Greystar and Prudential Real Estate Investors (PREI) broke ground on Elan Midtown, a 200-unit mid-rise apartment project in downtown Charleston, SC near the intersection of Meeting and Spring streets.
The 1.77-acre project includes 200 residential units sitting above 6,887 square feet of ground-floor retail and two levels of parking.
Bob Faith, chairman and CEO of Greystar, said the project, within walking distance of the Upper King District, is the first large-scale, mixed-use apartment development to be delivered in downtown in well over 25 years.
Greystar and PREI formed a new joint venture to develop the site. Greystar, which operates its national headquarters just under 1 1/2 miles from the project, will develop, construct and manage the community.
Elan Midtown and several other projects that are not far behind will turn properties that have been dormant for years into thriving centers of activity, said Charleston Mayor Joseph Riley, adding the apartments will serve as a strong anchor for Upper King and Meeting Streets.
The community will be near local centers for higher education, including the Charleston School of Law, Medical University of South Carolina, The Citadel and the College of Charleston.
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