CHARLESTON, October 14, 2024 —One80 Place, working in partnership with The Michaels Organization, and Spandrel Development Partners, is set to transform a vacant lot in downtown Charleston into much needed permanent, affordable housing exclusively serving homeless individuals and families, after successfully achieving a financial closing for 573 Meeting Street.

The development is the result of a collaborative effort between One80 Place, one of the largest homeless service providers in South Carolina, Michaels, the nation’s largest private-sector owner of affordable housing, and Spandrel, a multi-disciplined real estate development firm.

“We believe that our community’s most vulnerable neighbors deserve the best of what Charleston has to offer. Housing built specifically to support people moving out of homelessness is critical to ending homelessness, once and for all,” Stacey Denaux, One80 Place’s CEO. “The impact of this project will be profound and long lasting.”

The six-story, mixed-use development will be a permanent home for 70 formerly homeless individuals, and the second floor will be a new family shelter for 65 women and parents with their children. The City of Charleston Housing Authority has committed project-based rental assistance for all 70 rental units, ensuring long-term affordability for residents.

"We are thrilled to reach this milestone for 573 Meeting Street and we are grateful for the support of the city, the state, and all our partners for their support of this development," said Bruce Morgan, Senior Vice President of Development at The Michaels Organization. "This development exemplifies what the public, private, and non-profit sectors can accomplish when working together to create high-quality, service-enhanced affordable housing solutions that enhance communities and lift lives.”

One80 Place will also offer comprehensive supportive services to the residents including case management, healthcare, tenancy support, and legal services. Residents will earn no more than 50% of HUD area median income (AMI) and spend no more than 30% of their income on rent.