The pieces are falling into place for the 100-unit timeshare on the Starbucks site at East Bay and Calhoun streets in downtown Charleston.
An affiliate of lodging giant Hilton Hotels & Resorts said Wednesday that is is investing $10 million in a joint venture with a South Carolina firm to develop the 100-unit project.
Construction on Liberty Place Charleston by Hilton Club is expected to get underway by the end of year, with an opening scheduled for the second quarter of 2020, according to Orlando, Fla.-based Hilton Grand Vacations.
Hilton is partnering with Strand Capital Group of North Myrtle Beach and will market and manage the units. It is their first joint venture together.
The announcement followed the recent closing of the $20 million sale of the property to 1776 Development LLC, an affiliate of Strand Capital. Real estate investor John Rivers’ Mazyck Holdings LLC sold the six parcels totaling 2.01 acres earlier this month, according to Charleston County land records.
The site includes the former WCSC-TV station and the offices of the Charleston Digital Corridor. An existing telecommunications tower on the property will remain under a long-term lease.
The land sale followed approvals by the city's Board of Zoning Appeals and Board of Architectural Review. The BAR also approved the demolition of the existing buildings.
The Liberty Place project will include a new cafe, streetfront retail space, a pedestrian walkway from East Bay to Alexander Street, and two new houses.
The adjacent neighborhood association supported the development after the design was changed to ensure that traffic exiting the site could only turn right toward Calhoun Street.
"Charleston is a highly desirable market, and adding this property to our portfolio advances all of our strategic priorities, especially growing our member base and expanding our brand presence,” Mark Wang, CEO of Hilton Grand Vacations, said in a written statement Wednesday.