2006-03-03 / Business

Beach builds $200 million at CanalSide

By John Temple Ligon

Photo by Mike MaddockJohn Darby of The Beach Company addresses the Columbia Rotary Club.Photo by Mike MaddockJohn Darby of The Beach Company addresses the Columbia Rotary Club.

John C. L. Darby, president/CEO of Charleston–based The Beach Company, addressed about 200 members of the Columbia Rotary Club Monday, February 27. The Beach Company is about to break ground on CanalSide, the 25–acre parcel where CCI used to hold state prisoners. The Beach Company intends to deed back to the city about seven acres for the roads, sidewalks, and the esplanade, keeping 18 acres.

The land transfer has not closed, but it should in the next 30 days, according to Doyle. Immediately upon taking ownership of the land, The Beach Company will commence site preparation and construction. In the end, when it’s all said and done, there should be about $200 million in taxable value. For now, though, it’s just raw unadorned land worth $6 million, what The Beach Company is paying for it.

The City of Columbia worked the property for over 10 years at a cost more than $9 million, but the market value of the property came to be $6 million.

The Beach Company will build under zoning approval of its planned unit development (PUD), which includes 750 single and multi–family residential units. There will be adequate commercial and retail spaces to accommodate the occupants, but for the most part CanalSide is a residential development, all under the designation of a high–end housing development.

The city is responsible for building the public esplanade along the canal, a cost yet to be confirmed.

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