The University of South Carolina's Development Foundation has made a significant move in its real estate portfolio, acquiring a prime property on Main Street in downtown Columbia. This acquisition, located at the corner of Main and Pendleton streets, adds to the foundation's growing presence in the area. The property, previously home to two restaurants, Immaculate Consumption and Hibachi House, is situated within the university's proposed development plans for the South Main Street corridor.
The Development Foundation's purchase of this quarter-acre property for $1.5 million is part of a larger strategy to revitalize the area. The foundation has been actively acquiring land along South Main Street, with the goal of redeveloping it and transforming the once-drab corridor into an attractive destination. This acquisition is particularly strategic, as it is located near the state capitol complex and within walking distance of the university.
The building's history is also noteworthy. It was once the home of the Nickelodeon Theatre, an art house cinema that occupied the space for 33 years before moving to a new location. Now, the foundation aims to hold the property and figure out its future potential, with no immediate plans revealed.
This purchase comes as part of the foundation's decade-long effort to acquire and redevelop properties along South Main Street. The foundation has already finalized a property swap with the South Carolina Baptist Convention to consolidate its holdings on the 800 block of Main Street, where a mixed-use development is planned. Additionally, the foundation recently acquired the Hunter-Gatherer Brewery and Cool Beans Coffee Co. properties, further expanding its presence in the area.
However, the foundation's acquisitions have not been without controversy. Some businesses that occupied buildings purchased by the Development Foundation have closed shortly after, raising questions about the impact of these developments on the local community. Despite this, the university's plans for South Main Street remain in flux, with preliminary discussions focusing on the construction of two six-story buildings with a mix of retail and housing.
The university's spokesman, Jeff Stensland, emphasized the potential for a similar transformation on South Main Street, drawing parallels to the renaissance experienced on Main Street north of the Statehouse. As the university continues to work towards its vision for the area, the future of South Main Street remains an exciting prospect, with the potential for a vibrant and revitalized downtown Columbia.
