A joint venture of Woodfield Investments and Argosy Real Estate Partners has received a $100.6 million senior loan from PCCP for the development of Morrison Yard, a 380-unit community in a qualified opportunity zone in downtown Charleston, S.C. At the same time, Argosy Real Estate Partners provided $27.8 million in equity financing for the same project. Phillips Realty Capital structured the joint venture equity investment on behalf of Woodfield Investment.
Located at 838 Morrison Drive on a former State Ports Authority site, the development is on the Charleston Peninsula, in an emerging area known as North of Morrison. This former industrial zone is being revitalized through several mixed-use projects. Recently, a 231-unit project that broke ground in mid-2018, was completed in the area.
Construction has already begun on Morrison Yard, which will include 25,960 square feet of ground-floor commercial space, a 10-story building and a six-story structure. Plans also call for a shared two-level parking garage. The upcoming property is slated to include 72 studios, 164 one-, 132 two- and 12 three-bedroom units, averaging 960 square feet. Additionally, the project will also feature green space across eight courtyards, a two-level lobby, a clubhouse, a 3,300-square-foot fitness center, a business center, a media room, event space, a rooftop pool and multiple grilling areas.
According to PCCP, the Charleston region has a population of 787,643 residents and a tight unemployment rate of 2.5 percent. Several employers in the tourism, military, aerospace and technology sectors will be easily accessible from Morrison Yard, when completed in 2022.