The University of South Carolina's Development Foundation has made a strategic move by acquiring a prime property on Main Street, adding to its growing portfolio in the heart of downtown Columbia. This latest purchase, located at the corner of Main and Pendleton streets, is a quarter-acre site that houses two restaurants and several apartments, contributing to the university's vision for the area's future development.
What makes this acquisition particularly intriguing is the presence of Immaculate Consumption, a beloved coffee roastery that has been a staple for students and State House workers for over two decades. The building also houses Hibachi House, a casual Japanese eatery, adding to the vibrant mix of culinary options in the area. The history of the building is also noteworthy, having previously been home to the Nickelodeon Theatre, an art house cinema that occupied the space for 33 years before moving to a new location on North Main Street.
The Development Foundation's purchase of this property for $1.5 million in late April indicates a strategic long-term vision. President and CEO R. Jason Caskey expressed the foundation's intention to hold the property and explore future development possibilities, recognizing its potential for the university's expansion plans. This acquisition is part of a broader strategy to revitalize the South Main Street corridor, which has been a focus of the foundation's efforts over the past decade.
The foundation's recent activities on South Main Street include a property swap with the South Carolina Baptist Convention to consolidate its holdings, as well as the acquisition of the Hunter-Gatherer Brewery and Cool Beans Coffee Co. properties, where redevelopment projects are planned. However, not all businesses in the area have thrived post-acquisition, with some closing shortly after the sale. The old South Carolina Bookstore, acquired in 2016, remained in business for nearly three years before closing.
The university's plans for South Main Street are still evolving, with preliminary discussions centered around the construction of two six-story buildings, one on the 800 block of Main Street and another on College Street. These developments aim to blend retail and housing, potentially displacing some existing retail services. The 900 block of Main Street has a potential hotel development in the works, according to the university's 2024 master plan, but details are still scarce.
USC spokesman Jeff Stensland emphasized the collaborative efforts of university and city leaders to transform South Main Street into an attractive destination. This transformation is reminiscent of the renaissance experienced on Main Street north of the Statehouse due to similar redevelopment efforts. As the university continues to shape its future, the South Main Street corridor is poised for a significant evolution, leaving residents and visitors alike eager to see the outcome.
