Kristy Eppley Rupon, The State, Columbia, S.C.



Apr. 25--Construction is set to begin this summer on a new condo hotel in the redevelopment of Richland Mall, according to Peerless Development Group officials.
Ninety-two percent of the 120 units have pre-sold in two months, according to vice president John Perry.
The three-story facility, which could open as early as next summer, will be in part of the former Dillard's.
The original target of the condo hotel was the corporate market, Peerless officials said. But most of the units have been purchased by individuals.
Other parts of the $300 million project -- to turn the mall into a residential and retail "village within a city" called Midtown at Forest Acres -- are not going as smoothly.
Peerless is scaling back the number of condos planned for the top of the existing parking garage at Beltline Boulevard and Forest Drive, after engineering fell through. The original number of condos planned, as well as the new number, were not available.
Perry called the project "about a 500-piece puzzle."
The plan features a Main Street setting with stores and businesses that have outside entrances, as well as housing options including a retirement community.
Forest Acres administrator Mark Williams said he was "disappointed," but not necessarily discouraged, that the original plan the city approved for the rooftop condos would be changed.
"It may turn out to be something equally appealing," Williams said. "I don't think their concept is flawed."
Perry said developers have had interest from roughly 153 potential residents for the rooftop condo units. They are looking at other housing options on the 36-acre property, such as "gateway towers" behind the Exxon at Beltline Boulevard and Forest Drive. Peerless does not own the corner tract.
The would mean a City Hall complex with a fine arts center originally planned for that corner could move to the top of the parking garage, Perry said, adding those plans have not been finalized.
Forest Acres government officials have not signed on to move their operations to such a facility, and Williams said such a decision could be up to two years away.
Although the current City Hall is sufficient, Williams said the timing for such a project could be optimal because it could be financed without a tax increase by using the increasing value of the Richland Mall property.
"Everything is so abstract at this point," Williams said. "All that has to be worked out."
Reach Rupon at (803) 771-8622.
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April 25, 2006

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