Columbia, SC Residential Development News

[krazeeboi]

Before

Originally Posted by LSyd

After

[krazeeboi]

BUILDING OUR CITY
Condo sales steady
Local units bought as second homes

By JEFF WILKINSON
jwilkinson@thestate.com

Columbia’s downtown condo market is starting to define itself.

First, condos are selling, slowly but steadily.

Second, the strongest pre-construction sales are of moderately priced two-bedroom condos, from $175,000 to $350,000.

And third, the second-home market is leading the trend.

What’s not selling: one-bedroom condos that target young professionals.

The theory was those small condos would be home to the vaunted “creative class” of young professionals who are supposed to make Columbia’s future, knowledge-based economy tick.

But USC’s downtown research campus, Innovista, which is supposed to attract young researchers, has been slow to launch.

The university is still a major driver in the sales, however:

• Retirees like the collegiate vibe and activities, from sports to concerts

• Parents want to be near their kids attending school or buy units for their children

• Football fans buy cockominiums around Williams-Brice Stadium as party pads

“It’s kind of different from what we expected two years ago,” said Fred Delk, executive director of the Columbia Development Corp., the public-private agency that promotes investment in The Vista, downtown Columbia’s entertainment and arts district.

“But that’s creating an even better market,” he said.

Baby boomers, he said, “are spending a lot of money to decorate their new homes, for entertainment and in our restaurants and bars. All those credit cards are good for business.”

RESEARCH CAMPUS

Matt Kennell, president of the City Center Partnership that has Main Street as its anchor, agrees with those findings. He adds it’s too soon to worry about whether the research campus will deliver.

“It’s sort of a chicken and the egg thing,” he said. “As the research campus develops, their people will fill those spaces. But we need to have a fair amount of product to entice people to the research campus.”

In reaction to the slow one-bedroom sales, Adesso, a tower being built on South Main Street, is making some adjustments.

The partnership of the USC Development Foundation and Atlanta’s Holder Properties that is building Adesso, across from USC’s new alternative fuels research center, is redesigning the building to turn 10 one-bedroom units into five two-bedroom units. So far, the tower, home to some of downtown’s highest-priced units, has pre-sold 19 of its 115 units.

“The one-bedrooms have sold the least,” said Suzanne Bowers, the project manager. “And we’ve got no one on board who is affiliated with USC.”

City Center’s Kennell conducted an informal survey of downtown buyers by attending open houses over the holidays.

“It’s a surprising number of women over 50,” he said. “They like the security (of a building), the convenience, the downtown scene — the restaurants, the arts.”

One of them is Patty Reese, a 52-year-old business development specialist and accountant.

Reese and her partner, Sam Serio, a 54-year-old real estate entrepreneur, bought a live-work condo in the 1520 Main building, across from the Columbia Museum of Art, when their daughter decided to attend USC.

The couple decided to keep their house in rural Tryon, N.C., — “A slice of heaven,” she says — but move to Columbia.

Here, they can be near their daughter, Courtney, and practice their occupations in a growing city. Twice a month, they return to their country home.

On Main Street, “we can be in the thick of things during the day, but things kind of roll up and get quiet at night,” Reese said Wednesday, before heading out to catch the musical “Rent” at the Koger Center.

“It’s convenient to everything,” she said. “We can walk to the grocery, the Vista, the museum, the Koger Center.”

Said Serio: “People are very friendly here, and from a business perspective, I see a growing city with a lot of opportunities.”

SLOW AND STEADY

The condo market is capitalizing on the triad of Columbia’s economy: the military, state government and the university. There can be rough patches, but the joke goes that they are all government, and when has government ever gotten smaller?

The Columbia market “is not the highest of the highs or the lowest of the lows,” said Daniel Doyle, The Beach Co.’s project manager for CanalSide, a new 25-acre neighborhood to be built on the site of the old state prison along the Columbia Canal.

The Beach Co. has sold 19 of the 36 condos it has made available in two buildings and is marketing another building.“We’re selling two or three a week, ongoing — very steady,” Doyle said. “That’s why we like this market.”

