3:06 pm on Friday September 12, 2008
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From cotton mill to Cigar Factory to condominiums
Atlanta real estate investors plan to transform the 127-year-old Cigar Factory into luxury condominiums with their $75 million budget. This space, located in downtown Charleston on East Bay and Columbus streets, will contain 66 condos for sale ranging in price from $380,000 to $1.6 million.
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This space used to employ cotton mill workers followed by cigar factory workers, but this venture will employ local construction workers taxed by work scarcity. Similarly, the job deficit is tantamount with the struggling real-estate market, but the developers are confident the spaces will sell. The Post and Courier reports:
The redevelopment marks one of the few major condo ventures that are in full swing amid the uncertainty in the local market. "It's not totally insulated," said project manager Scott McKenna, referring to the Charleston market. “But we're going ahead.”
Residential occupancy are just part of the planned luxuries, get the story at The Post and Courier.
If your interested in the history of this historic landmark visit their Web site.
Update September 17: The Charleston Regional Business Journal has tossed their hat in the ring, and done a pretty good job covering what's going on at the plant and its history.
For a while now, more and more realtors are interested in transforming old buildings and it looks like this time, a cigar factory is targeted. The project sounds very promising and since the building it's not totally insulated, the company should choose a quality product, like the high temp insulation which is more resilient in case of fires. As this is a luxury condominium, they must keep the standards high.