One80 Place is set to transform a vacant peninsula lot in Charleston into a new $44 million mixed-use affordable housing and family shelter project.
The planned development at 573 Meeting Street — which is located within One80 Place’s existing homeless and supportive services campus — is projected to be complete by summer 2026 and will exclusively serve homeless individuals and families.
“We believe housing built specifically to support people moving out of homelessness is critical to ending homelessness, once and for all,” said Stacey Denaux, One80 Place’s CEO.
Tackling two challenges
The six-story living space will permanently house 70 formerly homeless individuals with the second floor operating as a family shelter for 65 women and parents with children.
The goal is to tackle two major challenges confronting the area’s most vulnerable residents when it comes to housing: the lack of affordable options available and accommodations geared toward helping families find immediate shelter while transitioning back into permanent homes.
“Housing built specifically to support people moving out of homelessness is critical to ending homelessness, once and for all,” Denaux said. “The impact of this project will be profound and long-lasting.”
573 Meeting Street is the result of a collaborative effort between One80 Place, one of the largest homeless service providers in South Carolina, The Michaels Organization, the nation’s largest private-sector owner of affordable housing, and Spandrel Development Partners, a multi-disciplined real estate development firm.
“After seven years of planning, we are very excited to see this development now poised to start construction and to make One80 Place’s vision for this transformative community a reality,” said Spandrel Development’s co-founder, Emanuel D. Neuman. Spandrel, which is based in New York City but has offices in Charleston and a lengthy Southeast portfolio, has developed several mixed-use apartment projects in Charleston, including two others at 511 and 530 Meeting Street.
At the new building, One80 Place will offer residents comprehensive supportive services, including case management, health care, tenancy support and legal services. Units at the new complex will be reserved for individuals earning no more than 50% of the federal Housing and Urban Development area median income and spending no more than 30% of their income on rent.
Ensuring long-term local support
The City of Charleston Housing Authority has committed project-based rental assistance for all 70 rental units, further ensuring long-term affordability for residents, according to a recent press release on the project. Michaels will provide property and investment management services, ensuring the community remains a long-term asset to the neighborhood.
Financing for the $44 million endeavor was made possible through 4% low-income housing tax credits, tax-exempt bonds allocated by the South Carolina State Housing Finance and Development Authority, funding from the City of Charleston through the Charleston Redevelopment Corporation, the CLIMB fund, Charleston County, South Carolina Housing Trust Fund and private donations to One80 Place.
“We are thrilled to reach this milestone for 573 Meeting Street and we are grateful for the support of the city, the state, and all our partners for their support of this development,” said Bruce Morgan, senior vice president of development at the Michaels Organization. “This development exemplifies what the public, private and nonprofit sectors can accomplish when working together to create high-quality, service-enhanced affordable housing solutions that enhance communities and lift lives.”
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