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Historic South Carolina property now open to developers

With the start of the college football season now upon us, most people would expect that the majority of the news coming out of Columbia would have to do with the University of South Carolina's recent victory over rival North Carolina and the team's chances of winning a national title this year.

Exciting as this may be, there was actually some very interesting commercial real estate news to come out of Columbia this past week, as one of the city's more historic buildings, the Palmetto Compress, is now officially up for sale.

Located near the university campus, the Palmetto Compress was built over a hundred years ago and served as a short-term storage complex for cotton as it made its way to textile mills. The structure features distinct architectural design and has been listed in the National Register of Historic Places since 1985.

Not surprisingly, the building is already attracting substantial interest from real estate investors here in South Carolina and across the nation, all of whom are entertaining different development visions.

"Some developers just get it, understand the historic preservation thing, come in here and look and say this is the most amazing place ever," said an official with the Columbia Development Corporation, the subsidiary that owns the structure.

Thus far, the Development Corporation has given close to 25 tours of the Palmetto Compress, which a recent appraisal valued at close to $6 million. While this may seem high, Development Corporation feels it is fair give its prime location, historic significance and open concept.

"A developer who is interested in historic preservation will come in here, utilize a number of historic preservation tax credits and other financing mechanisms to make something work here," said the official. "Good city's have found ways to reuse their old buildings and create creative, interesting spaces out of them."

Potential investors have until September 18 to submit a proposal, after which time a comprehensive review will be undertaken by both the Development Corporation and city officials.

It should be interesting to see what investor ends up purchasing the property and what their plans for development include …

If you or your organization are contemplating the purchase of commercial real estate, you should strongly consider speaking with experienced legal professionals who can handle the full details of your transaction while protecting your interests and rights.

Source: WLTX, "Palmetto Compress hits real estate market," Dakarai Turner, August 28, 2013

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