Capitol Places, Painite Capital and Mashburn Construction Announce $22 Million Residential Project in Downtown Columbia
September 3, 2014
Thirteen 21 Lofts will be Located at the Corner of Lady & Marion Streets
COLUMBIA, SC – Capitol Places, Painite Capital, and Mashburn Construction announced today their plans to invest $22 million in transforming the historic Owen Building in to a 130-unit apartment complex called Thirteen 21 Lofts. The site is located at 1321 Lady Street. The complex will offer one and two-bedroom units and will feature a resort style, salt water swimming pool; sundeck and grilling area; theater room; Wi-Fi lounge; a fully equipped fitness center; and a bicycle storage area. These amenities will be available to all of Capitol Places’ 425+ residents once completed. Construction is expected to begin the first quarter of 2015, with the 112,000 square foot apartment complex opening by the end of next year.
“We’re looking forward to getting started with this next residential project. Even with all of the apartments that have been built and proposed, there’s still an undersupply around the City Center due to the steady influx of urbanites,” said Jeff Prioreschi, Managing Member of Painite Capital. “Thirteen 21 Lofts will be our seventh downtown residential project during the last 16 years. Because of the strong demand for wanting to live downtown, this will be one of many residential projects to come in the near future.”
About the Development Team
Capitol Places and Painite Capital: Through years of experience and many projects, Capitol Places and Painite Capital have been instrumental in a number of successful residential and mixed-use developments. Capitol Places owns hundreds of units with multiple complexes along Main Street, including Lofts at Louries, Barringer, Kress Building, Berry’s on Main, and also developed Silvers Condominiums and 1520 Main.
Capitol Places is the pioneer of City Center housing in Columbia, SC. Its first investment was the purchase in 1998 of the former Kress building, which was originally built in 1935. This 41,000 square foot property was the first residential investment on Main Street in over 25 years when it was completed in 2000. Painite Capital is heading the financing, pre planning, and the syndication of tax credits.
Mashburn Construction: Mashburn has extensive experience in multi-family and historic renovations. Mashburn Construction has offices in Columbia, Greenville, and Charleston.