In the military category, Jim and Judy Trout, who now live in a house at Lake Marion, have purchased a condo in Adesso.

Jim is a defense contractor based at Shaw Air Force Base in Sumter, close to Lake Marion. Judy is retired. They are downsizing, attracted to city living.

“We travel a lot, and that’s another reason for a condo,” she said. “The security is there. We can leave the condo for months and not have to worry. No lawn, no sprinkler system, no problems.”

State government workers also are looking for ease of use.

Lawmakers, lobbyists and attorneys spend a good part of the year in Columbia. Buying a condo to live in part time is a better value than paying for weeks of hotel rooms.

Former deputy state treasurer Trav Robertson of Anderson bought a condo in the old Schneider School development, GranDevine, on Devine Street. He now is making it his primary residence.

“The thing that sold me is it is exactly seven minutes from the State House,” he said. “If I want a piece of furniture, I walk across the street to Bohemian orStrobler. If I’m hungry, I walk to Za’s” pizzeria.

“The majority of lawmakers are wealthy or retired and have the ability to purchase a second home,” he said. “The market is there.”

THE BUILD OUT

Developers predict the boomer trend will continue and the market will broaden as condo buildings are completed.

Right now, most projects are still under construction. And developers say many people are hesitant to purchase a condo, especially for prices above $400,000, based solely on floorplans and models.

To help, the Houston-based Dinerstein Cos. has built a model in a warehouse near its The Gates at William-Brice development, being built on Shop Road. The model is complete down to plasma televisions and a faux balcony.

The Gates complex is the last to be completed around Williams-Brice and, at $187 to $205 per square foot, has the lowest price. The model demonstrates the quality of the construction and amenities, even though the price is lower, vice president Brian Dinerstein said.

“It has made a big difference,” he said. “A lot of people won’t buy off paper.”

Meanwhile, Main Street pioneers Tom and Jeff Prioreschi said they have had success selling their Capital Places units across the board — from a few one-bedrooms in their newly built 1520 Main building to a penthouse in Vsion, an office building at Marion and Lady street that is being converted.

They’re not worried about their one-bedrooms selling, they said.

“Young people will follow the empty nesters,” Jeff Prioreschi said. “And when you get over $400,000, you’re pricing yourself out of the meat of the market, so it’s a harder sell.

“I think as a market we’re just about where we want to be,” he said. “We’re fine.”

[LSyd]

thanks for posting the articles and getting a nice "after" shot.

as one of the "creative class," if i was still in Columbia and looking to buy, i'd probably put out the extra to get a 2 bedroom...of course, that all depends on building and price.

-

[krazeeboi]

Vista making room for brownstones, town houses
By GINA SMITH - gnsmith@thestate.com

Three-story brownstones and town houses are coming to the Vista, further feeding the demand for in-town living.

A group of unidentified investors led by local developer Steve Lipscomb recently bought about two undeveloped acres among Pulaski, College and Pendleton streets where they’ll build 37 units.

About 20 of the homes will be brownstones — tall, brick row houses with sloped roofs reminiscent of those in New York and other northeast cities, said Richard Mock, the project’s residential designer.

The others will be slightly smaller town homes.

The development, which doesn’t have a name yet, is the latest on a growing list of residential projects in the city core.

“With this latest development, buyers will be a few blocks away from 35 restaurants and bars. Not a bad way to live,” said Fred Delk, executive director of the Columbia Development Corporation, which helps guide the Vista’s growth.

In fact, the boom in Vista residents has led to the Vista Guild, a merchants’ organization, to add residents to its board of directors.

“It is a way we can be heard and learn how to live downtown and get along with the merchants,” said Polly Stout, a Vista resident and member of the guild.

For example, people who live in the Vista must co-exist with light from nearby shops and restaurants, foot traffic and noise, Stout said.

“The Vista is an exciting place to live,” she said. “It’s perfect for people like me who love lots of life and activity.”

Stout predicts the brownstones on Pulaski Street will be a success as long as they’re reasonably priced.

