A real estate development firm with offices in New York and Charleston plans to break ground this month on a multifamily project on Meeting Street.
Plans for Spandrel Development Partners’ 511 Meeting Street project include 221 apartments, more than 9,000 square feet of amenities, two levels of parking and ground-level retail, according to a news release.
511 Meeting Street LLC and “multiple owners” bought the site for around $6.3 million in May 2016, according to Spandrel and Charleston County property records. The 1.25-acre site is between Lee and Sheppard streets, at the end of the Meeting Street exit off Interstate 26.
Spandrel will develop 511 Meeting through a joint venture with Aspen Heights Partners and Northwestern Mutual, the news release said. Construction is expected to wrap up by the second quarter of 2019.
“Charleston is growing at a rate of 32 people per day, and this has created the demand for quality new residential development in the city’s urban core,” Ian Levine, co-founding principal at Spandrel, said in the news release.
Spandrel is also working with joint venture partner Armada Hoffler Properties on two student housing projects: 595 King Street, a 150,000-square-foot mixed-use project with residences and retail, and 530 Meeting Street, a 200,000-square-foot apartment project with 6,000 square feet of amenity space, according to Spandrel’s website.
Spandrel has invested $165 million overall on the Charleston peninsula, the company said.