22-24 Elizabeth Street Charleston, South Carolina

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1 22-24 Elizabeth Street Presented By: Hank Beckham Managing Director Meeting Street, Suite 170, Charleston SC THE INFORMATION CONTAINED HEREIN HAS BEEN GIVEN TO US BY THE OWNER OF THE PROPERTY OR OTHER SOURCES WE DEEM RELIABLE. WE HAVE NO REASON TO DOUBT ITS ACCURACY, BUT WE DO NOT GUARANTEE IT. ALL INFORMATION SHOULD BE VERIFIED PRIOR TO PURCHASE OR LEASE.

2 Executive Summary LOCATION: SITE: IMPROVEMENTS: ZONING: PRICE: The property is located at the corner of Elizabeth Street and Charlotte Street in the Mazyck-Wraggsborough Neighborhood of downtown Charleston. The site is 1 block east of Meeting Street and 1 block north of Calhoun Street acre corner lot with approximately 133 feet of frontage on Elizabeth Street and approximately 93 feet of frontage on Charlotte Street. The lot is several feet above road grade and is one of the highest points in the surrounding neighborhood. The property includes an approximately 17,477 square foot brick Church sanctuary building and attached wood frame, single family home currently being used for fellowship, office and classroom purposes. The Church cornerstone was laid in DR-1F: Diverse Residential by the City of Charleston. The DR-1F zoning district allows for single-family attached dwellings, two-family attached dwellings and multi-family dwellings with a density of 19.4 units per acre. The property is located within several overlay zones, including: Old City Height District 50/25- no new structure shall exceed a height of 50 and primary structure may be no less than 25 in height Old and Historic District Amusement and Recreation Overlay- restrictions apply $4,100,000 2 Wilson Kibler

3 Neighborhood Information The property is located in the Mazyck-Wraggsborough Neighborhood of downtown Charleston. Bounded by Mary Street to the north, the Cooper River to the east, Calhoun Street to the south and King Street to the west, the streets were laid out in early 1801 and housed many of Charleston s first prominent families. Near the Upper King Street District, the property is convenient to a variety of shops and restuarants. The surrounding neighborhood includes other attractions such as the Charleston Music Hall, Marion Square Park, the Charleston Visitors Bureau, the newly renovated Gaillard Auditorium and the Charleston Maritime Center and SC Aquarium. The immediate neighborhood also includes the Charleston Museum, known as America s First Museum, founded in Overall, the downtown Charleston area continues to experience a massive transformation. The region is an attractive area to live and work and is ranked as a top tourist destination. Retail, multi-family, hospitality and office sectors all report historically high occupancy rates. The property is easily accessed by I-26 and US Highway 17. The neighborhood benefits from foot traffic from students at the College of Charleston, Charleston School of Law, Medical University of South Carolina (MUSC) and nearby employees at Roper and MUSC hospitals. 3 Wilson Kibler

4 Property Information The property is known as the New Tabernacle 4th Baptist Church and includes an approximately 17,477 square foot brick Church sanctuary and attached wood frame parsonage used for office and classroom purposes. The improvements sit on a 0.38 acre corner lot, which has been built up several feet above road grade. The historic Church structure is over 150 years old. The brick sanctuary building has 30 foot tall stained glass windows on each of the four sides. The interior includes 55 foot columns supporting the open arched ceilings with ornate plaster details as well as hardwood and slate floors. 4 Wilson Kibler

5 Property History The Church property was designed by noted Charleston architect, Francis D. Lee, who designed several other notable buildings including the Farmer s and Exchange Bank and the Unitarian Church. The building was originally designed for the Episcopal Diocese and known as St. Luke s Church. The cornerstone was laid in The Civil War interrupted construction and the Church was consecrated on 1862, not fully completed. The original design called for a 210 foot steeple on the northwest corner which was never built. It was also planned to be stuccoed but patriotism intervened and the lime was donated to the confederacy. The Gothic-Revival structure was designed and built in the shape of a Greek cross. Each side of the building has 30 tall stained glass windows. The center of the vaulted ceiling is 55 feet high with ornate plaster details. The brick structure includes quatrefoil columns on the interior. Damaged by shelling and stripped by Union troops, the church continued to be used by St. Luke s congregation until the property was sold to New Tabernacle 4th Baptist Church in Wilson Kibler

6 22-24 elizabeth st Property Pictures 6 Wilson Kibler

7 22-24 elizabeth st Property Pictures 7 Wilson Kibler

8 22-24 elizabeth st Market Overview The downtown, peninsula area of the City of Charleston has experienced a massive transformation in recent years. The area is an attractive region to live and work and continues to be ranked as a top tourist destination. The related growth and resurgence of the downtown area has spurred demand and driven land values upwards. The emergence of the Upper King Street area as a culinary and nightlife destination has attracted visitors and investors from around the country and world. Retail, multi-family, hospitality, and office sectors all report consistently high occupancy rates. Rental rates continue to climb due to limited supply, low vacancy, and high demand. Older properties continue to be redeveloped and repurposed for new users. The market is easily accessed via I-26 and US Hwy 17. I-26 ends at Meeting St. in downtown Charleston. In addition, the Charleston International Airport is located just 12 miles from downtown. #1 #1 #2 #8 #9 #19 8 Wilson Kibler City in the US Best City in North America Best Business Climate in the Country Large US Metro for Economic Development & Job Growth US Metro for Foreign Direct Investment (FDI) Best Place to Live

9 22-24 elizabeth st Property Parcel The Dewberry Hotel Marion Square Park Gaillard Auditorium 9 Wilson Kibler

10 Property Location E Bay St Port of Charleston Cooper River Crosstown Meeting St Charleston Museum SC Aquarium Charleston Visitor Center Maritime Center Calhoun St Charleston Music Hall Marion Square Park Gaillard Center 10 Wilson Kibler

11 Surrounding Area Summerville Ladson Charleston Airport Charleston AFB Daniel Island Mount Pleasant Charleston Harbor 11 Wilson Kibler James Island