Historic, long-vacant Cigar Factory building in Charleston sold for $24.18M
By John McDermott, The Post and Courier, Charleston, S.C. | |
McClatchy-Tribune Information Services |
Renovation work will begin immediately, and the total cost is expected to exceed
The new ownership group includes
Its joint venture partner is
Their plans for the 244,000-square-foot property at
Unlike the previous developer, the new owners aren't proposing any residential units.
"We are excited to create a unique environment to address the growing demand of office and retail users that want to be downtown," Cogswell said in a written statement.
"The purchase of the
Like many
It's also on the
The building has been sealed up and dormant for more than four years.
The previous owner was
That sale closed about six months before the last recession took hold and sucked the air out of the local real estate market.
Simpson's plans were derailed completely in 2009 when the bank that was funding his
Simpson sued the
"The building's redeveloped commercial and retail components fulfill the strong and growing demand for high-quality lifestyle spaces on the upper peninsula," he said in a statement.
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