Published on December 31st, 2019 | by Millennium Magazine Staff0
Economic Partnership Bearing Fruit for Richland County, City of Columbia
New apartments, retail coming to BullStreet District, former Capital City Stadium site
(Richland PIO) – With a pair of new developments, Richland County and the City of Columbia are seeing the first results of a partnership to encourage quality economic growth.
Redeveloping the former Capital City Stadium site will transfer 17.5 acres onto the tax rolls with the construction of six multi-family residential buildings, as well as providing retail and green space. The stadium project includes stream restoration in the Olympia area, helping resolve long-standing flooding issues. The $63 million development will also support pedestrian access from the University of South Carolina campus to Williams-Brice Stadium.
The second project, a $45 million development in the BullStreet District, involves 262 apartment homes and more than 60,000 square feet of ground-level retail space. As part of the project, the developer will construct a 345-space garage at a cost of about $7.9 million. This development will help BullStreet build on its efforts to create a walkable live–work community that represents “new urbanism.”
Earlier this year, both councils approved the innovative joint city–county initiative to spark major developments that tax challenges previously stifled. The program offers to reimburse developers who invest in public infrastructure if they agree to commit at least $30 million in taxable new investment.
“These new developments are exactly what we envisioned when we crafted this new program,” said Richland County Council Chair Paul Livingston. “As we continue to grow, Richland County must encourage development that builds on our strengths as a place where young, talented people want to live.”
“The City of Columbia is focused on creating a community that offers our citizens affordable and accessible choices to live, work and play,” Mayor Stephen Benjamin said. “The new developments at Capital City ballpark and BullStreet are great steps toward continuing to build neighborhoods where our citizens and our business community can thrive.
“These projects represent a combined investment of over $105 million and will generate approximately $13 million in net new taxable value over the next 10 years, with $2.25 million coming to the City. We are excited to see the great potential and benefit these projects will bring to the City over the upcoming years.”
About the Richland County Economic Development Office
The Richland County Economic Development Office (RCEDO) was formed in 2012 with the mission of enhancing the quality of life for County residents. The office has a staff of five economic development professionals with more than 85 years of combined experience. RCEDO accomplishes its mission by focusing on three proven economic development strategies: 1) business recruitment through active marketing of the County as a competitive location to do business, 2) supporting existing business and industry through its Existing Business Program, and 3) identifying and developing new business and industrial sites and buildings where companies can locate and grow. Learn more at http://richlandcountysc.com/.
About the City of Columbia Office of Economic Development
As the leading economic development agency for the City of Columbia, the office focuses on recruiting new business, retaining and expanding existing industry, and supporting job growth through entrepreneurship and innovation. Columbia, S.C., is one of the fastest-growing cities in the Southeast and an ideal place for commercial development. With a world-class workforce, high quality of life, low-cost corporate environment and extensive transportation infrastructure, Columbia is positioned to assist companies in gaining the competitive edge in the global marketplace. Learn more about the Office of Economic Development.