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The Nickel Hotel in Charleston, South Carolina – Image Credit Method Co.
Capital Square has announced the opening of The Nickel Hotel in Charleston, South Carolina, funded by its opportunity zone fund.
Capital Square has officially opened The Nickel Hotel in Charleston, South Carolina. This development was financed through the CSRA Opportunity Zone Fund IV, LLC, and additional funding from Method Co., which also serves as the project’s co-developer and operator. The hotel, inspired by the French phrase “C’est Nickel” meaning “it’s impeccable,” aims to blend modern luxury with the historic charm of Charleston.
Located on historic King Street, The Nickel Hotel is a five-story building featuring 50 units, including two penthouse suites. Each unit has a full-size kitchen, custom wood vanities, marble countertops, and a washer and dryer. Architectural features include arched, floor-to-ceiling windows and double French doors leading to private balconies. The property also offers a lush interior courtyard, a private guest lounge, and a gourmet rooftop bar and lounge named Rosemary Rose. Additionally, the street-level retail space is leased to Greyson Clothiers.
The project aligns with the goals of the Tax Cuts and Jobs Act of 2017, which established qualified opportunity zones to stimulate economic growth through tax benefits encouraging private investments. The development of The Nickel Hotel is part of a broader initiative to revitalize North King Street and drive economic growth in the designated opportunity zone.
An economic impact report by FTI Consulting highlights the significant contributions of Capital Square’s opportunity zone developments to local economies. During its construction phase, The Nickel Hotel supported an average of 250 jobs annually, generating approximately $1.6 million in state and local tax revenue. It is projected to contribute $1.9 million to the regional GDP through its operations in 2025.
The Nickel Hotel’s completion marks a significant milestone in Capital Square’s portfolio of opportunity zone developments, which have collectively supported over 7,500 jobs and generated more than $1.2 billion in economic output during their construction phases. These projects are estimated to support over $760 million in regional GDP and generate over $160 million in federal, state, and local taxes during construction. Once operational, they are expected to support over 340 jobs annually and generate nearly $17 million in combined tax revenues.
