Columbia Economic Notes

[carolinagarnet]

I didn't realize that was an actual job? I am sure it is a big haul, but it does send an odd message.

[vicupstate]

There was one years ago, like the '90's when I lived in Columbia. I guess it was eliminated somewhere along the way.

[CorgiMatt]

According to Trulia via a report by MSN Real Estate, Columbia is the 5th most affordable city in the nation for the middle class.

 

http://realestate.msn.com/10-most-and-least-affordable-areas-for-the-middle-class#7

[carolinagarnet]

This can't be good for Columbia. I'm sure it will take some time to sort through the merger, but most banks consolidate to one location when practical. Given that the combined area will be only two states (and DC) and Raleigh is not significantly more expensive than Columbia, I can see them mvoing all of the value positions to NC. 

 

http://www.thestate.com/2014/06/11/3500697/scs-first-citizens-merging-with.html?sp=/99/205/&ihp=1

[krazeeboi]

Well that kinda sucks but isn't too surprising since the banks had the same parent company. Headquarters jobs will more than likely be affected most.

[carolinagarnet]

They are actually two separate banks, they just happen to have similar names.

[carolinagarnet]

Looks like nothing stays empty at Trenholm for long. Tazza Kitchen is going in.

 

http://www.thestate.com/2014/06/12/3505021/tazza-kitchen-to-open-soon-in.html?sp=/99/205/&ihp=1

[krazeeboi]

They are actually two separate banks, they just happen to have similar names.

 

Right, they are owned by the same family (the Holding family in Raleigh; I mistakenly said parent company earlier). Customers of one bank are already allowed to do business at the other.

[growingup15]

I saw a news report on WLTX that were getting a Water park soon. Sweet now only if can get a full size theme park in this area that would bring in so much tourist dollars.

Edited June 17, 2014 by growingup15

[SouthernBorn]

Metro construction in CRBR.

http://columbiabusinessreport.mappsite.com/news.php?link=http://www.columbiabusinessreport.com/news/53004-columbia-builders-busy-in-q4

[SouthernBorn]

New Student Housing.

 

http://www.thestate.com/2014/12/24/3892906_student-housing-boom-continues.html?rh=1

[carolinagarnet]

The land behind the new Indoor and Outdoor Practice Fields may become another complex of four bedroom garden style apartments:

 

http://www.thestate.com/2014/12/24/3892906_student-housing-boom-continues.html?sp=/99/205/&rh=1

[SouthernBorn]

The land behind the new Indoor and Outdoor Practice Fields may become another complex of four bedroom garden style apartments:

http://www.thestate.com/2014/12/24/3892906_student-housing-boom-continues.html?sp=/99/205/&rh=1

Already posted it.

[carolinagarnet]

Sorry, missed that. It almost feels disappointing to see more student housing built out there when so many recent announcements have been inside the core of downtown. 

[growingup15]

More student housing ~.~

I'm sorry but I understand the need but this is also getting rid of oppertunity for normal housing in Columbia. I'm pretty sure people who want to live in Columbia would want to live here without having to search so much.

Also. I think the need for more Mixed style mid rise or highrise apartment/Condos/Hotels is needed in Downtown. I think instead of just all Student housing. I think it should be mixed for all types.

[carolinagarnet]

The demand for student housing is so strong that financing is probably pretty easy. There is not as large of a market for downtown apartments yet because most students are not staying in Columbia after graduation. This may change over time as Columbia becomes more attractive for younger people, but for now the developers will build what the market dictates.

 

High rises don't make sense with land values what they are. Columbia does not have any companies that require large contiguous blocks of space on the same property. Generally only banks, energy companies, and financial services companies create this kind of demand. SCANA is across the river and SC banks are too small (pending further consolidation) to need large office buildings. If a number of surface lots were developed downtown, a high rise may become more feasible.

[SouthernBorn]

The demand for student housing is so strong that financing is probably pretty easy. There is not as large of a market for downtown apartments yet because most students are not staying in Columbia after graduation. This may change over time as Columbia becomes more attractive for younger people, but for now the developers will build what the market dictates.

High rises don't make sense with land values what they are. Columbia does not have any companies that require large contiguous blocks of space on the same property. Generally only banks, energy companies, and financial services companies create this kind of demand. SCANA is across the river and SC banks are too small (pending further consolidation) to need large office buildings. If a number of surface lots were developed downtown, a high rise may become more feasible.

Actually there are many companies in columbia with many buildings that need contiguous space that columbia doesn't have. One example is Aflac, they have 2 or 3 buildings in columbia filling up about 150,000 sq ft. I'm very sure they would like to fill up a class A high rise in columbia. Even though this example has one building so far, SSB has been acquiring banks all over and will probably need more space if they don't expand on there own land. Edited December 27, 2014 by SouthernBorn

[carolinagarnet]

Companies that typically require Class A office space are banks, law and accounting firms, financial services companies, and corporate headquarters. People have floated the idea of Aflac moving its HQ from Columbus, GA to Columbia, but that doesn't seem likely in the near future. Without a central presence in Columbia, Aflac won't really need prime office space. Even if it did move, 150,000 sq. ft. wouldn't be enough to anchor a new building. The Capitol Center is 460,000 sq. ft. and 1221 North Main is 204,000 sq. ft. Uptown Charlotte has a ton of momentum and it has still had trouble drawing speculative skyscraper development.

