Developer Acquires Woolfe Street Site

CHARLESTON, SC – A joint venture between The Seine Group and South City Partners recently purchased 24-28 Woolfe Street in downtown Charleston for $8 million. The 0.7 acre site has received city approval for a residential project, and is part of the rapidly evolving Upper King corridor on the Charleston peninsula.

The site was previously the location of Taylor’s Frozen Foods and borders Elan Apartments, the new Midtown project with Hyatt and Hyatt House hotels, the Woolfe Street Playhouse, and the old Norfolk Southern railway which is planned for conversion into a future pedestrian Lowline. The planned Courier Square mixed-use development is two blocks to the north of the site. The developers plan to position their building toward the eastern side of the site to allow for the City of Charleston’s planned Lowline to pass through the project. The venture also plans to preserve and incorporate portions of the brick façade remnants from the old ice house building. The project received first approval from the Board of Architectural Review, and the developers intend to adhere to the approved design.

The Seine Group is an opportunistic investment firm focused on commercial and residential real estate acquisitions and development. Justin Ferira, the founder and CEO of The Seine Group, is a Charleston native and has helped lead over $3 billion in real estate and private equity acquisition and development transactions across the continental United States and Hawaii, including over 30 apartment and condo properties.

South City Partners is an Atlanta based developer of large scale mixed-use and multifamily projects. The principals of South City Partners have collectively developed in excess of 15,000 residential units during their careers and currently have numerous projects under development throughout the Southeast.

The co-developer partnership is backed by The Carlyle Group, a global alternative asset manager with $193 billion of assets under management as of March 31, 2015 including a dedicated U.S. real estate team focused on opportunistic investments in the major metropolitan markets in North America.

Peter Fennelly, Daniel Pellegrino, and Seth Clark

The land sale was facilitated by Colliers International and led by Peter Fennelly, Daniel Pellegrino, and Seth Clark.