Charleston's EDGE Project is steps away from officially calling the former site of the Dupont hotel home.
The EDGE project, which stands for Early Dynamic Guided Engagement, focuses on bringing young talent to Charleston and providing them affordable housing downtown.
The Charleston Urban Renewal Authority approved a tri-party lease agreement for EDGE to move into the building on Summers Street Wednesday. CURA and the City of Charleston will be two of the three parties involved in the project.
But the third, who would also serve as the "building's manager," would be a brand new city board that's currently in the works. The Charleston Development Authority would have between 12 and 21 volunteer members. City employees would still guide the board through decisions at the start, city manager David Molgaard said.
"But the bottom line is, EDGE will be a program of the development authority," Molgaard said.
But before the development authority can get involved, city council must first approve its creation. City Council is scheduled to vote on the EDGE project Monday.
The city hopes sponsors will subsidize rents at the facility for their employees while they participate in a three-year community leadership program facilitated by the city.
CURA Executive Director Ron Butlin said the second and third floor of the building will be used for the EDGE project, while the first floor will be leased out as retail and restaurant space.
"In some ways I think this will be the only way this building gets saved, so I'm really excited," Butlin said.
Both Butlin and Molgaard said the EDGE Project's location was a logical next step after renovations to Slack Plaza and Brawley walkway.
Molgaard said the EDGE project will revitalize a now-quiet portion of downtown.
"I think this project will really create a sense of vibrancy in the area," Molgaard said. Molgaard said that, depending on the construction time line, the first class of EDGE participants will move in Fall 2018,
ZMM Architects will continue to be employed by the city for the project, Molgaard said.
Another goal of the project is to show how affordable downtown housing can help bring more young people to Charleston, Molgaard said.
According to U.S. Census estimates released in May, Charleston's population continues to steadily decline.
The decision comes after CURA agreed to pay a portion of expenses for the design development phase of the EDGE project in January.
The building has been unoccupied since B&B Loans closed in 2007. Wheeling-based McKinley Properties planned on developing the property into a mixed-use space last year, but the firm pulled out of the deal, citing high renovation costs.
Reach Ali Schmitz at ali.schmitz@wvgazettemail.com, 304-348-4843 or follow @SchmitzMedia on Twitter.