1801 Assembly St
Tax Credit Development Opportunity
This ±91,000 SF retro mid-century building is located on the highly-trafficked Assembly Street (19,900 VPD). This building is just one block off Columbia’s thriving main street redevelopment district in the heart of Downtown, close to major highway access, the state capital complex, the Governor’s mansion and Columbia Chamber of Commerce, and the University of SC.
Its corner location and L-shaped design offers an extraordinarily high ratio of windows and natural light on all four sides of the building.
The Perfect Surrounding
This property is strategically located on the highest point in Columbia offering sweeping views of the city skyline and adjacent ±14 acre park. The large multi-level roof top features a 360 degree view of Downtown Columbia and surrounding areas, making it a great development opportunity for bar, dining, events, and entertainment.
The property is located directly next to Finlay Park – a 19 acre park in the center of the city. The city have recently agreed a $18m renovation project for the park that will turn it in to a major tourist attraction and further enhance the desirability of the property’s location.
Tax Credit Development
The building has been unused for over 5 years which qualifies the building for Abandoned Building Tax Credits. The building’s age and significance qualifies it for the Historic Building Tax Credits and Bailey Bill tax abatements.
The building has been cleared and is ready for development.
Download the Offering Memorandum
The Property qualifies for the following Tax Credits:
Abandoned Building Tax Credit
25% of up to $2m in construction costs for each unit (building can have multiple units)
Bailey Bill Tax Incentives
Locks in purchase price for tax assessment for 20 years.
Federal Historic Tax Credit
20% of uncapped construction costs.
State Historic Tax credit
10% of uncapped construction costs (or 25% of capped construction costs).
These tax credits stack and you can use a tax credit syndication to raise finance at the start of the development and receive some of these tax credit benefits early.
The building has been fully abated of asbestos. The building comes certified that the property is now free of all asbestos.
88 New Apartments
- City Design Development Review Commission approval for exterior design and Bailey Bill Protection
- City Planning Commission approval for site plan and density
- City Board of Zoning Approval – variance for zero parking on site
- Part 1 and Part 2 approvals from National Park Service
Proposed New Layout
About the Developer
Global Ocean Investments traces its roots back to the Seychelles, under Businessman Justin Etzins leadership and vision, today the company’s investment portfolio includes projects across the United States, Europe, Caribbean and Indian Ocean.
Current projects in the United States include developing a seven story 100,000 Sqft Building in Columbia, South Carolina, In the CBD of Harrisburg, Pensilvania an eleven story 250,000 Sqft Building and in the heart of Bemidji, Minnesota a five story 50,000 Sqft Building into a mix use of residential apartments, commercial units and roof top hospitality space.
In New York state GOI is developing various residential sites and a commercial development. In the Bahamas, Caribbean GOI is developing Finley Cay Private Island. This incredibly environmental project is a world first for eco developments using cutting edge new technologies. In the Seychelles GOI has land banks of over 50 Acres of Prime real estate and is looking for development partners.
About Justin Etzin
The CEO and founder of Global Ocean Investments Justin Etzin is a leading international entrepreneur tuned into turning ideas into reality, his portfolio of successful businesses includes, Commercial Construction, Historic preservation of US Federal Buildings, Seychelles Travel DMC, Seychelles Medical Services and Healthcare Diagnostics.
Justin became a diplomat in December 2009 when he was appointed by The Seychelles Government as the first ever Consul General of The Seychelles for The United States of America and today serves as a Seychelles Diplomat and special envoy.
He is the Founder of One Ocean, One Future Foundation and is an avid environmentalist who wishes to protect the wildlife for future generations to come.
Justin Etzin lives between the Seychelles, & Europe and is also actively involved and manages a self-funded charitable foundation, The Etzin Foundation, which provides special experiences for the terminally ill as well as funds life-saving medical equipment for hospitals that are in need of funding.