Columbia,SC (WLTX) -Columbia Mayor SteveBenjamin will make a major announcement Tuesdayin regards to the massiveBull Street property redevelopment.
Most know the area as the old Department of Mental Health Campus.The 181 acre campus has been up for sale and city leaders have been in negotiation with the developer for some time.
This property has been on the market for 10 years, and the developer hopes to turn it into a live, work, and play district.
Documents obtained by News19 show that the plan will take 20 years to complete and the city is committing to fund $31 million for infrastructure improvements over four development phases. The developer is expected to demonstrate an $81 million return on that investment.
The city will provide two parking decks with 1,600 spaces.
For the first facility, the developer has to develop 120-thousand square feet of property, rehabilitate the Babcock building or build a baseball stadium.
As part of the deal, the developer has agreed to donate land to the city to createfor a pump station, to build a police substation, and to conduct a tree survey for each section of the property before it's developed.
The documents state that public funds on the infrastructure improvements will only be used for public projects.There will be no tax breaks for the developer.
In regards to historic preservation, the agreement will protect the Babcock building, male and female dining halls, the Williams Building, and the Chapel of Hope.
Benjamin will hold his formal news conference on the decision at noon Tuesday. News19 will bring you additional details on his statements.