Columbia’s Capitol Places to expand apartments to Lady Street

One of the first developers to take a chance on downtown living is jumping back into the expanding market.

Capitol Places, along with Painite Capital and Mashburn Construction, plans to expand its footprint to Lady Street, transforming the 65-year-old Owen Building into 130 luxury apartments.

Construction will begin early next year on Thirteen 21 Lofts at 1321 Lady St., located within walking distance of the Main Street and Vista business and entertainment districts. The apartments will add about 170 residents to Capitol Places’ current 250, according to Jeff Prioreschi, managing member of Painite Capital and son of Capitol Places co-founder Tom Prioreschi.

“The more the better. It’s going to continue to increase the quality of life ... and spur our economic development,” Jeff Prioreschi said.

The $22 million, 112,000 square-foot complex will feature amenities including a salt-water swimming pool, deck and grilling area, theater room, Wi-Fi lounge and fitness center, which will be available to residents of all Capitol Places apartments. Rents may be slightly more for the one- and two-bedroom units than in some of the older Capitol Places buildings, Prioreschi said, but they’ll be comparable to other downtown apartments.

Construction could be completed by the end of 2015 or early 2016, Prioreschi said.

The Owen Building, an eight-story structure built between 1947 and 1949 with a four-story annex added in 1961, was considered an important addition to downtown Columbia, being the city’s first high-rise building to go up after World War II. It was home to Southern Telegraph and Telephone Company for more than 20 years.

It is listed on the National Historic Register and, as such, qualifies for federal and state tax credits, Prioreschi said. The owners also will seek local tax credits, he said.

The Owen Building will join other Capitol Places properties, such as the Kress and Barringer buildings on Main Street, and the soon-to-be-developed AgFirst Farm Credit Bank Building on Hampton Street, as repurposed and rehabilitated downtown living spaces.

The project will be Capitol Places’ first since 2011, when it opened the Lofts at Lourie’s apartments on Main Street.

A lot has changed in Columbia’s downtown since Capitol Places’ first apartment venture in the Kress Building in 1998, Prioreschi said. Especially since the addition of Mast General Store on Main Street and a variety of restaurants and shops that followed, Columbia has gone from a one to a nine on a 10-point scale of downtown activity, he said.

The extra bump will come soon as vacant buildings fill with businesses, he said.

“It was nice to live downtown because you were well-located, but downtown didn’t have a lot to offer,” Prioreschi said. But now, “it’s a whole different experience. It has truly become a vibrant city, and that helps.”

Downtown is increasingly becoming a living destination for young professionals and for retirees looking to downsize their living arrangements, said Matt Kennell, director of City Center Partnership, which promotes development in the Main Street corridor.

“We do see this just continuing to grow,” Kennell said. “There does seem to be a real downtown neighborhood now.”

This story was originally published September 10, 2014 at 7:19 PM with the headline "Columbia’s Capitol Places to expand apartments to Lady Street."