Charleston, South Carolina (March 29, 2021) – Jamestown, the real estate and investment company known for the redevelopment of Atlanta’s Ponce City Market, New York’s Chelsea Market, and Brooklyn’s Industry City, today announced it has partnered with local Charleston real estate developers William Cogswell and Jay Weaver to reposition the 45-acre North Charleston Navy Yard into a mixed-use neighborhood. Called Navy Yard Charleston, the development will bring more than 1.2 million square feet of new office space, residences, shopping, and dining to the nearby Park Circle neighborhood, as well as new green spaces, a concert hall, and an outdoor events venue.
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.
“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.”
“The naval historic district has great bones and a tremendous amount of character,” said William Cogswell. “We are excited to be a part of all the positive things that are happening both in North Charleston and the region as a whole. We couldn’t have a better or more aligned partner than Jamestown, a company that has created huge success with the long-term vision they have brought to their properties across the globe.”
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 ten stories, a neoclassical power plant, and 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.
“We look forward to working with Jamestown, Jay and William,” said R. Keith Summey, Mayor of North Charleston. “They are continuing to establish the vision we placed for the Navy Yard once it closed. Historic structures, community rebirth, and a revitalized future in an area that needs attention. Jay and William have a track record in North Charleston, and we know of the great communities Jamestown has created. Good things come to those who wait.”
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 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 4 in 10 of those employees living in the Old Fourth Ward neighborhood, and 3 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.
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.
Jamestown is recognized throughout the world as a community-focused, sustainable real estate firm. For more than 37 years they have been investing in, and operating, some of the world’s most celebrated properties. Some of their more notable adaptive reuse projects in the US include Ponce City Market in Atlanta, Ghirardelli Square in San Francisco, Industry City in Brooklyn, and Chelsea Market in Manhattan’s Chelsea neighborhood. Cogswell and Weaver bring decades of real estate experience and are known for their expertise in renovating historic buildings. Between them, they have led the development of iconic properties including Charleston's Cigar Factory, Frogtown, Starland, One Cool Blow, Puritan Mill in Atlanta, and currently, GARCo Mill in North Charleston.
Jamestown is a community-focused real estate investment and management company with a 37-year track record and a clear mission: to transform spaces into innovation hubs and community centers. Jamestown employs more than 400 people worldwide with headquarters in Atlanta, Georgia, and Cologne, Germany, and offices in Amsterdam, Bogotá, Boston, London, Los Angeles, Madrid, New York, and San Francisco. The company is well-known in the industry for its market discipline. Since its founding in 1983, Jamestown has executed transactions in excess of $35 billion, and as of December 31, 2020, the company has assets under management of $12.1 billion. Current and previous iconic projects include Chelsea Market in New York City, Industry City in Brooklyn, Ponce City Market in Atlanta, Ghirardelli Square in San Francisco, and the Innovation and Design Building in Boston. In addition to its portfolio in key markets throughout the U.S., Jamestown has recently expanded its investment footprint to South America and Europe.
About William Cogswell
A native of Charleston, William Cogswell serves as Principal of WECCO Development, LLC, and has been in the real estate business since 1997. WECCO is a real estate development, investment, and consulting company that specializes in both new construction and rehabilitation opportunities within the historic urban fabrics of the coastal markets. Mr. Cogswell’s detailed and forward-thinking approach to design and investment is well-known and has resulted in many renowned projects including the Cigar Factory, GARCo Mill, One Cool Blow, Frogtown and Starland. For more information, please visit: www.wecco.com
About Jay Weaver
Jay Weaver is founder of Weaver Capital Partners, which was formed in 2013 and primarily focuses on value-add real estate. Mr. Weaver has spent his 25-year career developing office, industrial, retail and mixed-use properties in the Southeastern United States. His experience includes both renovating and repositioning buildings as well as ground up construction, including iconic projects like the Cigar Factory in Charleston, SC, Puritan Mill and Westside Provisions District in Atlanta, and Edgehill Village in Nashville. For more information, please visit: www.weavercapitalpartners.com