Ground broken: 17-story tower set for Main
By JEFF WILKINSON -
jwilkinson@thestate.com
An Atlanta developer Tuesday broke ground for a 17-story, $57 million office tower at the high-powered corner of Main and Gervais streets across from the State House.
The Gervais & Main tower, being built by Holder Properties, will house three of Columbia’s premier firms: Edens & Avant real estate development and management company, National Bank of South Carolina and McNair law firm.
The tower is good news for Main Street after SCANA announced it will move its headquarters across the river to Lexington County and iconic Main Street clothier Lourie’s decided to close.
“It’s a sign of the strength of downtown even in a tough economy,” Columbia Mayor Bob Coble said.
The three firms will fill all of the office space in the 400,000-square-foot tower, making it a safe bet for Holder president and CEO John Holder even in a shaky economy.
“It’s about having three great, well-capitalized tenants,” Holder said prior to a lunch for 300 of the firms’ employees on a steamy, tented parking lot at the site on Tuesday. “It was a fairly easy deal once all three were in the boat.”
The new tower is a power bond for the three firms and a bit of one-upmanship on their competitors.
Law firm Nelson Mullins Riley & Scarborough partnered with BankMeridian in the Meridian tower on Main Street in 2004. And the Nexsen Pruet law firm moved into the new First Citizens building on Main Street in 2006.
But the new tower’s location across from the State House is a trump card, especially for NBSC and McNair.
“It’s one of the most high-profile corners in our state,” NBSC president and CEO Chuck Garnet said.
It also shows the home-grown firms intend to stay put even as SCANA — the state’s only Fortune 500 company — leaves downtown.
“This building is a commitment to the community,” said McNair CEO Bill Youngblood.
The firms will abandon space in their current downtown homes — two on Main Street and one at Gervais at Sumter streets.
Matt Kennell, of City Center Partnership, which guides investment in the Main Street area, said it will create more affordable space for other firms to move in.
“It’s a move up market,” he said. “Rents will be more competitive.”
But Holder said the gaps created by SCANA’s departure and the new buildings will only be filled by new downtown workers.
“With office, it’s all about job creation,” Holder said.
Construction of the 400,000-square-foot building will begin next month and will be completed in December of 2009.
The glass and steel tower will feature a two-story main lobby featuring NBSC and a restaurant. The building will also include six levels of hidden parking and nine stories of office space.
It is the fourth Holder properties project in Columbia.
Holder also built the Meridian Building and the Adesso condo development on South Main across from the USC campus.
Construction of the 388-unit Assembly Station apartment complex at Assembly and Whaley streets is under way.
While the two office projects are rock solid with pre-signed tenants, Holder admitted the apartments are “speculative” and the condo project has moved slowly. Only 15 percent of the 110 Adesso units have sold, he said.
“A lot of people are going to wait and see” how the economy shakes out before starting other major developments, Holder said. “Everyone is cautiously optimistic, but nobody thinks it’s going to pick up quickly.”
Reach Wilkinson at(803) 771-8495.
Gervais & Main Vitals
• Floors: 17 — nine for offices, two for the lobby and six for parking
• Total space: 400,000 square feet (Would be the city’s fifth-biggest office tower.)
• Key tenants: McNair law firm, National Bank of South Carolina and Edens & Avant real estate development
• Timetable — Construction starts July 7. First tenant moves in December 2009. Other tenants follow in 2010.