New private residence club for Charleston
Charleston, South Carolina will be the location of America’s latest private residence club. The Residences on King will be the city’s first luxury fractional real estate offering, and have been planned by consultants DCP International, which has also announced a separate project in Mexico this month.
“We have worked with DCP in the past so we know they are the best in the business,” said J.R. Anderson, vice president of development for Cincinnati-based Jeffrey R. Anderson Real Estate, which will structure, market and sell the development. “We were fortunate to acquire this incredible building at an excellent price. Our competitive basis combined with the residence club structure will allow us to offer an amazing value to our residence club buyers.”
Restoration on King was renovated as a luxury condominium project but its completion dovetailed with the real estate crash. The original developer converted the project to Charleston’s first luxury boutique hotel. Since its opening in 2010, Restoration on King has earned AAA Four Diamond status and was among the Top 25 Hotels in The United States in TripAdvisor’s Travelers’ Choice 2012 Awards. The building will now evolve from a hotel to a residence club.
“This is the same transition we made at The Phillips Club in Manhattan, only on a smaller scale,” said Steve Dering, founding partner of DCP International. “The Phillips Club was built as an extended-stay apartment hotel. Hotel operations continued as we sold residence club ownerships and converted hotel inventory to club inventory. More than $120 million in sales later, the residence club consumed the entire building. The Residences on King is a more intimate property but equally exciting. It’s a beautiful building in a great location with exquisite one- and two-bedroom apartments.”