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MLS# 30624121 | Charleston Commercial Sales
  • $13,000,000
    No Recent Price Change
  • 26 Cumberland St
    Charleston, SC 29401
N/APrice per SqFt
N/ASqFt
72Days on Market
N/AZoning
N/AYear Built
HospitalityUse
458-05-03-089, 090, 091, 093 & 097Tax ID
  • MLS# 30624121
  • Commercial Sales
  • Hospitality
  • Active

AreaHistoric Charleston
CountyCharleston

Agent Remarks

Birchin Lane Realty Advisors is pleased to exclusively offer this multi-parcel assemblage in the heart of the Historic District of Charleston. The Offering consists of a five-parcel assemblage – 30,412 square feet of land - covering the entire Cumberland Street frontage between Church and State Streets (over 500’) as well as frontage and access on Linguard Street to the rear. This assemblage is one of the largest available in the highly desirable Historic District and can be developed multiple ways, including; Residential: Up to 18/19 luxury residential units across the entire assemblage - with no zoning changes. With a zoning change a developer may be able to achieve +/- 25 units with commercial uses incorporated. An historic courtyard building is on one of the constituent parcels and when restored to its former grandeur will provide residents with a lovely and peaceful amenity. The possibility exists to connect the courtyard with adjacent cafes and restaurants as well. The Cumberland Assemblage enables a developer to offer roof top courtyards/patios for the penthouses – along with an amenity center for the entire complex, including; a resort style pool with associated cabanas & decking. Hospitality: The entire assemblage currently has BZA & conceptual BAR approvals for a 50-room hotel with various restaurant, bar, & retail opportunities, along with a 6,000 square foot event space - totaling up to 80,000 square feet of the approved build. Depending on design a rooftop deck/patio amenity is also possible with a hospitality configuration (but no bars or restaurants). Mixed-Use: The various components of the assemblage afford the developer the opportunity to create a blend of uses in this location. A luxury condo development, restaurants, boutiques, salons and restaurants can all be incorporated in the final vision. The purchase of the entire assemblage is preferred, however, there will be a consideration for splitting the offering into three smaller assemblages with each having the ability to be developed individually or in various combinations together. These smaller assemblages are referenced as Parcel A, B & C. A developer could potentially build a hotel on Parcel A, luxury condominiums and complimentary commercial on Parcel B and C. Parcel A: Located at the corner of Cumberland and State Street with frontage and access on Linguard Street as well, this parcel has entitlements in place for a 50-room hotel with ground floor lobby bar, restaurant and event space. All parking requirements have been met with long term leases in the adjacent garage. If a buyer were to develop Parcel A as the hotel the remaining parcels would be open for a multitude of other development opportunities. Parcel B: Frontage on Cumberland Street and also on Linguard Street, this parcel offers a variety of development options including residential apartments/condominiums, office, retail, restaurants or event space. These historic buildings can qualify for significant tax credit opportunities through the SC abandoned building revitalization act. Parcel C: Situated at the corner of Cumberland and Church, this parcel has an approximately 4,000 square foot historic building with a restaurant on the first floor, (with full liquor license), second floor office and third floor three bedroom apartment. No off site parking is required for this building as there is an active variance in place. The underlying zoning provides a purchaser with a variety of options for the property. Highlights • Parking Requirements met with combination of onsite parking and long-term leases in adjacent parking garage • Expansive Development Opportunities - Zoned General Business & in the Accommodations Overlay • Significant tax credits are available on portions of the assemblage – including the SC Abandoned Building Revitalization Act which provides a developer up to 25% of improvement costs in state income tax credits. • Existing approvals in place for Hospitality use


Financial

Sale Price Max Total:  $13,000,000

Sale Price Min:  $13,000,000

Sale Price Min Total:  $13,000,000

Tax Id:  458-05-03-089, 090, 091, 093 & 097

Lot Info

Acres:  1

Landsize Min:  0

Landsize Units:  Acre

Misc Info

Zoning:  GB

Property Info

County:  Charleston

Location Public:  1

Property Status:  Proposed

Property Subtype:  Hotel

Class Type:  Hospitality

Courtesy of listing office Birchin Lane Realty Advisors, LLC 

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On domicilecharleston.com since Wed, Jul 15th 2020
No Property History recorded for this listing.
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