Apr
25

Cigar Factory to Become Mixed Use Development

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The five-story Cigar Factory has sat mostly vacant on the corner of Columbus and East Bay streets for eight years. Now under new ownership, the site is poised once again for development.

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 — recently acquired the building at 701 E. Bay St.

The investors expect to start the redevelopment immediately with base building completion set for the first quarter of 2015. Plans call for a mixed-use property with space for offices, retail, events, restaurants and parking. The venture is actively recruiting tenants and expects to have office and retail announcements in the coming months. Plans do not call for residential space as previously envisioned by a former owner.

“We are excited to create a unique environment to address the growing demand of office and retail users that want to be downtown,” Cogswell said. The 244,000-square-foot development sits on 4.5 acres near the Charleston Harbor at the base of the Ravenel Bridge in the Eastside neighborhood.

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