“The Economic Impact of Capital Square’s Charleston Development”

Capital Square engaged FTI Consulting to assess the economic and fiscal impacts of the mixed-use real estate development project, Opportunity Zone Fund IV (“529 King Street”), which will be located in the lush Garden District of Charleston, South Carolina. This analysis covers the potential economic benefits to the Charleston region resulting from the construction and operational phases of the project.

FTI calculated the economic benefits of the 529 King Street project using information provided by Capital Square regarding its financial activities, the number of available apartments for rent and the planned square footage available for rent by commercial tenants (e.g., restaurants or retail stores) for 529 King Street. This information and federal data on the estimated number of employees per square foot of commercial space were used as inputs into IMPLAN – an economic impact model used by academia, consulting firms and government agencies at all levels. IMPLAN works by transforming direct employment or expenditures into their “indirect” effect on supply chains and the “induced” effect of consumer spending (e.g., the wages earned by a construction worker being later spent on groceries).