First Look: Nearly half million dollar townhouse at BullStreet
Two major downtown corners and a slice of the massive BullStreet development could become the sites of hundreds of new apartments, a hotel and tens of thousands of square feet of retail space.
A trio of developers is considering the projects, according to city documents that outline tax breaks the projects could receive if they include public parking.
In documents included in Tuesday’s City Council agenda, the potential developments are outlined:
▪ At BullStreet, a $60 million project including 260 apartments and 65,000 square feet of retail space. Charlotte-based developer Proffitt Dixon Partners is behind the project.
▪ At the corner of Huger and Gervais streets (the former Kline Iron & Steel Co. property), a $75 million proposal for a 250-room hotel, 55,000 square feet of office space and 35,000 square feet of retail space.
▪ And at the corner of Huger and Blossom streets (a former antique mall site), a $55 million plan for 194 apartments and more than 3,000 square feet of retail space. A Philadelphia-based company, PMC Property Group, is considering the project. PMC manages apartments at the Palmetto Compress building and in the Olympia and Granby mill villages in Columbia.
A PMC representative, Daniel Rothschild, told The State on Tuesday that it is “a little premature” to discuss any plans for the Huger Street site.
Each of the three potential projects could receive a 50 percent tax break if 25 percent of their parking spaces are made available to the public. City Council members have not yet approved the tax breaks.
These deals could be a win-win for the city and the developers and could be a key to helping the developments materialize, assistant city manager Missy Gentry said.
“We’re able to influence public parking being added to private development ... without us having to bear the burden of a whole parking garage,” Gentry said.
The Kline property has been considered for development for at least a decade. A plan being considered three years ago for the site would have spent some $100 million to build around 350 apartments or condos, a hotel, stores, restaurants, offices and two parking garages. That plan, though, has been downsized.
“We believe this parking incentive can actually make that project happen,” Gentry said.