Renovation of Historic Barringer Building

The Barringer Building is a beautiful historic structure, the first skyscraper in Columbia, SC, built in 1904. On Thursday, November 30, 2006, a ribbon cutting ceremony will be held to commemorate the renovation of the former office building into a 75 unit high rise style apartment building. The property is on the National Register of Historic Places and located in the heart of Downtown Columbia. From the sidewalk in front of the building the residents will see the State Capitol Building two blocks to the south and the main campus of the University of South Carolina is another two blocks to the South.

Mr. Thomas J. Prioreschi is the 50% Managing Member of the ownership entity and is also the property manager. Mr. Prioreschi purchased the building through a bankruptcy sale. The US Department of Housing and Urban Development provided mortgage insurance for the Section 220 mortgage in the amount of $7,067,500. The equity from Federal Historic Tax Credits and South Carolina State Historic Tax Credits generated another $2.25 million to complete the renovation of the historic building.

The renovated 12-story building will have commercial tenants on the lowest two floors with the largest tenant being the Carolina National Bank and Trust Company. This venture represents Mr. Prioreschi's fourth renovation in Columbia. He previously planned and renovated three vacant building on Main Street, Columbia, SC, thereby creating the first substantial residential living project in the central city in over 25 years.