 

To build something similar to 1221 North Main, the developer would probably need commitments for at least 80% of the space (~160,000 sq. ft.). I don't mean to be pessimistic, but I don't see this happening in the next few years. South Carolina has focused its resources on drawing manufacturing rather than corporate headquarters and I don't know of any large companies in Columbia looking to move downtown. If, however, residential developers started to convert office space into apartments (a la The Hub at USC), the vacancy rate would drop and there might be more of a case for a new building.

[CorgiMatt]

Aflac signed a lease a little while back to take over much of the AT&T building next door to its existing building. I know someone who works for the company that brokered the deal.

What would be awesome would be for Blue Cross & Blue Shield to decide it was tired of having its employees spread out in buildings all across northeast Richland County and build a 33-story high-rise on Sumter Street in the central business district. 

Edited December 28, 2014 by CorgiMatt

[growingup15]

Aflac signed a lease a little while back to take over much of the AT&T building next door to its existing building. I know someone who works for the company that brokered the deal.

What would be awesome would be for Blue Cross & Blue Shield to decide it was tired of having its employees spread out in buildings all across northeast Richland County and build a 33-story high-rise on Sumter Street in the central business district. 

Wait they are planning to build a 33 story High rise?

[carolinagarnet]

Wait they are planning to build a 33 story High rise?

 

No, he is saying he wishes Blue Cross Blue Shield would centralize its operations in a building on Sumter Street. This would be awesome, but somehow feels unlikely given the culture of the organization. That said, even moving a portion of the workforce downtown would make a huge difference. 

[growingup15]

No, he is saying he wishes Blue Cross Blue Shield would centralize its operations in a building on Sumter Street. This would be awesome, but somehow feels unlikely given the culture of the organization. That said, even moving a portion of the workforce downtown would make a huge difference. 

Oh sorry. I got all excited for no reason 

[growingup15]

The federal government is proposing to ease key development restrictions that for years have limited construction on the former Green Diamond site, a flood-threatened area along the Congaree River that once was envisioned for a massive residential and commercial community.

New flood maps released late this week reduce a floodway zone designation for the vacant farmland between Bluff Road and the river just south of Columbia. The floodway, a designation intended to prevent developing in high-hazard areas, no longer covers much of the property.

“Generally, yes, this makes the property easier to develop,” said Columbia lawyer Mullen Taylor, who has worked on the flood map issue for 16 years, most recently as a lawyer representing Richland County against the property’s would-be developers. “It does make a difference – a significant difference.”

The maps, which are not final, will be open for public comment and can be appealed. Officials with the Federal Emergency Management Agency were unavailable Friday afternoon.

Federal rules generally seek to limit or stop development in flood-prone areas because of the hazard to the public and the cost to taxpayers.

http://www.thestate.com/news/local/article20067867.html
Read more here: http://www.thestate.com/news/local/article20067867.html#storylink=cpy

[colasc]

 

The federal government is proposing to ease key development restrictions that for years have limited construction on the former Green Diamond site, a flood-threatened area along the Congaree River that once was envisioned for a massive residential and commercial community.

New flood maps released late this week reduce a floodway zone designation for the vacant farmland between Bluff Road and the river just south of Columbia. The floodway, a designation intended to prevent developing in high-hazard areas, no longer covers much of the property.

“Generally, yes, this makes the property easier to develop,” said Columbia lawyer Mullen Taylor, who has worked on the flood map issue for 16 years, most recently as a lawyer representing Richland County against the property’s would-be developers. “It does make a difference – a significant difference.”

The maps, which are not final, will be open for public comment and can be appealed. Officials with the Federal Emergency Management Agency were unavailable Friday afternoon.

Federal rules generally seek to limit or stop development in flood-prone areas because of the hazard to the public and the cost to taxpayers.

http://www.thestate.com/news/local/article20067867.html

Read more here: http://www.thestate.com/news/local/article20067867.html#storylink=cpy

 

Saw that. I really hope nothing gets built on this property, apart from maybe a nature center (something to help the public access another stretch of our beautiful river system). I really think it is just not suited for all the apartments, strip malls, or whatever else was originally envisioned. It is a great green buffer on the city's southern side, and I think it needs to be preserved in its natural state.

[growingup15]

Saw that. I really hope nothing gets built on this property, apart from maybe a nature center (something to help the public access another stretch of our beautiful river system). I really think it is just not suited for all the apartments, strip malls, or whatever else was originally envisioned. It is a great green buffer on the city's southern side, and I think it needs to be preserved in its natural state.

I actually wondered about this land. I always wanting to see mass development along the riverfront kinda like a city skyline outside the downtown area or business apartments houses ect.