The City of Columbia has announced that a total of six bids were received from various entities interested in developing the Palmetto Compress Building. The exact nature of the bids will remain secret until City of Columbia's Review Board has had time to analyze them all. I've already expressed my thoughts on this matter, but now that the City has gone ahead and bought the building, I'm in the awkward position of hoping for success in a venture I would never have begun.
Hopefully, some of the bids will be viable, and not put the City in a position to lose money. We'll see... Keep in mind, the City of Columbia purchased the building for $5.6 million. Selling the building for a little less wouldn't be a terrible outcome if the development turns out wonderfully. The worst case scenario would be the City of Columbia selling the building at a loss to a developer who ultimately is unsuccessful.
I just have a little trouble believing that this is all going to come out roses, because the private owners tried (in vain) to sell this building for years. Maybe they wanted too much money. Maybe they didn't. Maybe the City isn't as interested in turning a profit as the previous owners.
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