North Charleston, SC (Jan. 30, 2023) – Navy Yard Charleston today announced it broke ground on the redevelopment of two historic storehouses. Projected to open in 2024, Storehouses 8 and 9 will be reactivated as a series of restaurants, shops, offices, apartments, and live/work units.
The project is part of the broader redevelopment of the former naval base led by Jamestown and local Charleston real estate developers Weaver Capital Partners and WECCO Development. The multi-phase redevelopment will transform a 79-acre portion of the campus into a vibrant mixed-use neighborhood. This next phase of the redevelopment, which is focused on Storehouse Row, also includes the partnership of Piedmont Private Equity.
“Great revitalizations take focus and forward-thinking partners, and we are seeing the results of both with Jamestown and the local development team,” said R. Keith Summey, Mayor of North Charleston. “Breathing life back into Storehouses 8 and 9 is a giant step forward in the community-first vision for redevelopment of the former Naval Base in North Charleston.”
“Great places are made over time, in collaboration with the communities they serve,” said Michael Phillips, President of Jamestown. “We are advancing this redevelopment in stages and with careful attention to ensure we achieve preservation and innovation in equal measure. The reactivation of Storehouses 8 and 9 as a layered, mixed-used environment is emblematic of that mission and our broader vision for the property.”
“The restoration and reactivation of these Storehouses will bolster the area’s existing business community, which includes a wide range of designers and makers,” said Jay Weaver, Founder and President of Weaver Capital Partners. “We want to amplify and nurture that creative community while introducing new opportunities for local entrepreneurs, businesses, artists, and residents.”
“We are excited to bring new life to these century-old buildings and to create a new destination and resource for the community,” said Lucile Cogswell, President of WECCO Development. “Navy Yard Charleston will honor and build upon the rich history of the site, while embracing the future.” Lucile Cogswell has taken over the day-to-day management of WECCO Development since the firm’s Principal, William Cogswell, announced his candidacy for Mayor of Charleston.
The 40,000-square-foot, two-story building known as Storehouse 8 will be restored and repurposed as a restaurant, event space, and offices. In an effort to preserve the history and character of the building, which was constructed in 1906 as naval administrative offices, the renovation will salvage architectural details, including the building’s original hallways, trim, railings, flooring, slate roof, and copper soffits.
The adjacent Storehouse 9, a 67,000-square-foot, four-story building constructed in 1918 as naval administration offices and storage facility, will also be redeveloped as part of the next phase. The restoration and renovation of the building includes creating restaurants and shops on the ground floor, a rooftop bar and restaurant with views of the Cooper River, and 86 units with the flexibility to serve as live/work, including eight on the ground floor with a retail component, geared to makers and artisans.
In addition to restoring Storehouse 8 and 9, the next phase of the redevelopment also includes the construction of a new restaurant space to be known as Storehouse 8.5 within the plaza between the buildings. The plaza will be amenitized as a community gathering place and include outdoor dining space, an event lawn, and game area.
Since announcing the Navy Yard Charleston redevelopment, the development team has been focused on planning and design, as well as remediation and preservation projects throughout the property. The team also has partnered with a number of neighborhood organizations and community groups, including Charleston Promise Neighborhood and Historic Charleston Foundation. A neighborhood employment program reserving project-specific positions for local residents will be launched as part of the redevelopment of the Navy Hospital, expected to commence this year.
Beginning its operation as a working dry dock in 1901, the Navy Yard maintained a naval presence on the North Charleston waterfront for nearly a century. Since it was decommissioned in 1996, some of its historic buildings have remained in use for various purposes, while others have declined. Today, the site includes the former Navy Hospital, a neoclassical power plant, naval infirmary, and series of storehouses.
Nearly two dozen companies on the grounds employ thousands of people, including custom lighting designers, blacksmiths, underwater welders, brewers, and bakers. Navy Yard Charleston joins a number of historic naval yards across the nation that have recently been reimagined and repurposed for modern use including the Brooklyn Navy Yard and Navy Yard, Philadelphia.
###
About Jamestown
Jamestown is a global, design-focused real estate investment and management firm with a 40-year track record and mission to create places that inspire. Since its founding in 1983, Jamestown has executed transactions totaling approximately $40 billion. As of September 30, 2022, Jamestown has assets under management of $13.2 billion and a portfolio spanning key markets throughout the U.S., Latin America, and Europe. Jamestown employs more than 400 people worldwide with headquarters in Atlanta and Cologne, and offices in Amsterdam, Bogotá, Boston, London, Los Angeles, Madrid, Milan, New York, San Francisco, and Washington, D.C. Current and previous projects include One Times Square and Chelsea Market in New York, Industry City in Brooklyn, Ponce City Market in Atlanta, Ghirardelli Square in San Francisco, the Innovation and Design Buildings in Boston and Lisbon, and Groot Handelsgebouw in Rotterdam. For more information, visit www.jamestownlp.com.
About Weaver Capital Partners
Formed in 2013, Weaver Capital Partners primarily focuses on value-add real estate. Founder and President Jay Weaver has spent his 25-year career developing office, industrial, retail and mixed-use properties in the Southeastern United States. His experience includes both renovating and repositioning buildings as well as ground up construction, including iconic projects like the Cigar Factory in Charleston, SC, Puritan Mill and Westside Provisions District in Atlanta, and Edgehill Village in Nashville. For more information, please visit: www.weavercapitalpartners.com.
About WECCO Development
WECCO is a real estate development, investment, and consulting company that specializes in both new construction and rehabilitation opportunities within the historic urban fabrics of the coastal markets. The firm’s detailed and forward-thinking approach to design and investment is well-known and has resulted in many renowned projects including the Cigar Factory, GARCo Mill, One Cool Blow, Frogtown and Starland. For more information, please visit: www.wecco.com
About Piedmont Private Equity
Piedmont Private Equity is a boutique investment company headquartered in Atlanta. The firm’s principals have owned, operated or managed over $5 billion of assets primarily in the Southeast. South Carolina multi-family development projects include both new construction and historic adaptive re-use. In addition, the firm and its affiliates make opportunistic investments in the film and entertainment industry and manage multiple Opportunity Zone Funds. For more information, please visit: www.piedmontprivateequity.com.
