New owners to give new life to Cigar Factory

CHARLESTON, S.C. (WCIV) --{} The Cigar Factory building on East Bay Street is set to get new life pumped into it thanks to new owners. The five-story, 244,000-square-foot building sat vacant for years, but a recent deal has the historic landmark in for a complete transformation. Federal Capital Partners and Roi-Tan Investments announced the $55-million acquisition for the redevelopment of the prime downtown property. Cigar Factory will soon become a mixed use property full of office and work space, restaurants, and high-end retail. Those involved with the project say the total cost to make over the structure, including a historic restoration of the facade and windows, will be more than $55 million. The building located at 701 East Bay Street has been around since 1882 when it was built as a cotton mill before turning into a cigar factory until the 1970's.Developers say it will still be called the Cigar Factory as they are very proud of the building's place in Charleston's history.Future retail and office space tenants are expected to be announced in the coming months. The first tenant to officially say they will call the Cigar Factory home is the Indigo Road Restaurant Group. Developers confirm that the restaurant group has signed on for a deal to build a gourmet market with coffee, a bakery, breakfast, lunch, prepared food, and a bar plus event space.The redeveloped Cigar Factory is set to open in the first quarter of 2015.
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