3 developers agree to pay full price for Palmetto Compress - wistv.com - Columbia, South Carolina |

3 developers agree to pay full price for Palmetto Compress

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COLUMBIA, SC (WIS) -

Columbia City Council's decision to invest millions in the Palmetto Compress building could turn out well as six developers came forward with interest in the property.

The building was purchased by the city in April. The city agreed to invest no more than $7 million in the property. During a brief update Tuesday, Council was told that three of the six developers offered to pay full price for the property.

The proposals include plans for lodging, student housing and retail space, to name a few. A committee is reviewing the proposals and should have a contract in 11 days, with 45 days to complete negotiations. The committee will then make a recommendation to City Council.

In August, Fred Delk, of Columbia Development Corporation, told WIS that he has shown the 300,000-square-foot warehouse to at least 25 developers since the city's purchase. The building was built in 1918.

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