Vortex

Urban Mixed-Use

Proposed

Vortex Full Building Mass.png

Vortex is a transformative mixed-use development project located at 45 Romney Street in Charleston, South Carolina and led by strong sponsorship.

Vortex will employ best practices in development, placemaking, and resilience to deliver a destination that serves locals and visitors alike. With a 135-key art hotel, a locally-focused market hall, and 80,520 square feet of Class A creative office surrounding a vibrant courtyard and sculpture garden, Vortex will create an incomparable place to visit, work, and play.

Yellowbrick Urban, the project sponsor, and capital partner Wizard of OZ Fund propose a joint venture with the current landowner to responsibly redevelop the property in a manner sensitive to its current and future context.

Vortex has been crafted with a close adherence to the realities of the site and market. Intensive study of the constraints and opportunities impacting the site have informed the program, design, and competitive positioning of the project.

Vortex will generate lucrative returns for each of its partners, with a 22.3% levered internal rate of return and 2.75x equity multiple over the ten-year horizon of the project based on rigorous financial analysis and conservative underwriting.

Vortex aligns the investment goals of its partners with the best in place-led development to create a destination that draws in all that surrounds it.  

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To download the proposal

 

 

Location

45 Romney Street
Charleston, South Carolina

 
 

Project Details

$62.2 Million Project (Est.)

80,520 rSF office
135-key art hotel
7 vendor food hall

destination public space with sculpture garden

Located in an emerging area of Charleston, sc

Opportunity zone 


REFERENCES:

[1] Charleston Regional Development Alliance website

[2] Sperling Best Places

[3] Intergovernmental Panel on Climate Change

[4] Post and Courier article on climate change impacts

[5] Charleston GIS Sea Level Rise interactive map

[6] South Carolina Earthquake Guide

[7] National Transportation Noise Map

[8] SunCalc

[9] Global Solar Atlas

[10] Charleston’s Upper Peninsula – Clemson University School of Architecture study

[11] SCDOT Interactive Traffic Counts Map

[12] Vortex site WalkScore

[13] CARTA Routes + Schedules website

[14] I-26 Fixed Guideway Alternatives Analysis

[15] Friends of the Lowcountry LowLine

[16] Lowcountry Low Line purchase, Post & Courier

[17] Singleton Park improvements article, Post & Courier

[18] Site survey

[19] City of Charleston GIS Preliminary FEMA Map

[20] Charleston Tech Center Garage BAR document

[21] Tecklenburg fundraising advantage, Post & Courier

[22] No confidence? Post & Courier article on mayoral race

[23] Charleston Board of Architectural Review website

[24] Charleston Century V City Plan

[25] Charleston Design Division Upper Peninsula Planning Study

[26] Charleston UP Zoning District ordinance

[27] Charleston UP Zoning District overview

[28] Charleston Zoning Code table of permitted uses

[29] Charleston TIF district map

[30] ULI Real Estate Economic Forecast

[31] Deloitte 2019 Economic Outlook

[32] ULI Spring 2019 Economic Forecast

[33] ULI Emerging Trends 2019 report

[34] CBRE North America Cap Rate Survey

[35] Integra Realty Resources Viewpoint 2019

[36] CBRE Construction Costs report

[37] CBRE Multifamily report

[38] IRR Charleston Multifamily report

[39] IRR National Multifamily report

[40] CBRE Multifamily report

[38] IRR Charleston Multifamily report

[39] IRR National Multifamily report 

[40] CBRE Office report

[41] IRR Charleston Office report

[42] IRR National Office report

[43] CBRE Retail report

[44] IRR Charleston Retail report

[45] IRR National Retail report

[46] CBRE Hospitality report

[47] IRR Charleston Hospitality report

[48] IRR National Hospitality report 

[49] REIS Charleston Multifamily report

[50] REIS Charleston Office report

[51] Charleston Tech Center BAR Final Approval

[52] 82 Mary Street, Post & Courier

[53] Cushman & Wakefield Food Halls of North America 2018 report

[54] NoMo hotel proposals, Post & Courier

[55] Proposed changes to hotel ordinance

[56] Vortex Charleston STDB reports

[57] The rise of dual uses: Hotel complements Office, Colorado Real Estate Journal

[58] The Source website

[59] 21c Museum Hotel website

[60] AccorHotels buys stake in 21c Museum Hotel

[61] Activating Office Building Common Space for Competitive Advantage study

[62] Creative ‘NoMo’: Hip, new businesses, residents revitalize corridor in upper peninsular Charleston, Post & Courier

[63] Workshop struggles, Post & Courier

[64] Enough Pie website

[65] Charleston RISES website

[66] Office of Tourism analysis spreadsheet