Oct
14

Columbia Development Group Offers to Buy Palmetto Compress

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A new Columbia-based development group has tentatively agreed to buy the Palmetto Compress warehouse from the city at a price that returns all of the city’s $5.65 million in public investment.

Palmetto Compress Preservation Developers LLC has offered to buy the century-old, four-story cotton warehouse and the 4.7 acres on which it sits for $5,907,000, according to Columbia Development Corp. director Fred Delk.

Vista businesswoman and preservationist Rosie Craig is heading the development group, which filed its organizing documents Aug. 2 with the S.C. Secretary of State’s office.

Craig said Monday morning that her plans are to have a roughly 100-room hotel, a handful of rooftop condominiums and a mixture of retail and office space in the 329,000-square-foot former cotton warehouse that sits along Blossom Street and is at a major western gateway into the city and the University of South Carolina campus.

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