Construction recently started on the Charleston Tech Center, an architecturally modern six-story office building located on the upper peninsula of Charleston, SC. The Charleston Tech Center (CTC) has been in the planning stages for the last five years and finally got the go-ahead by Charleston City Council to break ground under the new federal Opportunity Zones program. Construction of the long-awaited Charleston Tech Center will be a 92,000 square foot structure of tech-focused office space on Morrison Drive, costing $54 million. It is expected to be completed by the end of 2020.
First Major Development under the Opportunity Zone Program
The CTC is the first major development to be built in downtown Charleston under the new federal Opportunity Zone program and is being spearheaded by the Charleston Digital Corridor. The City of Charleston bought the land at 997 Morrison Drive in 2013 and leased it to the Charleston Digital Corridor for 99 years. The tech center was originally expected to open in 2016, but there have been several delays in getting started.
Charleston Digital Corridor is the anchor in the building and will use 16,600 square feet of office space. The building will be designed to provide flexible office space for up and coming tech employers.
“The CTC represents a significant milestone for Charleston’s tech economy, one that has grown from 17 companies in 2001 to over 450 today. With this building, we are well-positioned to serve an expanded base of tech companies through a broader offering of business, professional, and educational services”, said Kirk King, Charleston Digital Corridor Chairman.
Bobby Hitt, South Carolina Secretary of Commerce added, “South Carolina’s technology sector is booming, with more than 7,400 tech-based businesses pumping $12.6 billion into the state’s economy. The Charleston Tech Center will be a creative hum that fosters ingenuity and gives innovative companies a place to plant their roots.”
U.S. Senator Tim Scott Touts CTC as Successful Private and Public Partnership
South Carolina U.S. Senator Tim Scott was instrumental in developing and passing legislation to create the Opportunity Zones, and believes this latest Charleston project is a prime example of how Opportunity Zones come to life. “When the private and public sector come together to invest in some of the most overlooked parts of our nation, big things can happen. I’m looking forward to the new jobs, small businesses, and potential that this partnership will bring to the Holy City.”
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