City announces Bull Street development agreement
Tue, 25 Jun 2013 20:19:24 GMT —
COLUMBIA (WACH) -- Columbia city leaders announced a development agreement today for the former Department of Mental Health campus on Bull Street.
Under an agreement with the developer the city will commit to funding $31.25 million for infrastructure improvements over the course of development. The city says they expect full development of the campus to take 20 years. City officials pointed out that that the full investment will only be made if the developer shows a $81.25 million return on that investment.
Benjamin has said that the 181-acre campus is "the largest development of tract of land in any major downtown East of the Mississippi."The agreement also protects several of the historically significant buildings on the property including: The Babcock Building (including North and South wings), The Williams Building, The Chapel of Hope and Tree Allee. For other building on the grounds the developer must give City Council the opportunity to relocate them if they are not fit into the final design plan before they could be demolished. The agreement comes after the Bull Street property spent ten years on the market and a further two and a half years of negotiation with the developer. In 2010, an Upstate developer agreed to buy the land for $15 million over a seven year period. The city has published Bull Street Development Agreement Highlights (PDF), a copy of the draft agreement (PDF), and Freqently Asked Questions (PDF) about the agreement.