has been honoured for four consecutive years by Inc. 5000 as one of the nation's fastest-growing firms. The firm was also included on Richmond BizSense's list of the fastest-growing companies in 2017, 2018, and 2020. In addition, Capital Square was included in Virginia Business's 2019 "Best Places to Work in Virginia" and 2019 and 2020 "Fantastic 50" reports. For additional information, please visit www.CapitalSq.com.
Regarding Method Co.
Method Co. is a Philadelphia-based hospitality, development, design, and branding company that was founded by bringing together historically compatible disciplines under one roof; the company bridges the worlds of interior design and real estate development, while embracing the custom design of products, furniture, identities, and experiences. Method company's multidisciplinary work is founded on its wide skill set, which is comprised of experts with vast expertise in finance, interior design, branding, architecture, urban planning, and the visual arts. The team has been responsible for the design, staging, and development of hotel, restaurant, and real estate projects, including the ROOST Apartment Hotel brand, Whyle, Wm. Mulherin's Sons Restaurant & Hotel, and HIROKI restaurant, as well as the newly opened boutique property in Charleston, The Pinch, with plans to expand their concepts to other major US markets, including Detroit and Wilmington, DE.