Exciting New Affordable Housing Project Coming to Charleston!
Charleston is buzzing with anticipation as plans unfold for a new mixed-use affordable housing and family shelter project right on the peninsula. This groundbreaking project, spearheaded by One80 Place, is set to transform a currently vacant lot at 573 Meeting Street into a thriving community space worth a whopping $44 million. Slated for completion by the summer of 2026, this development promises to make a significant impact on the lives of homeless individuals and families in the area.
A Vision for Change
The brains behind this fantastic initiative, Stacey Denaux, who serves as One80 Place’s CEO, shares her thoughts on the importance of this endeavor. “Housing built specifically to support people moving out of homelessness is critical to ending homelessness, once and for all,” Denaux stated. And it looks like she’s not alone in this belief! The new six-story structure will provide permanent housing for 70 formerly homeless individuals and will also house a family shelter for 65 women and parents with children on the second floor.
Tackling Tough Challenges
This project aims to tackle two significant hurdles that many vulnerable residents in Charleston face: the desperate need for affordable housing options and the lack of adequate shelter facilities for families. With these goals in mind, One80 Place hopes to provide safe and supportive living environments to those who need them most. Denaux emphasizes that “the impact of this project will be profound and long-lasting.”
Building Together
The exciting project is the result of a collaboration between some key players in the housing sector. Teaming up with One80 Place are The Michaels Organization, the largest private-sector owner of affordable housing in the nation, and Spandrel Development Partners, a well-known real estate development firm. Spandrel’s co-founder, Emanuel D. Neuman, couldn’t hide his excitement, stating, “After seven years of planning, we are very excited to see this development now poised to start construction.”
Supportive Services Galore
The new residence at 573 Meeting Street will offer a range of comprehensive supportive services to residents. These services will include case management, healthcare, tenancy support, and legal assistance, helping residents on their journey to stability and independence. How empowering is that?
Affordable for All
Units in the new complex will be designated for individuals earning no more than 50% of the federal Housing and Urban Development area median income, and renters will only spend up to 30% of their income on rent. This additional layer of affordability is crucial in helping people regain their footing. Plus, the City of Charleston Housing Authority has committed to providing project-based rental assistance for all 70 rental units, ensuring long-term affordability for residents.
Financing the Future
But how is this ambitious project being financed? That’s a great question! The funding comes through several sources, including 4% low-income housing tax credits, tax-exempt bonds from the South Carolina State Housing Finance and Development Authority, and support from various public entities, including the City of Charleston. There’s also funding from the CLIMB fund, Charleston County, and private donations to One80 Place.
A Bright Future Ahead
As the community eagerly awaits the beginning of construction, many are filled with gratitude. Bruce Morgan, senior vice president of development at The Michaels Organization, sweetly noted, “We are thrilled to reach this milestone for 573 Meeting Street and grateful for the support of the city, the state, and all our partners.”
This new development is a shining example of what can happen when various sectors work together to create affordable housing solutions aimed at enhancing communities and lifting lives. The future of Charleston looks brighter, thanks to projects like this!
