The Seine Group and South City Partners recently purchased 24-28 Woolfe St. in downtown Charleston, South Carolina, for $8 million.
Taylor’s Frozen Foods was previously located at the 0.7-acre site, which is part of the popular upper king corridor on the Charleston peninsula. It borders Elan Apartments, the new midtown project with Hyatt and Hyatt House hotels, the Woolfe Street Playhouse, and the old Norfolk Southern railway.
Plans call for the Norfolk Southern railway to be transformed into a lowline pedestrian park.
With the city recently approving a residential project at the 24-28 Woolfe St. location, the developers said they will position their building toward the eastern side of the site to allow for the lowline park to pass through the project.
The partnership is backed by The Carlyle Group, a global alternative asset manager currently with $193 billion of assets under management.
An investment firm focused on commercial and residential real estate, the Seine Group has assisted in more than $3 billion in real estate and private equity acquisition and development transactions throughout the United States, including more than 30 apartment and condo properties.
South City Partners is an Atlanta, Georgia-based developer of large scale, mixed-use and multifamily projects.