As the massive Bull Street neighborhood project in Columbia continues to make progress, Greenville developer Bob Hughes, whose company is redeveloping the property, has pledged to donate 10 to 12 acres to build a baseball park.
According to The State newspaper, Jason Freier, the chief executive of Atlanta-based Hardball Capital, said that Hughes has agreed in principle to donate the land for what would become perhaps the first anchor project on the sprawling Bull Street site.
The State also reports that the head of the company seeking to partner with the city to build and operate a roughly $35 million, 8,000-seat stadium said he needs a contract soon if he’s to open the park on his timetable: the spring of 2015. The city of Columbia is currently looking at how to fund a new baseball park and is expected to discuss at a Jan. 21 council meeting.
The 20-year Bull Street redevelopment project is expected to create over 11,000 new jobs, have a total economic impact of $1.2 billion once completed, and bring $20 million in property taxes alone.
The development agreement includes an initial city investment of $31.25 million for infrastructure improvements such as water, sewer and roadways as long as Hughes invests $81.25 million in infrastructure improvements.
Additional details of the agreement include that if Hughes develops 120,000 square feet of property, rehabilitates the Babcock Building or builds a baseball stadium, the city of Columbia will foot the bill to build a parking deck. To get a second parking deck, Hughes will need to have either secured $75 million in private investments or have purchased at least 90 acres of the site.
Columbia Mayor Steve Benjamin said in a previous statement that he is rooting for the baseball stadium.
