West Columbia riverfront project gets first OK

A long-awaited plan to transform a prime site near the West Columbia riverfront into a showplace featuring residences, shops and offices took its first real step forward Thursday.

City Council members unanimously gave initial approval to selling the site overlooking the Congaree River with views of downtown Columbia to a developer known for apartments and condominiums.

It’s a project with a preliminary price tag of $40 million that will require the Lexington County community to chip in $5 million for public parking, plazas and mini-parks there, officials said.

Work to redevelop the four-acre parcel at State and Meeting streets is expected to start by mid-2016 and take two years to complete after Estate Properties finalizes the deal, company executive Matt Mundy said.

It’s too soon to say how many apartments, condominiums, shops and offices will be included, he said.

West Columbia officials want a signature project on the site overlooking the river just across the Gervais Street bridge from EdVenture and the State Museum.

“It will transform this community,” City Councilman Tem Miles predicted. “It will become our centerpiece.”

The goal is to spur more redevelopment along the west side of the riverfront, mirroring what happened across the bridge in the Vista in Columbia.

West Columbia spent $3 million to acquire eight parcels to create the site – known as ‘the pit’ because of its sloping terrain – nearly a decade ago, enduring some development false starts.

No sale price for the land is included in the pending proposal. Mayor Joe Owens revealed Thursday that the company is paying $2.75 million.

Final approval of the sale is expected by mid-May, officials said.

Local projects undertaken by Mundy’s company include conversion of the Whitney Hotel in Columbia’s Shandon neighborhood into apartments and the 42 Magnolia apartment complex in Forest Acres.

“You go by their track record,” Owens said.

Inclusion of parking is vital for concerts at Riverwalk Park across Alexander Road and people wading, floating and fishing in the river.

Settling on the location and design of parking, plazas and open spaces likely will take until Dec. 31, Mundy said.

The project still “has a lot of moving parts to it,” said Ben Kelly, a commercial real estate broker who arranged the sale.

City officials hope to earmark property tax gains in the area for 15 years to pay for their share of improvements.

Doing that through tax-increment financing requires agreement from county and Lexington 2 school officials, a step Owens expects will happen.

This story was originally published April 9, 2015 at 8:41 PM with the headline "West Columbia riverfront project gets first OK."