Archive for Columbia
In its Metro Monitor for September, Brookings examines the 100 largest U.S. metro areas for four key metrics:
- gross product
- home prices
Those indicators are studied at the depths of the recession, during the recovery, and where they stand currently. Brookings then ranked the cities based on improvement in each of those categories.
When it comes to rebounding from its lowest point, Charleston ranked No. 9 in GDP improvement, gaining 17 percent from the third quarter of 2009 to Q3 2013. It ranked 12th in job creation, gaining 9 percent from Q4 2009.
Main Street is about to experience an unprecedented restaurant boom, spurred on by the promise of about 850 University of South Carolina students moving into the former Palmetto Center tower, which will triple the number of residents on the street.
Ten new restaurants – from Mediterranean and Ethiopian to Cajun and new Southern – have opened in the past month or will be opening soon.
The openings are building on the momentum for Main’s revitalization that started two years ago, when country-cool retailer Mast General Store opened in the former Lourie’s menswear building at the corner of Main and Taylor streets.
It seems, after decades of start-and-stop redevelopment efforts, Main Street finally has arrived. “Ten new restaurants is more than just good news, it’s mind blowing,” Columbia Mayor Steve Benjamin said.
The vacancy rate for the Columbia area remained unchanged over the past six months according to Real Data. The Northwest submarket experienced the strongest demand during this time period. There is continued interest for apartment development particularly in the Northeast and Central submarkets. There are nearly 1,800 units proposed and approximately 700 units under- construction throughout the Columbia metro area. Same-store rents increased bringing the average monthly rent to $838.
Demand is expected to remain strong over the next year which will likely keep occupancy rates steady. Rental rates are projected to increase 3-4% over the next year.
The center also includes a Guitar Center, a California-based chain that has locations in Greenville and Charleston but will be new to the Columbia market, according to a site plan.
The plan for the development on Park Terrace Drive at Bower Parkway was approved this week by the City of Columbia’s planning commission, planning director Krista Hampton said. Demolition started Wednesday on the former Staples and other vacant buildings on the site, said Matt Rinker, who is with the developer the Seitz Group, out of Dallas.
The plan also includes spots for nearly a dozen smaller retailers. Those could accommodate restaurants, stores and service professionals, he said.
Fletcher Bright Company will be redeveloping the former K-Mart building on Ft Jackson Boulevard, which will introduce new Tenants such as Marshalls, Michael’s, Petsmart and other national and regional players to the area. It is located in Columbia, SC at the intersection of Devine St / Garners Ferry Rd, Fort Jackson Blvd. and Rosewood Drive. Rosewood Crossing shopping center is expected to open in the Fall of 2014. Because of the unique location of the development sitting at the intersection of several major roadways, the site has the benefit of a tremendous traffic volume of approximately 60,000 vehicles per day passing by. It is approximately 3 miles from the University of South Carolina which has an enrollment of over 30,000 in 2013 and has grown by 30% since 2000. Interstate 77 is less than one mile away on Fort Jackson Blvd.
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.
RealOp Funds, LLC has announced the recent purchase of a 10-story multi-tenant office building located in Columbia, SC. The building is located at 1233 Washington Street, between Sumter Street and Main Street. RealOp will complete a major exterior and interior renovation to the property.
The primary tenant is the University of South Carolina Research Department and others include Biowatch Medical, Carter Todd and Associates, Cardno Group and Brennan & Associates. The 40,580 square foot building is currently 80% occupied.
Initial aspects of the project at Lake Murray Boulevard will be reviewed Monday by the city Planning Commission. MSP Real Estate Holdings is applying for the go-ahead for the project. Efforts to reach officials at the Charleston company were unsuccessful. City planners want to look at changing some features of the proposal before allowing it to proceed. The project “largely meets” development requirements but there are questions about whether more sewage disposal facilities are needed, a report to the commission said.
A study also was suggested to determine whether new traffic signals are needed to handle the vehicle flow associated with the complex. Leaders of the Harbison Community Association approved the complex, slated for a 14.4-acre tract near a city fire station a few blocks east of I-26.
