A long-planned hotel deal for the mixed-use Concord Park site in downtown Charleston is stirring back to life.
An affiliate of Rockbridge Capital LLC recently purchased a piece of land that’s expected to accommodate a new lodging flag being launched by Starwood Hotels and Resorts Worldwide.
Rockbridge, a Columbus, Ohio-based real estate investment firm, recently paid $5.75 million for the property near the S.C Aquarium. Company officials were not available to comment on the purchase.
The 100-room hotel is expected to open in 2017.
It will be part of a group of independent lodgings under Starwood called the Tribute Portfolio, according to a statement from the company. Plans in Charleston call for a restaurant, 11,000 square feet of meeting space, and a rooftop bar and pool.
The first hotel in the Tribute line opened in Miami’s South Beach. Others are planned for Charleston, Nashville, Savannah and Asheville. By 2020, the hope is the new flag will expand to 100 locations, Starwood CEO Adam Aron said in a written statement.
A hotel has been part of the Concord Park development for years.
Progress on the entire project was slowed by financial crisis, said Ross Bowker, vice president of East West Partners, which is the primary developer.
The first structure was an office building at 25 Calhoun St., right by where the new hotel is supposed to go.
But Concord Park as a whole has been a sluggish project.
Affordable housing for senior residents could be done by 2016, he said.
East West Partners had initially won a request for proposals from Charleston back around 2007, Bowker said. It was given the north and south parts of the area, and the city was left to have the 6 acres in the middle of it all for the park.
Mayor Joe Riley agreed that the last recession affected the development. He said a public park, which will include playgrounds, should open later this month.
East West eventually sold a portion of the property to an Atlanta-based development firm that constructed the 65,000-square-foot office building at 25 Calhoun in 2011.
The initial plan for Concord Park included around 45 or 50 condominiums, Bowker said.
The plan is now for 34 condos.
Bowker said the completion date for the residences could be on par with that of the new hotel.