City of Charleston Announces Expansion of The Digital Corridor's Flagship

CHARLESTON, S.C. -- November 10, 2010 --The City of Charleston is pleased to announce an expansion of its highly successful Flagship, downtown Charleston's premier co-working business environment. At 13,700 square feet, the new facility will be almost three times larger than the Flagship and will continue to meet the unique need for flexible workspaces desired by knowledge-based companies. This facility, to be named FS2, will complement and greatly expand the Flagship's current office space offerings (75-150 square feet) with a variety of office configurations ranging from 300 to 5,000 square feet.

"The City's investment in revitalizing this facility demonstrates our commitment to and belief in the continued growth of Charleston's knowledge economy. In addition to enjoying the beautiful new facility, resident technologists and entrepreneurs will have ready access to shop, dine and enjoy our amenity-rich downtown environment," said Charleston Mayor Joseph P. Riley, Jr.

"From the outset, the Digital Corridor has successfully pursued a market-driven approach to high-wage job creation, and the expansion of the Flagship is just another example of understanding the needs of knowledge-based companies and addressing them," said Kirk King, Chairman of the Charleston Digital Corridor Foundation. "I applaud Mayor Joseph P. Riley and Charleston City Council for making this happen," he added.

"Sometimes, we are better able to understand emerging market needs by taking some risk," said Ernest Andrade, Director of the Charleston Digital Corridor. "By approving the Flagship in February 2009, the City took just such a risk (in capital investment and setting a new precedent) at a time of tremendous economic uncertainty. That risk paid off in spades. The constant flow of demand for workspace the Flagship has enjoyed since opening affirms that Charleston's knowledge economy is vibrant, and FS2 will serve an even greater role in fostering this growth," he added.

The new downtown Charleston facility, dedicated exclusively to knowledge-based companies and dubbed "FS2," will offer tenants super-fast data speeds, flexible lease terms, 24-hour secure access, on-site parking and amenities such as indoor bike storage and shower facilities. The FS2 is expected to be ready for occupancy April 1, 2011, and the Digital Corridor will start evaluating potential tenants in January 2011.

About the Charleston Digital Corridor The Digital Corridor is a creative initiative to attract, nurture and promote Charleston's knowledge economy through a combination of technology enabled initiatives and business incentives, private business support and member-driven programming. To learn more, visit www.charlestondigitalcorridor.com.

Contact: Ernest Andrade 843.724.3773 ernest@charlestondigitalcorridor.com