Downtown Buildings for Development

[Infinite1]

After looking in the window at lunch today, the ceilings are even close to 20ft like they claim they are.

[comingtocolumbia]

Maybe in Charleston it is ridiculously low but not in Columbia. A building that needs a lot of renovation in Columbia is going for around $40 sq ft downtown. Pull comps from Richland County and you will see.

Also, it would take between $80 to $90 sq ft to convert to residential. Columbia's market cannot warrant rents and or condo sales to cover that kind of total costs.

I looked at that building and ceilings are around 12.5ft high.

 

that's only $75/sf...thats a ridiculously low cost for downtown.  it would cost at least 2 times that to build new.  Also,were the ceilings exposed to the structure? Its not uncommon to have a drop ceiling well below the structural ceiling.

I would agree with that.

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[mainstreeter]

Both sound good to me. I think roof top pool it a awesome idea

I bet the views from NBSC building would be nice.

THE NBSC building would be a cool residential conversion.  There is still plenty of office space to absorb it.  Put a roof top pool/ garden and make some high end condos. 

Or how about tearing down that hotel where Atlanta Bread Company is in and put up a cool residential tower?

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[Infinite1]

Maybe in Charleston it is ridiculously low but not in Columbia.  A building that needs a lot of renovation in Columbia is going for around $40 sq ft downtown.  Pull comps from Richland County and you will see. 

Also, it would take between $80 to $90 sq ft to convert to residential.  Columbia's market cannot warrant rents and or condo sales to cover that kind of total costs.

I looked at that building and ceilings are around 12.5ft high.

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I did a quick look (nothing comprehensive) of Office building for sale in 29201 zip and most are selling in the $100/SF range. I did find two that were as low as $60/sf. which is somewhat of a shock. you certainly can't build new for that price, and certainly not including land costs. I am aware that lease rates are significantly lower in Cola than in Charleston.

[Spartan]

I like the idea of converting NBSC. We'd just need to convince them its inteir interest to build a new tower

There is some small and hotel on Lady or Washington that needs to go. It might be a Days Inn or something.

[krazeeboi]

^Are you referring to the Best Western at the corner of Lady and Main? I believe that's the one that colajnp is referring to.