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Holy Smoke – Charleston Cigar Factory fetches $20 million. Condos Planned.
Jun 17, 2007 • By Places Real Estate • 3 Comment
The Simpson Organization, an Atlanta-based firm, recently purchased the Cigar Factory from Jupiter Realty Corporation for a reported $20 million. Their plans call for a conversion from the existing loft-office spaces to an upscale mix of 77 residential condominiums and commercial/retail space.
This significant building is located at the foot of the new Arthur Ravenel Bridge, but has been relatively dormant since most of the commercial/office tenants have moved out over the past 18 months. While it does offer a convenient location and great, if not eclectic, views over the active port facility, questions remain concerning the marketability of the project for second home buyers and downtown Charleston wannabees given its proximity to a less than desirable neighborhood and the aforementioned port.
Will the Cigar Factory be an island in the midst or the beginning of the revitalization of this area of town? I am betting on the former for the next few years, unless the developer can deliver an ‘affordable’ product (estimated now at $380K to $1.4M) for the urban pioneers who’ll be the first to move here and others, like The Ginn Company, are quick to follow through on their neighboring development plans. Scoring a hip restaurant to take advantage of the views may prove to be a big plus for its marketing efforts. Given the proposed Charleston smoking ban, don’t expect it to be a cigar-friendly environment! Smoke’em if you got’em.