An ill-fated condominium project, perched above the center of the King Street shopping district, gets another chance as a boutique hotel.

The Restoration on King blends old Charleston brick and locally-inspired artwork with the Manhattan concept of apartment-styled inns.

Owned by a group of local investors and managed by Charlestowne Hotels, it opens March 1.

The name plays off both the building's physical rebirth and the Restoration period of British history in which a monarch returned to rule the country.

Charlestowne Hotels senior vice president Michael Tall said the name seemed especially fitting because of the property's location over King Street.

Positioned over the Gap and Lucky Brand Jeans, the hotel spans three floors of 16 one- and two-bedroom suites ranging from 579 square feet to 1,300 square feet, some with private patios.

Done up in plush brown and baby blue fabrics that contrast with exposed brick and hardwood floors, each room includes a living area, a fully equipped kitchen, flat-screen televisions and iHome stations.

"This is where modern and Charleston meet," Tall said.

He expects to book receptions in the lobby, which opens onto Wentworth Street, and he hopes to hold events with local chefs on the South Beach-inspired rooftop patio.

Six local investors operating under the name King Wentworth

Associates own the property.

Scott Tucker, a financial consultant to the group, said its members shifted their focus from residential condominiums called The Exchange after the housing market collapse.

Most of the property's preparation had been done at least three years ago, according to architect Neil Stevenson.

He said that foundation work included the more painstaking hurdles, such as installing sprinklers at night to avoid disturbing the stores below, before luxury condos lost their appeal.

"The (owners) were smart in that they wouldn't sell one unless they sold all of them," Stevenson said.

Introductory pricing at The Restoration on King starts in the mid-$300s per night during BB&T Charleston Wine + Food Festival weekend. Regular rates will range from the mid-$300s to $800 per night, depending on the room.