The Residences On King Offers An Innovative Real Estate Opportunity In America’s #1 City
Chicago, IL – March 6, 2012 – (RealEstateRama) — The Antique District of Charleston, South Carolina will be the location of America’s newest urban residence club, it was announced today by DCP International. Charleston was voted the “Top City in the United States” in the 2011 Conde Nast Traveler Readers’ Choice Awards and The Residences on King will be the city’s first luxury fractional real estate offering. DCP International (www.DCP-International.com), which pioneered the residence club real estate concept more than two decades ago, has been retained by Jeffrey R. Anderson Real Estate to structure, market and sell this innovative ownership opportunity. In addition to creating the world’s first residence club at Utah’s top-rated Deer Valley Resort, DCP brought to market the highly successful Phillips Club, the world’s first urban residence club located next to Lincoln Center in Manhattan.
“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. The new owner of the historic Restoration on King building is a privately-owned developer of fashion and entertainment based Lifestyle Centers, mixed-use developments, traditional grocery-anchored retail centers, and Class ‘A’ office buildings, as well as owner/operators of numerous restaurants.
“We were fortunate to acquire this incredible building at an excellent price,” Anderson said. “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 meticulously 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,” noted 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.”
There is an abundance of reasons why Charleston was rated #1 by Conde Nast readers. It’s a place where pre-Revolutionary War history, stunning architecture, incredible shopping and dining, acclaimed galleries, professional entertainment, cultural attractions, international festivals, Southern hospitality, an inviting year-round climate, and diverse recreation come together on the South Carolina coast.
The Charleston area boasts an exceptional variety of world-famous golf courses. Outdoor enthusiasts can also swim, surf, kayak, water ski, zip down slides or reel in trophy fish. It’s a vibrant city that is also blessed by superb beaches, including those located at: Folly Beach, a beautiful barrier island only 15 minutes from downtown historic Charleston; Seabrook Island on the Atlantic shore, just a short drive south of historic Charleston; Beachwalker County Park, located on the west end of renowned Kiawah Island; Isle of Palms with every activity imaginable; and casual, unhurried Sullivan’s Island, one of the most relaxing and family-friendly beaches on South Carolina’s coast.
“During the short time we have owned the building, it’s amazing how many people have made unsolicited inquiries about owning at Restoration on King,” said Anderson. “Now they can.”
About DCP International:
DCP International founding partner Steve Dering created the country’s first private residence club at prestigious Deer Valley Resort in Park City, Utah. Since that time, DCP has served as the design, structuring, marketing and sales consultant for developers and project owners at more than 30 international locations. In addition to creating the world’s first residence club, it created the first urban residence club in Manhattan, the first residence clubs in Mexico and Bermuda, and Italy’s first urban residence club in Florence. DCP residence clubs have generated more than $1 billion in sales. For more information, visit www.DCP-International.com.