Capital Square, one of the United States’ leading sponsors of tax - advantaged real estate investments and an active developer and manager of multifamily communities based in Richmond, Virginia announced the opening of The Nickel Hotel in Charleston, South Carolina, U.S., funded by its opportunity zone fund.
This development was financed through the CSRA Opportunity Zone Fund IV, LLC, a project that is part of the Opportunity Zone programme, which encourages investment in designated low - income communities managed by Capital Square, and additional funding from Method Co, a vertically integrated real estate management, development and design company rooted in hospitality headquartered in Philadelphia, Pennsylvania, which also serves as the project’s co - developer and operator.
The project aligns with goals of the Tax Cuts and Jobs Act of 2017, which established qualified opportunity zones to stimulate economic growth through tax benefits encouraging private investment.
The development of the Nickel Hotel is part of a broader initiative to revitalize North King Street in Charleston and drive economic growth in the designated opportunity zone.
The hotel inspired by the French phrase “C’est Nickel” meaning “it’s impeccable”, aims to blend modern luxury with the historic of Charleston, a vibrant port city on Charleston Harbor, an inlet of the Atlantic Ocean formed by the confluence of the Ashley, Cooper and Wando Rivers, a captivating and walkable coastal centre surrounded by beaches, national forests and golf courses boasting a very lively cultural and art scene.
The Hotel Nickel hosted in a five - story building is located on King Street, a prominent thoroughfare known for its historical significance that runs from White Point Garden to the northern edge of the city, recognized for its historic architecture, reflecting Charleston’s rich past, featuring a diverse mix of antique shops, boutiques, art galleries, restaurants and bars.
The property provides 50 units including two penthouse suites. Each unit is equipped with with a full -size kitchen, custom wood vanities, marble countertops, and a washer and dryer.
Architectural features include arched floor - to - ceiling windows and double French doors leading to private balconies.
The hotel also offers a lush interior courtyard, a private guest lounge, a gourmet rooftop bar and lounge named Rosemary Rose and the street - level retail space is leased to Greyson Clothiers.
An economic impact report by FTI Consulting highlights the significant contributions of Capital Square’s opportunity zone developments to local economies.
During its construction phase the Nickel Hotel supported an average of 250 jobs annually, generating approximately $1.6 million in state and local tax revenue and it is projected to contribute $1.9 million to the regional GDP through its operations in 2025.
The Nickel Hotel’s completion marks a significant milestone in Capital Square’s portfolio of opportunity zone delvelopments, which have collectively supported over 7.500 jobs and generated more than $1.2 billion in economic output during their construction phases.
These projects are estimated to support over $760 million in regional GDP and generate over $160 million in federal state, and local taxes during construction. Once operational, they are expected to support over 340 jobs annually and generate nearly $17 million in combined tax revenue.
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