Catalyst Capital Partners, in a joint venture with URS Capital Partners, has announced a new multi-family and adaptive re-use mixed-use project in Downtown (“Old Town”) Rock Hill, SC named “The Exchange at Old Town Depot”. The Exchange will include 191 urban apartment units, over 45,000 SF of retail and creative office space, a newly constructed public street with activated sidewalks and streetscapes, several public courtyards, amenity spaces, and public art features. The site is bounded by Dave Lyle Blvd, White St, and Oakland Ave and sits on over 6 acres of land in the heart of Downtown Rock Hill. The $45M development project will include the adaptive re-use and renovation of several existing brick buildings currently on-site, as well as newly constructed multifamily and commercial buildings on the balance of the site, currently owned by York County.
Beau McIntosh, Managing Partner at Catalyst, stated “Rock Hill has experienced tremendous growth and economic expansion in recent years, and we are thrilled to contribute to the growing vibrancy of its downtown by developing The Exchange. The location of this site is central to so much of what is happening around Rock Hill – Knowledge Park, Winthrop University, Fountain Park, and all of the food and entertainment venues in and around Old Town Rock Hill. We feel as though the mix of uses and tenants at the Exchange will bring social integration and continuity among all of the ongoing development of the area.”
In addition to the 191 apartment units, Catalyst plans to bring a mix of experiential commercial tenants to the development – in both the existing spaces and the newly developed buildings. The existing original buildings fronting White St. will undergo significant renovations over the next few years, and a third component of The Exchange will be a newly developed commercial office and retail building on Oakland Avenue. Catalyst is in extensive talks with a popular market concept to serve as the project’s anchor retail tenant, as well as other various conversations with potential tenants that include fitness, banking, and co-working businesses.
The newly developed apartment units will be upscale studio, one, two, and three-bedroom units, and will feature the most amentized and highly appointed urban living option in downtown Rock Hill. The apartment building’s amenity offerings will feature a modern outdoor pool area with sundeck and outdoor kitchen, as well as a fitness center, club area, and various social entertaining areas and tenant workspaces.
A.J. Klenk, Managing Partner at Catalyst, noted “We see this as a great opportunity to make a positive impact on the lives of those who desire to live, work and play in Old Town Rock Hill and the Knowledge Park District. The City of Rock Hill has an incredible long-term vision and a well-conceived plan for execution, and we are excited to partner with them on this fully integrated, experience-driven development.”
The Exchange will be a public private partnership with CCP, URS, and the City of Rock Hill. The apartments at The Exchange will include a percentage of moderately priced workforce housing units spread throughout the market rate units. The apartment buildings will be designed to achieve National Green Building Standard’s Green Certification, and Catalyst has committed to spending at least $250,000 in public art and public amenities throughout the project.
The Exchange is also located in a Qualified Opportunity Zone, and Catalyst and URS are capitalizing the project with investment equity that qualifies for Opportunity Zone tax treatment. As such, the partnership plans to own the project for at least a ten-year period. Catalyst will begin renovations to the existing buildings in January, and construction on the new buildings in mid-2020.
Chris Urso, Managing Partner of URS Capital Partners, added “After investing in real estate throughout the Southeast for nearly a decade we have had our eyes on the Charlotte MSA for quite some time, and it has been a priority for us to establish a long term presence here. Rock Hill personifies the ideal profile of a submarket we target for investment – close proximity to major employment hubs, strong population growth, an excellent lifestyle for its residents, and business minded leadership that promotes smart growth within its city. We are excited to be part of the resurgence of Downtown Rock Hill and look forward providing its residents with a best-in-class apartment community and urban mixed-use development.”
Catalyst Capital Partners (“Catalyst”) is a Charlotte, NC based real estate development and investment firm with a focus on the acquisition and development of multi-family communities and mixed-use projects throughout the Southeastern United States. The Catalyst team has been involved in the development or acquisition of 3,200+ multifamily units and currently has over $500M in active development projects and investments.
URS Capital Partners (“URS”) is a multifamily real estate investment company headquartered in Huntington, NY that invests in opportunistic and value-add apartment communities in strategic markets up and down the east coast. Led by Christopher Urso, Managing Partner, the firm has acquired and invested over $250 Million in assets and 3,500+ units over the past ten years. URS provides bespoke Opportunity Zone and Value-Add investment opportunities and above average returns to their middle and high net worth private network of investors.