City of Charleston Acquires Charleston Tech Center Parking GarageCharleston Digital Corridor
The Charleston Digital Corridor and its development partner, Iron Bridge Capital Partners, are pleased to announce the successful completion of the Charleston Tech Center parking garage and subsequent acquisition of the same by the City of Charleston. The 816 parking spaces garage was acquired by the City of Charleston for $26.8 million as per the development agreement signed last summer.
"Today, we're proud to see another puzzle piece of our vision to build an economically resilient community come to fruition," said Charleston Digital Corridor Director, Ernest Andrade.
The development of the Charleston Tech Center (CTC), a six-story, Class A office building and accompanying parking garage was initiated in July of 2019. The parking facility has been completed on-schedule and on-budget despite the supply chain and labor challenges brought on by the COVID-19 pandemic.
The CTC garage, located at 4 Conroy Street, is intended to support the 92,000 square foot Charleston Tech Center. This iconic private project was built in the federally designated Opportunity Zone (OZ) and HUBZone with public participation from the SC Department of Commerce, County of Charleston, and City of Charleston.
"We are thrilled to celebrate the completion of a public parking amenity and an urban park at a very efficient cost. We look forward to fostering the growth of the tech industry in downtown Charleston," said, John Hand, founder and CEO of Iron Bridge Capital Partners.
"The City of Charleston has a long and successful history of leveraging its assets to facilitate the delivery of targeted economic development projects. The CTC's parking facility directly supports the development of two Class A office projects which aim to support the growth of our city's high-wage tech industry," said Charleston Mayor, John Tecklenburg.
The Charleston Tech Center parking garage officially opens for vehicles later this month.