Richard H. Coen to Build 165-Unit Condo-Hotel
on Prime Shem Creek Property
|New York, NY – May 4, 2006 - Broad Street Advisors, LLC of New York
announces its appointment as exclusive advisor to Lowcountry Capital, LLC
for the provision of structured services relating to debt, equity, or possible
sale of the Mount Pleasant development opportunity. Broad Street
Advisors provided advisory services to Coen Capital, LLC for the $141 million
development of Tides Condominiums in Charleston.
Mr. Coen’s latest venture, “The Landing” offers a premier waterfront development opportunity in Charleston (Mount Pleasant), South Carolina for a 165-unit condominium hotel and accompanying retail. The Landing is located on Shem Creek, the historic shrimping and fishing village that has access to the Charleston Harbor and the Intracoastal Waterway. The site is approximately 1 mile from the recently completed Cooper River Bridge (North America’s largest cable stay span bridge), which connects Mount Pleasant to Downtown Charleston. “This is one of the best Charleston area development opportunities on the horizon” says Robert Rizzi, Executive Vice President at Broad Street Advisors. “The Landing will offer luxury condominium hotel units in a market that has rapidly absorbed inferior units at prices in the $1,000 per square foot range. The Landing will be able to capitalize on this demand and should provide an exceptional return on investment.”
The Landing’s location, quality of construction, traditional architecture, eclectic interior, and amenities will attract Charlestonians, second home buyers and investors alike. The climate, cultural treasures, and ample employment opportunities in Mount Pleasant have sparked an influx of new residents and businesses to the area; the population increased 18 percent from 2000 to 2004. In addition, the quality of life and many leisure activity options have made the area an attractive vacation and second home destination.
Charleston is consistently featured as one of the best cities in which to vacation, live, or retire. Recent condominium developments have typically sold out during the pre-sales period, trading at prices between $300,000 and $1.5 million per unit.
The Landing will capitalize on a hotel market that has recently enjoyed strong room demand resulting in occupancy of 70.1 percent, 2.3 percent higher than in 2004. Average daily rate increased 14 percent from $112.67 in 2004 to $128.61 in 2005. Luxury hotels in the Charleston area that would directly compete with The Landing boasted an ADR of $227.25 and occupancy of 76.3% in 2005, attesting to the even greater demand of upscale properties. The flourishing tourism industry in Charleston and expanding business environment necessitates additional rooms which should further the prosperity of local hotels.
Marketing of the 165 units is scheduled to begin this summer, with construction
of the $72 million project beginning in January of 2007.
For Further information, please contact Robert Rizzi at Broad Street Advisors, 212.315.2400 (RRizzi@BroadStreetAdvisors.com)
About Broad Street Advisors, LLC
Based in New York City, Broad Street Advisors provides commercial real estate advisory services to institutions and high net worth corporations. During recent quarters, Broad Street Advisors has executed on over eight billion dollars of transactions in 43 states.