Jamestown, the real estate and investment company known for the redevelopment of Atlanta’s Ponce City Market, New York’s Chelsea Market, and Brooklyn’s Industry City, today announced it has partnered with local Charleston real estate developers William Cogswell and Jay Weaver to redevelop the 45-acre North Charleston Navy Yard into a mixed-use neighborhood. Called Navy Yard Charleston, the development will bring more than 1.2 million square feet of new office space, residences, shopping, and dining to the nearby Park Circle neighborhood, as well as new green spaces, a concert hall, and an outdoor events venue.
The team expects to break ground and begin renovations this year. While Navy Yard Charleston will go through extensive renovations, the team says they have made a commitment to preserve the area’s local character, architectural detail, and history, and bring new amenities to the community along the Cooper River.
“This project will improve connectivity and serve as a catalyst for more innovation in the neighborhood,” said Michael Phillips, President of Jamestown. “A strong local business community is emerging in the area, and we look forward to working with neighbors and the city to build something we believe will be truly additive.”
“The naval historic district has great bones and a tremendous amount of character,” said William Cogswell. “We are excited to be a part of all the positive things that are happening both in North Charleston and the region as a whole. We couldn’t have a better or more aligned partner than Jamestown, a company that has created huge success with the long-term vision they have brought to their properties across the globe.”
Beginning its operation as a working dry dock in 1901, the Navy Yard maintained a naval presence on the North Charleston waterfront for nearly a century. Since it was decommissioned in 1996, some of its historic buildings have remained in use for various purposes, while others have declined. Today, the site includes the former Naval Hospital – North Charleston’s tallest building at ten stories, a neoclassical power plant, and series of storehouses.
Nearly two dozen companies on the grounds employ thousands of people, including custom lighting designers, blacksmiths, underwater welders, brewers, and bakers. Navy Yard Charleston joins a number of historic naval yards across the nation that have recently been reimagined and repurposed for modern use including the Brooklyn Navy Yard and Navy Yard, Philadelphia.
“We look forward to working with Jamestown, Jay, and William,” said R. Keith Summey, Mayor of North Charleston. “They are continuing to establish the vision we placed for the Navy Yard once it closed. Historic structures, community rebirth, and a revitalized future in an area that needs attention. Jay and William have a track record in North Charleston, and we know of the great communities Jamestown has created. Good things come to those who wait.”
The development team is also committed to supporting the local economy and plans to establish a neighborhood employment program to help stimulate economic growth. The jobs program will reserve project-specific positions for local residents who live within the neighborhood and include a training program to help job seekers enhance their skills.
Jamestown has been successful at initiating similar programs at properties throughout the U.S. In 2012, Jamestown launched a jobs program at Ponce City Market that employed dozens of local residents during the neighborhood’s construction. Today, Ponce City Market has become a major employment hub for creative and technology companies and is currently home to 90 businesses. More than 5,200 people work at Ponce City Market every day, with four in 10 of those employees living in the Old Fourth Ward neighborhood, and three in 10 residents at Ponce City Market working in the neighborhood.
For more information, visit www.navyyardcharleston.com.
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