In a recent government meeting, developers presented an update on their luxury multifamily apartment project located on Main Street in Columbia, which has faced significant challenges since its inception. This marks the fourth project by the developers in the area, and they aim to construct a 320-unit luxury apartment complex on a 5.6-acre site.

The project has a complex history, beginning with the site being put under contract in October 2020. Initial approval from the Design Development Review Committee (DDRC) was granted in September 2021. However, the developers encountered environmental issues that necessitated a voluntary cleanup contract with the South Carolina Department of Health and Environmental Control (DHEC). After successfully remediating the site, they received a certificate of completion from DHEC, confirming the area is now environmentally clean.

Despite these advancements, the project faced further delays due to the need for HUD financing and the expiration of the initial approval deadline. The developers returned to seek approval for their plans earlier this year, which was granted in January. However, upon re-evaluating construction costs, they discovered a 20% increase in expenses and a rise in interest rates from 3.5% to 6.5%. These financial challenges rendered the original project design economically unfeasible.

In response, the developers opted to modify their plans rather than compromise on quality. They decided to increase the number of units from 250 to 320 while maintaining the luxury features of the apartments. Additionally, they added 107 parking spaces to the parking deck, ensuring that the parking ratio remained consistent with the original design.

The developers expressed their commitment to delivering a high-quality living experience and are optimistic about moving forward with the revised plans.