Columbia, SC (WLTX)- The Columbia City Council approved a multi-million dollar deal with investors for the purchase of the Palmetto Compress Building.
Rosie Craig and Amanda Sauls with Palmetto Compress Preservation Developers, LLC will purchase the building for $5.75 million.
The building is one of only four surviving cotton compress facilities in the Southeast and one of the largest cotton warehouses in the state. It is on the National list of historic places and is also one of the last surviving buildings in the African-American neighborhood Ward One.
The building sits at the intersection of Blossom and Pulaski Street near the University of South Carolina's Greek Village.
The plan is to build high-end condos, apartments, office spaces and restaurants.
Investors estimate the project cost is around $60 million.
Craig said they hope to finish the project in two years.