COLUMBIA, S.C. — A multimillion dollar development could be coming to the downtown Columbia area at 1801 assembly street across from Finlay Park, where the city has already invested millions into renovations.
Like many driving down Assembly Street, lifetime Columbia resident Zeinna Millhouse says she's noticed the old building that's been sitting vacant next to the Strum Thurmond Federal building.
"That building, I've noticed has been empty, I've been wondering because I know the renovations to the park are coming"
According to Trinity Partners' brokerage associate Ryan Causey, it's one of the older buildings in Columba and has been abandoned for over 5 years. He and his partners recently gained control of the building.
They're looking for developers to come into the property, where he estimates 20 million dollars of renovations will be needed.
He explains, 2 years ago, he first inquired about the property, and had a developer in the upstate begin work but eventually backed out due to finance reasons.
"The inside has been completely abated of asbestos. Some interior demolition has already started, those are those piles of rubble that you'll see." He says, "From here further it's just completing the demolition and starting with the up fit"
Causey says the building is also set up for a number of tax credits including state and federal historic tax credits.
"It's got state abandoned building tax credits. It's been vacant for over 5 years." He adds, "It's also got the Bailey Bill which locks the current property tax in for a period of twenty years."
He's optimistic about the potential upgrades that can be done for the space, which is currently zoned for 100 multi-family units.
These are renderings of what the building could look like. He adds the roof top also opens itself up for potential upgrades too.
"Could be a spot for a pool, could be a spot for a restaurant, a bar, really a destination spot."
He explains the building also has the potential to be turned into a hotel, depending on which developers step in. He cites recent development plans at Finlay park across the street as one of the many reasons he chose to invest in the area. Causey tells us there is already interest from local and regional developers for both apartment and hotel plans.
"This area continues to grow, the central business district continues to grow this direction, you've got the 1700 block of main street." He expands, "You've got bull street not very far from here that continues to grow and come along nicely"
Millhouse is equally as optimistic, but wants to see any potential traffic issues resolved before people can move in.
"It's going to be a lot more traffic, so figuring out that whole traffic issue would be the key." She beams, "A hotel would be great asset because the park is going to be beautiful so who wouldn't want to stay there."