The developer of South Carolina’s first Four Seasons property has made another sizable investment with the recent purchases of three vacant lots that expands the boundaries of the project proposed for downtown Charleston’s tourist district.
FOUR SEASONS: The developer for the Four Seasons has spent upwards of $72 million in real estate for the hotel, including a recent $15.5 million sale for parcels wedged behind a line of King Street storefronts near Horlbeck Alley and a former Days Inn motel on Meeting Street. (Source: Esri; Charleston County)
A Seattle-area buyer associated with Strategic Property Partners paid $15.5 million for the parcels wedged behind a line of King Street storefronts near Horlbeck Alley and a former Days Inn motel on Meeting Street.
This sellers were The Beach Co. of Charleston and its Pastime Amusement Co. affiliate.
The old Days Inn at 155 Meeting Street will eventually be demolished to pave way for South Carolina’s first Four Seasons hotel.
Strategic Property, which has ties to billionaire Microsoft co-founder Bill Gates, confirmed last year that Four Seasons would anchor the new luxury development at 155 Meeting St. The development plans call for hotel rooms, residential condominiums and amenities in three buildings reaching as high as eight stories.
In all, Kirkland, Wash.-based Pinnacle Mountain Holdings LLC has invested $72 million to date in the area to pull together the real estate it needs for the project.
The latest architectural rendering of the proposed Four Seasons development at Meeting Street and Horlbeck Alley.
The Four Seasons footprint now totals nearly 2.18 contiguous acres, including a property that was purchased in 2022 through a law firm for $17 million that sits between two of the newly acquired lots. It included a building at 202 King St.
Brad Cooke, an executive with Strategic Property, said in a written statement this week that the additional property is “required for the development of our project.”
A company that’s been buying land for Four Seasons development recently paid more than $12.8 million for this parking lot off Horlbeck Alley, behind the shuttered Days Inn at 155 Meeting St.
The Four Seasons project has been working its way through the the city’s Board of Architectural Review since last year. It gained preliminary signoff in March, and is expected to be back in front of the panel soon for final approval.
Strategic Property firm already has obtained clearance to raze the shuttered Days Inn which is still standing.
Cooke said that as the project advances through the city in the coming weeks, he expects more finalized details for the hotel and residences will be available.
The final approval with determine the timing of the groundbreaking.
Pinnacle Mountain Holdings, the company that owns all of the Four Seasons land, shares the same address as Gates’ family office, which he set up to invest his personal money.