Institute for Real Estate Operating Companies- Real estate developers William Cogswell and Jay Weaver to reposition the 45-acre North Charleston Navy Yard into a mixed-use neighborhood.
The team expects to break ground and begin renovations this year and is currently in the design phase, exploring how the buildings on the site will be repurposed. While Navy Yard Charleston will go through extensive renovations, the team has made a commitment to preserve the area’s local character, architectural detail, and history and bring new amenities to the community along the Cooper River. Page 2 of 3 “This project will improve connectivity and serve as a catalyst for more innovation in the neighborhood,” said Michael Phillips, president of Jamestown. “A strong local business community is emerging in the area, and we look forward to working with neighbors and the city to build something we believe will be truly additive.” Beginning its operation as a working dry dock in 1901, the Navy Yard maintained a naval presence on the North Charleston waterfront for nearly a century. Since it was decommissioned in 1996, some of its historic buildings have remained in use for various purposes, while others have declined. Today, the site includes the former Naval Hospital — North Charleston’s tallest building at 10 stories — a neoclassical power plant, and a series of storehouses. Nearly two dozen companies on the grounds employ thousands of people, including custom lighting designers, blacksmiths, underwater welders, brewers and bakers. Navy Yard Charleston joins a number of historic naval yards across the nation that have recently been reimagined and repurposed for modern use, including the Brooklyn Navy Yard and Navy Yard, Philadelphia. The development team is also committed to supporting the local economy and plans to establish a neighborhood employment program to help stimulate economic growth. The jobs program will reserve project-specific positions for local residents who live within the neighborhood and include a training program to help job seekers enhance their skills. Jamestown has been successful at initiating similar programs at properties throughout the U.S. In 2012, Jamestown launched a jobs program at Ponce City Market in Atlanta that employed dozens of local residents during the neighborhood’s construction. Today, PCM has become a major employment hub for creative and technology companies and is currently home to 90 businesses. More than 5,200 people work at Ponce City Market every day, with four in 10 of those employees living in the Old Fourth Ward neighborhood, and three in 10 residents at Ponce City Market working in the neighborhood. At Industry City in Brooklyn, Jamestown and its partners launched The Innovation Lab, an unprecedented private sector-initiated workforce development initiative, which has served 5,000 individuals with job placement, training and small business services since its opening in 2016. Page 3 of 3 This is the second time Jamestown and Jay Weaver will collaborate on a real estate venture. In the early 2000’s, Mr. Weaver and Jamestown partnered to launch the Westside Provisions District in Atlanta Georgia; a marketing partnership between two adjacent developments, the Westside Urban Market and White Provision. Once home to Atlanta’s first modern meat-packing facility, the Westside Provisions District now includes more than 260,000 square feet of boutique retail, showroom, and restaurant spaces across 10 acres. Heralded as a catalyst for growth of the surrounding Westside district, the area now serves as Midtown Atlanta’s gateway to the Westside.