Capital Square is a sponsor of tax-advantaged real estate investments and a developer of multifamily communities. Method Co. is a real estate management, development and design company rooted in hospitality. Their groundbreaking ceremony today ceremoniously marks construction of the 50-unit development that a news release says bridges the boutique hotel experience with apartment-style living.
The $61 million project designed by Morris Adjmi Architects will feature 52,700 square feet of space comprising a mix of studio, one-, two- and three-bedroom apartment hotel units, a rooftop lounge, and 27,700 square feet of rentable space, the news release said. Method Co. will operate the property’s rooftop lounge, which will be open to guests and locals.
The hotel is slated for completion in early 2024.
“Capital Square is an active developer of luxury properties in growing markets within the Southeast and we couldn’t be more pleased to begin construction on our inaugural project in Charleston,” Whitson Huffman, chief strategy and investment officer for the company, said in the news release. “Charleston is a premier market, home to a growing community of high-income families and one of the nation’s most popular tourist destinations. 529 King St. will contribute to this legacy and become a premier destination for local residents and tourists alike.”
The developers say the property will be the city’s first high-design, extended-stay hotel concept blending the comfort and practicality of an apartment with the amenities and design of a boutique hotel, creating a temporary living environment for a long-term stay.
“We are thrilled to break ground on our first Roost Apartment Hotel in South Carolina and our second project in the city of Charleston,” David Grasso, president and co-founder of Method Co., said in the release. “Roost will offer guests in Charleston a comfortable stay in a beautifully designed apartment that feels like a home and the flexibility to stay a few nights or a few months. The building’s design by Morris Adjmi Architects is outstanding; it will be a fitting complement to the classic architectural charm of Charleston.”
Roost has three locations in Philadelphia, one in Cleveland and one in Tampa, Fla., with another opening soon in Detroit. The Upper King Street neighborhood was attractive for the next Roost because of its status as a tourist destination, but also because the neighborhood supports a burgeoning tech and start-up scene, a generator for higher-end residential and hotel development, the news release said.