A long-planned Charleston development brings housing affordability and support together after its partners overcame years of funding setbacks.
Key Points
- 73 Meeting Street brings together 70 affordable apartments, a shelter for women and children, and personalized services for residents who have experienced homelessness.
- The project moved forward after years of financing challenges through collaboration among TD, The Michaels Organization, One80 Place and others.
- TD supported the long-planned Charleston development with a $17 million construction loan and an investment in federal Low-Income Housing Tax Credits.
- Residents receive individualized assistance, including legal help, employment services, job training and practical support to help them remain housed and build long-term stability.
After nearly a decade of planning and persistence, the site of a former automotive warehouse on Charleston’s historic Meeting Street now brings affordable housing, shelter and supportive services together in one development.
With financing from TD, 573 Meeting Street now includes 70 affordable apartments that are home to about 74 residents in their 20s through their 70s. The development also includes a shelter for women and children.
The Michaels Organization, the developer, manages the property and oversees leasing, while South Carolina nonprofit One80 Place provides personalized services to help residents remain housed and build long-term stability.
Plans for 573 Meeting Street emerged as Charleston’s growing popularity among tourists and new residents continued to drive up housing prices, putting homes beyond the reach of many people.
But meeting that need took years of perseverance as the project team navigated financing challenges and other setbacks that repeatedly threatened the development’s future.
“This project demonstrates what happens when you don’t give up,” said Jonathan Lubonski, Executive Vice President of Development at The Michaels Organization.
How 573 Meeting Street overcame funding roadblocks
One80 Place has operated on Meeting Street since 1987, when it moved into a former automotive warehouse. As the neighborhood changed, the property grew into a campus that included a shelter.
After the aging shelter was demolished in 2017, One80 Place began planning a new future for the site. Its location gave residents convenient access to the organization’s services, public transportation, jobs and other resources that could help them move out of homelessness. The Michaels Organization joined the effort, and by 2019, the plans, permits and project team were in place.
Shortly before the loan was scheduled to close, the financing fell through when the state suspended its low-income housing tax credit program, eliminating a key source of funding.
“That required us to reset,” Jonathan said. “We had to step back, rethink the project and adjust in real time to keep it moving.”
Even as the project team rebuilt the financing plan, TD maintained its support.
“The bank’s support was critical, and they remained committed to the project,” Jonathan said. “They could have easily walked away and said, ‘This project may never get done.’”
TD ultimately provided a $17 million taxable construction loan, cash-secured by municipal bonds issued through the South Carolina State Housing Finance and Development Authority. The financing package also included $20.5 million in federal and state Low-Income Housing Tax Credits, with TD Community Capital Group investing in the federal credits.
It took about four years to close the funding gap, with additional government support and private fundraising by One80 Place. Construction began in fall 2024, and by early summer 2026, the development was complete and residents were moving in.
“Our housing affordability vision is about helping people and families build a more stable future,” said Bill Duffy, Senior Relationship Manager at TD Bank U.S. “Our support for this property and our partnership with The Michaels Organization and One80 Place reflect that commitment by bringing affordable homes, shelter and essential services together in one place. We are proud to help Charleston families find greater stability and move forward with confidence."
573 Meeting Street helps residents build stability
One80 Place is serving people experiencing homelessness across an increasingly broad range of ages, according to Stacey Denaux, the organization’s CEO. That includes older adults facing medical costs, the loss of a spouse or depleted savings, as well as young parents, people who have aged out of foster care and young adults involved with the juvenile justice system.
To address residents’ diverse needs, two case managers, supported by One80 Place staff, assist people ranging from young parents working toward financial stability to older adults managing complex medical conditions. Each resident receives an individualized plan that may include legal assistance, employment services, job training, disability benefits or access to other income resources.
“Our priority is to help residents feel at home and confident in their new surroundings,” said Stacey. “That means providing practical support with cooking, appliances and apartment living, while helping residents build relationships, become good neighbors and feel part of a community.”
For One80 Place, affordable housing is essential, but it's only one part of helping residents rebuild their lives.
“They’re starting from scratch,” Stacey said. “The services are critical to helping people remain housed.”
Because many residents would arrive with little more than the clothes they were wearing, One80 Place launched a campaign to furnish every apartment.
The campaign raised more than $400,000, according to Stacey. After the furniture arrived, more than 125 volunteers spent three days preparing all 70 apartments for residents.
For some residents, accepting that generosity is difficult. “They don’t think they deserve it, which is heartbreaking,” Stacey said. “No single organization can solve every challenge, but we can help demonstrate what is possible.”
573 Meeting Street shows what sustained collaboration can make possible. In a rapidly changing neighborhood, its most meaningful transformation is unfolding within its walls —one apartment, one family and one new beginning at a time.
FAQs
What is 573 Meeting Street?
573 Meeting Street is a Charleston, South Carolina, housing affordability development with 70 permanent, affordable apartments and a shelter for women and children who have experienced homelessness.
How were the funding challenges for 573 Meeting Street overcome?
After the state suspended its low-income housing tax credit program, the project team restructured the financing and spent about four years closing the funding gap. TD remained committed, providing a $17 million construction loan and investing in federal Low-Income Housing Tax Credits, while additional government support and private fundraising by One80 Place helped the development move forward.
Who operates 573 Meeting Street?
The Michaels Organization provides property management and leasing operations. One80 Place provides personalized services designed to help residents remain housed and build long-term stability.
What support do residents receive?
Residents work with case managers and One80 Place staff on individualized plans that may include legal services, job training, and other support designed to promote long-term housing stability.
What has TD done in Charleston to support housing affordability?
TD has also supported several affordable housing developments in and around Charleston, including:
- Providing a $14 million construction loan and $9.6 million in equity for a 64-unit affordable housing community for seniors earning 50% to 60% of area median income. The development includes a City of Charleston-designated business incubator for minority-owned businesses.
- A $13.5 million construction loan and $8.2 million in equity for a 72-unit affordable housing community serving seniors earning 30% to 60% of area median income in Hanahan, SC.
- Providing a $16 million construction loan for a 55-unit development in Charleston, with TD Community Capital Group also serving as an investor.