Cantor Fitzgerald and Silverstein Properties Announce Joint Venture with Turnbull Development for Opportunity Zone Development in South Carolina
Summerville, South Carolina – Financial services powerhouse, Cantor Fitzgerald, L.P., and global real estate giant, Silverstein Properties, announced a strategic collaboration with Turnbull Development, LLC, a reputable Charleston-based development company. The partnership will focus on the development of a mixed-use project consisting of 365 garden-style multifamily units and a 40,000-square feet medical office building. Located in a qualified opportunity zone in Summerville, South Carolina, this significant investment is anticipated to considerably enhance the local community.
Strategic Location and Financing
The joint venture will be located strategically at the juncture of Berlin Myers Parkway and Highway 78, within walking distance from Summerville’s historic downtown area. This highly anticipated mixed-use development will be encompassed in a 57-acre master-planned project known as Sawmill. Additionally, the partnership has already secured $54 million in construction financing from SouthState Bank.
Impact on Local Community
The Sawmill project will have significant positive impacts on the local community by promoting a connected and community-focused environment. This objective aligns with the local government’s ongoing efforts to meet the increasing demand for communities offering walkability, easy transit access, job opportunities, and accessibility to public services and destinations. Primarily, SouthState Bank’s generosity in providing the required capital emphasizes their commitment to supporting the development of local communities.
Sawmill: A Region-Transforming Community
Sawmill intends to act as a catalyst for change in the region. The investment will primarily focus on developing a vibrant and transformative community. The proactive involvement from the Summerville town officials and the investment in the master plan will ensure that Sawmill becomes one of the region’s premier mixed-use developments.
Commercial and Residential Amenities
The development will feature essential commercial and residential amenities, including a two-story Roper St. Francis micro-hospital, outpatient surgery center, neighborhood grocery store, and dedicated retail spaces. Moreover, the residential component will offer residents direct access to Sawmill Branch Canal and Greenway Trail, an onsite pickleball court, a dog park, a pool, and clubhouse. Scheduled to commence in July 2024, the multifamily construction project is anticipated to reenergize the local community by offering high-desirable amenities.
Strong Support from Market Leaders
Executives from Cantor Fitzgerald and Silverstein believe this development is perfectly placed to leverage the region’s job and population growth opportunities, especially given its proximity to Historic Downtown Summerville. The project’s enticing location and its successful alliance with Turnbull Development promise positive impacts on the community and its overall growth trajectory.
Opportunity Zone Project Portfolio
Since the establishment of their opportunity zone business in early 2019, Cantor and Silverstein have demonstrated their intent to heavily invest in commercial real estate assets located within U.S. qualified opportunity zones. Eleven projects with an estimated cost surpassing $2.2 billion are already in various stages of development, indicating an impressive average project cost of $203 million.
