Leading proponent of Opportunity Zone investment tour calls new $300M residential, office, and mixed-use project in Charleston, SC a “national best practice” during tour with business and community leaders

CHARLESTON, SC – Today, U.S. Senator Tim Scott joined with business and community leaders to tour Morrison Yard, a $300 million residential, office, and mixed-use project located in a Qualified Opportunity Zone in Charleston, South Carolina. As part of the tour, project leaders, including representatives from RevOZ Capital and Woodfield Development, detailed the “Morrison Yard Community Compact” outlining a series of economic and community benefit initiatives developed by project and community leaders.

“This Morrison Yard project is a fantastic example of the power of Opportunity Zones,” said Senator Tim Scott. “It’s wonderful to see targeted investments and community collaboration result in economic transformation. This project is poised to create a safer and more prosperous community for generations to come.”

Located at the base of the Ravenel Bridge at 838 Morrison Drive, the property features 380 upgraded multifamily rental units and approximately 27,250 square feet of ground-floor retail space. This new development brings economic stimulation and social revitalization to an emerging neighborhood known as North Morrison or “NoMo,” that was formerly dedicated to industrial businesses serving the nearby port.

The property is also part of a larger master-planned mixed-use development of the same name. At completion of the of the master plan, Morrison Yard will offer over 138,000 SF of Class A office space in a 10-story building, 576 apartment homes, over 37,000 SF of street-level retail and a 150-room Kimpton Hotel. The newly completed phase I apartments, Morrison Yard Residences, were delivered by Woodfield Development with a co-Investment by RevOZ Capital.

“We could not be prouder to see the full vision of Morrison Yard coming to life,” said Alex Bhathal, Co-Founder and Managing Partner, RevOZ Capital. “Our passion for opportunity zone investing has and always will be about making a positive difference in places that are too often overlooked and underestimated. While we have much more to do in this community, it’s gratifying to see Morrison Yard emerging as a model of what the Opportunity Zone program can achieve.”

Through both the RevOZ Capital and Revitate alternative investment platforms, Alex and his sister Lisa Bhathal Merage have led or co-led four Opportunity Zone funds with investment into fifteen projects with an estimated total project value of $1.5 billion.

According to an Economic Impact Study prepared by the University of South Carolina, the Morrison Yard project is expected to generate a cumulative economic impact in excess of $1.4 billion by 2030 via development of new housing, office space, and retail programming. An estimated 84% of this impact is expected to be captured within the City of Charleston.

During the tour, Morrison Yard leaders outlined its “Community Compact,” outlining six key areas where the project seeks to deliver sustained economic and community impact:

1. New Jobs and Economic Activity

2. Climate-Friendly Building

3. Improve Safety, Mobility, and Circulation

4. Invest in the Community

5. Expand Access to Fresh and Healthy Food

6. Enhance Local Parks and Open Spaces

“Morrison Yards is committed to serving as a positive force for the Eastside community and greater Charleston,” said Mike Schwarz, Partner as Woodfield Development. “Our Community Compact reflects a multi-faceted approach to generating new economic, environmental, and community benefits in close collaboration and partnership with local residents and organizations. For the Eastside, we have recently dedicated a number of our courtyards at Morrison Yard for public use, completed a Quiet Zone at the rail crossing, and we are getting ready to start on 2 exciting projects – installing much needed sidewalks on the west side of Morrison Drive and building a connection to the bridge behind our community for safer pedestrian and bike access to that great community amenity. "

Also joining the event were 20 students in the Kids On Point's Summer Program. Ushering in a revitalized commitment to the community on-and-surrounding North Morrison Drive, Morrison Yard and Kids On Point have joined together and are committed to providing access and opportunities for students and families on the peninsula of Charleston and beyond.

Morrison Yard is located within a Qualified Opportunity Zone, one of over 8,700 census tracts identified by state and federal leaders as high priority areas to attract new long-term private investment to stimulate economic and community development. The Opportunity Zone program is a result of bipartisan legislation enacted in 2017 under the leadership of Senator Scott and his Co-Sponsor Senator Cory Booker (D-NJ). The program provides tax benefits for individuals who make long-term investments into QOZ communities.

For more information on Morrison Yard, please visit morrisonyardresidences.com.