Commercial developer against city's potential plan to buy Palmet - - Columbia, South Carolina

Commercial developer against city's potential plan to buy Palmetto Compress

The City of Columbia stands slap in the middle of two very vocal sides on what should happen to the Palmetto Compress Building.

While City Council voted 6 - 1 in favor of allowing City Manager Theresa Wilson to assemble a proposal to purchase the building, commercial real estate developer Dick Stanland says this is a terrible idea.

"The city now wants to purchase the property for $650,000 more than the private developer offered and spend another million or two all on borrowed money stabilizing the property with no idea what they're going to do with it in the end," said Stanland.

Any money to purchase the old building would come from the city's hospitality tax.

Preservationists want the city to save the century-old cotton building on Blossom Street from the wrecking ball.

Mayor Steve Benjamin believes the building can be saved and renovated with a little creativity.

A vote on Wilson's proposal could happen as soon as next week.

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