Nov
30

Bank Failure Cuts Charleston, SC Redevelopment Funding

By
– The Post and Courier

The company redeveloping one of Charleston’s most notable buildings is feeling the crunch of the banking crisis.

Construction at the Cigar Factory, the historic brick landmark at Columbus and East Bay streets, has stopped because its owner, The Simpson Organization of Atlanta, lost its construction funding and can’t find another source.

The development group, which bought the building in 2007 for about $20 million, is executing a major overhaul of the former cigar and cotton factory, turning its interior into a mix of shops, 66 luxury condominiums and a white-tablecloth restaurant.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.postandcourier.com/news/2009/nov/28/project-on-hold/
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