By Liz Segrist
Published May 7, 2014
Garden & Gun plans to relocate its headquarters to the Cigar Factory building in downtown Charleston, according to today’s announcement by the new investors.
It is the second tenant to sign on in less than a week for the development that has stood vacant at the corner of East Bay and Columbus streets for seven years.
Garden & Gun will lease roughly 19,000 square feet in the Cigar Factory along East Bay Street in downtown Charleston. (Photo by Liz Segrist)
The Charleston-based lifestyle magazine will occupy roughly 19,700 square feet to house office and retail space “to collaborate with complementary brands.” The magazine currently occupies space at 409 King St., according to its website.
“Garden & Gun’s decision to relocate to the Cigar Factory is reflective of the enthusiasm and strong leasing interest we’ve seen for this building,” Federal Capital Partners Vice President Bryan Kane said in a statement. “We anticipate a number of additional announcements this spring and summer as we get underway.”
Garden & Gun will join The Indigo Road Restaurant Group, which last week announced plans to occupy a 7,500-square-foot space on the ground floor for a retail shop, coffee shop, breakfast and lunch counter, bar and outdoor patio space.
A joint venture between Federal Capital Partners and Roi-Tan Investments LLC — a group of local investors led by William Cogswell of Wecco Development and Jay Weaver of Weaver Capital Partners — announced its $24 million acquisition of the building late last month.
The group bought the building from Atlanta-based The Simpson Organization Inc., which had aimed to redevelop the building into high-end condominiums and office space until the recession halted plans.
The new investors plan to spend roughly $55 million overall to renovate the five-story, 244,000-square-foot building that sits on 4.5 acres at the base of the Ravenel Bridge in the Eastside neighborhood.
The development has 200 on-site parking spaces and more than 300 other parking spaces in a future surface lot to be developed off Cooper Street. The investors are working with the city of Charleston on plans for the new lot that is currently a grassy field.
The investors plan to redevelop the building into a mixed-use property with space for offices, retail, events and restaurants. They hope to finish renovations in early 2015.
They are actively recruiting tenants. Cogswell said he is working to recruit local retailers and businesses into the space.
“Garden & Gun is an incredible company that fits perfectly with our vision for the building,” Cogswell said. “Their brand and growth trend epitomizes the rise of the new creative industries calling Charleston home.”
Rebecca Darwin, president and CEO of Garden & Gun, said the Cigar Factory provides much needed office space for the Charleston-headquartered magazine, as well as a chance to interact with readers.
Roadstead Real Estate Advisors LLC and Palmetto Commercial Properties Inc. have been retained for the office and retail leasing of the Cigar Factory. NAI Avant represented Garden & Gun LLC in the lease transaction.
Reach staff writer Liz Segrist at 843-849-3119 or @lizsegrist on Twitter.