It would be the latest development in the area but the first on a largely empty stretch of Lake Murray Boulevard near Broad River Road.
First Community Bank said it is expanding its footprint with a banking office in downtown Columbia.
The new location at 1213 Lady St., near Main Street, is expected to open in the spring of 2014 giving the Lexington-based community bank higher visibility in the central business district.
The 20,000 square foot, four-story building was built in 1964 and will undergo renovations led by local architect Scott Garvin of Garvin Design Group. The updated exterior design will create a more inviting appearance, while respecting the modern architecture of the existing building, the bank said.
A suspended glass canopy and brick planters will define the new entrance portico. Other design elements include a metal roof trellis, new lighting, a series of new windows, and a sculptural stair tower overlooking the bank’s adjacent parking lot.
NAI Avant Senior Investment Broker, Dail Longaker, recently represented the owner of 2 & 3 Southern Court in the sale of its approximately 22,000 square foot, multi-tenant medical office building in West Columbia. Tenants at the property include Laboratory Corporation of America (a NYSE company, occupies 62%of the building) and Palmetto Spine & Sports Medicine. The 84% occupied building sits on 2.51 acres. It was purchased by Joseph Penn, LLC, for $1,930,000, or $87.73 per square foot.
Hendrix Crossing, a 61,712-square-foot, Publix-anchored shopping center in Lexington, SC has been sold. Additional tenants of the center include Subway, Great Clips, Yogen Fruz and Bella Nails and Spa.
Mike Burkard, Chris DeCoufle, Kevin Reavey and Steve Shields of CBRE represented the seller, Columbia-based EDENS, in the transaction. The buyer was Raleigh, N.C.-based Centrex Properties.
The housing complex – compete with a pool, volleyball court, fitness center and other high-end amenities – will be located in what is now a parking lot behind the Carolina Coliseum. A dining facility, classrooms and parking garage will be built on an adjoining block north of Devine Street behind the new Moore School of Business as part of the project.
The complex will compete with sprawling private student housing developments like The Woodlands along Bluff Road, as well as three private student housing projects planned near the school’s downtown Columbia campus.
The Columbia Development Corp. has posted a request for proposals from developers interested in buying the Palmetto Compress Warehouse in the downtown Vista neighborhood.
Interested parties should submit proposals for adaptive re-use of the century-old, 320,000-square-foot structure at Blossom and Pulaski streets by Sept. 18.
The corporation said it wants proposals that both “respect and protect the historic nature” of the building, which its previous owners considered razing to clear way for an 800-bed student dormitory.
In March, the city stepped in to buy the structure for $5.6 million and spare it from destruction.
First Citizens Bank & Trust today cut the ribbon on its first cafe and celebrated the adaptive re-use of the 143-year-old Brennen Building, located adjacent to the bank’s Main Street headquarters in downtown Columbia.
“As we continue to enhance our brand and presence on Main Street, we are proud to share the First Citizens Cafe with local business professionals, our customers and the general public,” said Peter Bristow, president and COO.
The bank describes the cafe, located at 1210 Main St., former home of the historic Capital Restaurant, as a place where customers can have a cup of coffee, enjoy a croissant, and maybe open a checking account.
The Lexington Town Centre in Lexington, SC has sold for $8,325,000. Lexington Town Centre is a 132,000 SF shopping center anchored by Food Lion, Stein Mart, Books-A-Million and Hibbett Sports. Other specialty tenants include Urban Nirvana, Moe’s Southwest, and Jimmy John’s. Built in 1985, Lexington Town Centre I was redeveloped in 2000, while Lexington Towne Centre II was built in 2003. No cap rate was reported.
The center, located at intersection of US Highway 378 & SC Highway 6 was 95% occupied at the time of sale. Ryan McArdle, Steve Collins, and David Rivers of Blanchard and Calhoun represented the Buyer, Ziff Properties, Inc. of Mount Pleasant, SC. Julian Wilson of Newmark Grubb Wilson Kibler represented the seller, Columbia, SC based Edens.