While prices haven’t been set yet, they’re likely to be in the range of about $300,000 to $500,000 with square footages of about 2,100 to 2,300 square feet, Mock said.

So who’s the target market for the new project? Urban dwellers who love options, Mock said.

Those options include:

• A third story on each home that buyers can customize. Some may choose to keep the third floor open and use the space for a rooftop garden or entertainment area, Mock said.

• Parking pads in the rear of each home or underground garages. Homeowners would use a ramp in the rear of their house to access their underground garages.

• Various floor plans and porch options.

“The number of options will make this ideal housing for everyone from single professionals who are really into entertaining to double-income (couples with) no kids to empty nesters who want to stay downtown,” Mock said.

[Raleigh-NC]

Excellent news Hopefully, they will go with some nice looking, historic architecture.

[g-man430]

An international company today will announce plans to locate its North American headquarters in Newberry County northwest of Richland County (Columbia). The company was not named but it is in the aerospace industry. The company plans to invest millions in a new manufacturing facility and will bring new jobs to the county, according the Central SC Alliance.

[Raleigh-NC]

g-man, that is a great piece of news concerning the residential development in Columbia Just pulling your leg, man!!! More jobs in neighboring counties could brings more housing to Columbia, too. What is [roughly] the distance between Columbia and the location of the planned HQ?

[g-man430]

Originally Posted by Raleigh-NC

g-man, that is a great piece of news concerning the residential development in Columbia Just pulling your leg, man!!! More jobs in neighboring counties could brings more housing to Columbia, too. What is [roughly] the distance between Columbia and the location of the planned HQ?

Ok, what genius made TWO Columbia development threads when every other city, except for Raleigh has ONE? I'm going to go make five Greenville development threads now. When the news comes out about who it is, i'll post it in the right thread. I'm not sure the exact distance, but Newberry county is the county to the northwest of Richland County (Columbia). I would think it would be no more than 45 minutes-1 hour outside of the city of Columbia.

[krazeeboi]

G-man, this thread is for residential developments; the other is a general developments thread.

[g-man430]

Does this mean I can make another development news thread for Greenville too?

[krazeeboi]

That's totally up to you.

[waccamatt]

Originally Posted by Raleigh-NC

g-man, that is a great piece of news concerning the residential development in Columbia Just pulling your leg, man!!! More jobs in neighboring counties could brings more housing to Columbia, too. What is [roughly] the distance between Columbia and the location of the planned HQ?

Raleigh, it would probably be 35-40 miles from downtown Columbia, though it could be as little as 25-30 depending on where in Newberry County it located.

[gsupstate]

Raleigh,
Per mapquest, Newberry (the town) is 46 miles Northwest of Columbia and 59 miles Southeast of Greenville. A 45 minute drive from Columbia and an hour drive from Greenville. Right off I-26. It's nice to see these types of developments happening in the small towns of SC....spreading the wealth around.

[waccamatt]

Originally Posted by gsupstate

Raleigh,
Per mapquest, Newberry (the town) is 46 miles Northwest of Columbia and 59 miles Southeast of Greenville. A 45 minute drive from Columbia and an hour drive from Greenville. Right off I-26. It's nice to see these types of developments happening in the small towns of SC....spreading the wealth around.

That's 46 miles to the town of Newberry, but we don't know where in the county it will be located. My best guess would be the southeastern part of the county where most of the population is concentrated, but you never know.

[Raleigh-NC]

Thanks for the input, everyone. Judging from my area, people could live 30-40 miles away from where they work. It is definitely possible to live in Columbia and commute to that facility.

[waccamatt]

It won't be a huge plant, but any investment is good news. Here are some details on the plant's location for those unfamiliar with the Columbia area: it will be located in the Mid-Carolina Industrial Park, which is just inside the Newberry County line at the I-26/Prosperity exit number 85. This is a few miles past Chapin and just 16 miles past the Harbison Blvd/Columbiana Mall exit (101) off I-26 or roughly 27 miles northwest of downtown Columbia.

