By Chris Cox
Published Nov. 9, 2015
A third downtown Columbia project from real estate developer Park7 Group appears to be in the works.
The New York-based company has purchased a commercial lot at 1310-1320 Senate St. for $1,775,000, the commercial real estate firm NAI Avant said. The 0.85-acre site is just steps away from the Statehouse and near the University of South Carolina campus.
Details of the group’s plan were not disclosed. As it has in other recent local projects, it is working with Columbia real estate agency CBRE on the project, research director Ben Johnson confirmed.
Park7 has a dorm project on Assembly and Pendleton streets as well as another at Blossom and Huger streets. Both of those have earned Richland County’s tax abatement for student housing developments, but it is unknown whether the developer is planning a third student-oriented project. The abatement is scheduled to sunset on Dec. 31.
Park7’s Assembly Street project, across from the Statehouse, was approved in August for a six-story, 684-bed dorm at the former location of the since-razed Heart of Columbia motel. Paul Levine, executive vice president for development, said at the time that Park7 anticipated groundbreaking to come this winter for the $40 million to $45 million investment and for the dorm to open by August 2017.
The Blossom and Huger site is currently under construction. The five-story, 640-bed student dorm is on property formerly owned by Arnold Family Real Estate.
Reach Chris Cox at 803-726-7545 or on Twitter @chrisbcox.