Revitate Celebrates New 380-Unit Morrison Yard Opportunity Zone Mixed-Use Development in Charleston, SC
Morrison Yard project visited by Sen. Tim Scott, co-author of federal Opportunity Zone legislation; Development team and local leaders announce ‘Community Compact’ outlining project’s target economic and community benefits.
CHARLESTON, S.C. (July 20, 2023) – Bringing new jobs and investment to Charleston, South Carolina, Revitate Executive Chairman Alex Bhathal recently celebrated the opening of the Morrison Yard opportunity zone development with business and community leaders.
Located at 838 Morrison Drive in a federally designated Qualified Opportunity Zone (QOZ), the property features 380 upgraded multifamily rental units and approximately 27,250 square feet of ground-floor retail space. The development also brings economic stimulation and social revitalization to an emerging neighborhood known as North Morrison or “NoMo,” that was formerly dedicated to industrial businesses serving the nearby port.
“Morrison Yard is a terrific example of how we seek to generate both positive impacts for communities and compelling risk-adjusted returns to our investors,” said Mr. Bhathal. “Through a business lens, the project reflects our strategy of partnering with top-tier sponsors to build new multifamily housing in high-growth communities nationwide. And through a community lens, we are compelled by potential to catalyze new job creation, housing, economic development, and community benefits in an historically overlooked and underestimated neighborhood.”
The property is part of a larger master-planned mixed-use development of the same name. At completion of the of the master plan, Morrison Yard will offer over 138,000 SF of Class A office space in a 10-story building, 380 apartment homes, over 40,000 SF of street-level retail, a Kimpton Hotel, and luxury residences. The newly completed phase I apartments, Morrison Yard Residences, were delivered by Woodfield Development.
Mr. Bhathal and his fellow Revitate Co-Founder Lisa Merage invested in Morrison Yard via RevOZ Capital, an opportunity zone investment platform they co-founded in 2019 with Cress Capital that completed its investments in 2022. Mr. Bhathal and Ms. Merage continue their opportunity zone investing through the Revitate Impact strategy. Through both RevOZ Capital and Revitate, Mr. Bhathal and Ms. Merage have led or co-led four Opportunity Zone funds with investment into fifteen projects with an estimated total project value of $1.5 billion.
Joining Mr. Bhathal was U.S. Senator Tim Scott, a Charleston native and co-author of the 2017 federal legislation that established the Opportunity Zone program.
“This Morrison Yard project is a fantastic example of the power of Opportunity Zones,” said Senator Scott. “It’s wonderful to see targeted investments and community collaboration result in economic transformation. This project is poised to create a safer and more prosperous community for generations to come.”
The project’s developer Woodfield Development was also on hand to mark the completion of construction and celebrate the opening of the community.
“We are proud to be a part of this transformative project, which will stimulate the local economy for generations of Charleston residents,” said Mike Schwarz, Partner at Woodfield Development. “The amenities and recreational opportunities are world-class. But just as importantly, we are committed to serving as a positive force for the Eastside community and greater Charleston.”
Morrison Yard includes studios, one-, two-, and three-bedroom floorplans with elevated finishes and hardware including designer light fixtures, built-in cabinetry, and stainless-steel appliances. Set on over five acres, the community offers an open-air saltwater pool with sundecks, cabanas, grilling stations, and TVs; 1.5 acres of outdoor courtyards; a dog park; a state-of-the-art gym with fitness classes; and group gatherings such as wine tastings and cookouts.
According to an Economic Impact Study prepared by the University of South Carolina, the Morrison Yard project is expected to generate a cumulative economic impact in excess of $1.4 billion by 2030 via development of new housing, office space, and retail programming. An estimated 84 percent of this impact is expected to be captured within the City of Charleston.
During the tour, Morrison Yard leaders outlined its “Community Compact,” outlining six key areas where the project seeks to deliver sustained economic and community impact:
New Jobs and Economic Activity
Climate-Friendly Building
Improve Safety, Mobility, and Circulation
Invest in the Community
Expand Access to Fresh and Healthy Food
Enhance Local Parks and Open Spaces
Morrison Yard is located within a Qualified Opportunity Zone, one of over 8,700 census tracts identified by state and federal leaders as high priority areas to attract new long-term private investment to stimulate economic and community development. The Opportunity Zone program is a result of bipartisan legislation enacted in 2017 under the leadership of Senator Scott and his Co-Sponsor Senator Cory Booker. The program provides tax benefits for individuals who make long-term investments into QOZ communities.
About Revitate Impact
Revitate Impact facilitates investment into commercial real estate developments located in Qualified Opportunity Zones in emerging secondary markets across the United States. Revitate provides joint venture equity to talented sponsors of institutional-quality projects, with a primary emphasis on new multifamily housing and industrial development. Since 2018, Revitate’s General Partners have led or co-led four Opportunity Zone funds, with investments in 14 Opportunity Zone projects with $1.3B+ in total capitalization. Core to Revitate Impact is a commitment to integrating positive social and economic impacts into development projects in the form of new jobs, housing, economic activity, and positive environmental and community benefits. For more information, visit https://www.revitate.co/strategies.