Here are the details from The State.

http://www.thestate.com/business/story/96654.html

New plant in Newberry County to cost $15 million, employ 70
Facility will be North American headquarters for British aerospace supplier Nasmyth Group
By BEN WERNER - bwerner@thestate.com
British aerospace supplier Nasmyth Group Limited has decided to jet across the pond and make Newberry County its North American headquarters.

Landing Nasmyth is quite a coup for Newberry County economic development officials because the plant is the first tenant of the planned Mid-Carolina Commerce Park.

“This is not only a high-tech industry, but also a high growth industry,” said Wayne Adams, Newberry County administrator.

Privately held Nasmyth plans to employ about 70 workers at a planned 40,000-square-foot, $15 million production facility on 15.5 acres just off Interstate 26 at the Prosperity exit.

The announcement made Tuesday in Newberry coincided with a similar announcement made earlier in the day by Gov. Mark Sanford at the Paris Air Show.

Nasmyth specializes in making highly durable components that can take the stress of being a part of jet engines. The company, which was organized in 2003, also makes parts for the medical industry.

“These components go into all the world-class aerospace applications and mainly the engines,” said Geoff Folkes, global projects executive for Nasmyth.

Folkes will also be the top executive in Newberry.

The company plans to start operating in a leased space this summer and plans to supply parts to customers by September.

Within five years, Folkes expects to have 70 employees. The company is receiving the standard state economic incentives.

Folkes said he wants to hire local people, and the company plans to work with Piedmont Technical College and Midlands Technical College to train employees.

He would not disclose a salary range, but said Nasmyth employees, because of the high degree of technical training required, will be paid higher than average wages.

Nasmyth’s new plant is expected to open by the start of 2009.

Mike Briggs, chief executive of the Central S.C. Alliance., has worked for years with Newberry County’s economic development officials to attract such investment.

A combination of standard state incentives, available land and job training helped lure Nasmyth.

The county has spent $6 million to acquire the land and expects to spend $2.5 million for site preparation work for the 463-acre business park. The company also will receive an undisclosed amount of property tax breaks.

The hope is other companies doing business with Nasmyth or who hear of the company’s development in Newberry will also want to locate at Mid-Carolina Commerce Park, said Newberry County Councilman Mike Hawkins.

As for amenities, Hawkins said, “We’ve got a golf course right across the road.”

Reach Werner at (803) 771-8509.

NASMYTH GROUP LIMITED

• Makes: Components for the aerospace and medical industries

• Based: Old Wolverton, England

• Organized: 2003, privately held

• Sales: More than $100 million in 2006

• Facilities: Seven, all in England

• Learn more about the company’s Newberry operation: Teresa Powers, (803) 321-2042

[krazeeboi]

The good thing about this, as the article stated, is that this isn't just a big manufacturing facility that had a buttload of incentives thrown at it. These are high tech jobs in a high growth industry. It seems that in recent months, the smaller counties in metro Columbia have been snagging some pretty decent economic developments (Starbucks roasting facility in Calhoun County, Haier expansion in Kershaw County, etc.).

[Raleigh-NC]

Well, it is great news Every investment counts, and like krazeeboi said, no huge incentives are necessary. Besides, several smaller plants are sometimes better than one large plant. If a small one closes, there are more out there. If a large one closes it would be devastating for the economy of the region. Glad to hear that it is pretty close to DT Columbia; anything under 30 miles is a reasonable commute for a mid-to-large metro.

[gsupstate]

Originally Posted by krazeeboi

The good thing about this, as the article stated, is that this isn't just a big manufacturing facility that had a buttload of incentives thrown at it. These are high tech jobs in a high growth industry. It seems that in recent months, the smaller counties in metro Columbia have been snagging some pretty decent economic developments (Starbucks roasting facility in Calhoun County, Haier expansion in Kershaw County, etc.).

Any idea why Columbia wasn't able to snag this in the metro? Newberry County, last time I checked is not part of the Columbia MSA.

[krazeeboi]

^I don't know if Richland County was in the running for this or not. Newberry County is part of the CSA, so I'm using the term "metro" in that sense.