Federal Capital Partners® and joint venture partner WECCO Development announce that The Cigar Factory, located in downtown Charleston, SC, has been recognized as one of “Preservation’s Best of 2015” by Preservation Action, the National Trust for Historic Preservation and the National Trust Community Investment Corporation. Once a vacant building deeply rooted in the city’s history, the Cigar Factory is now a mixed-use destination for high-end retail, professional offices, culinary destinations and event experiences.
Currently 80% leased with more than 25 tenants and continued strong leasing momentum, the Cigar Factory is recognized as an exemplary Historic Tax Credit project that has helped to revitalize downtown Charleston. The award highlights the project as a viable community asset for the 21st century economy and a driver of economic development for the entire state of South Carolina.
“The Cigar Factory redevelopment gave us the opportunity to bring an extraordinary historic property back to life while fulfilling the strong and growing demand for unique, high quality retail and commercial spaces on the Upper Peninsula of Charleston,” said FCP Vice President, Howard Jenkins.
“I am honored to receive the Preservation’s Best of 2015 award on behalf of the Cigar Factory,” said William Cogswell, president of WECCO Development. “Built in the 1880’s, we are proud to create a destination and user experience where people can gather, work and enjoy excellent cuisine and retail at a project that preserves Charleston’s rich history.”
The award was presented at the annual National Historic Preservation Advocacy Week’s Congressional Reception in Washington, D.C., on Wednesday, March 9, 2016. Members of the South Carolina congressional delegation, the Congressional Historic Preservation Caucus, Preservation Action members and partners and preservationists from across the nation were invited to recognize the revitalized project.
The Cigar Factory was also a recipient in January 2016 of the Carolopolis Award from the Preservation Society of Charleston. This award is presented to individuals, businesses or organizations who have achieved distinction in restoring or rehabilitating historic, architecturally significant properties in Charleston.
About The Cigar Factory
Built in 1881, the Cigar Factory served as a textile factory, a cotton mill and then a cigar factory over a period of more than 70 years. During the 1930s, the factory was the largest private employer in Charleston with 1,400 workers generating more than 400,000 cigars daily. The building was added to the National Register of Historic Places in 1980, and Roi-Tan Investments, a group of local investors led by developers William Cogswell and Jay Weaver and Maryland-based real estate investment firm Federal Capital Partners® purchased the Cigar Factory in 2014. Today, the property is a first class, mixeduse building that includes creative work/office space, signature restaurants and event space, high-end retail and abundant parking.
About Federal Capital Partners
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $4.0 billion in assets since its founding in 1999. FCP invests in all asset classes and provides equity, preferred equity and structured debt investments for commercial and residential real estate. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets. FCP is currently investing its third investment fund, a recently closed commingled, discretionary fund targeted at real estate markets on the East Coast of the United States. For further information on FCP, please visit www.fcpdc.com