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GranDevine a grand success
The old Schneider School building, famous since 1924, has become The GranDevine, a 51-unit condominium complex in the heart of the Devine Street corridor. Within walking distance of The GranDevine, six blocks each way, are about 60 high-end shops and services. Just beyond that, there are Five Points to the east and the intersection with Millwood Drive to the west. The housing units met a pent-up demand. There was a sales flurry last June when the project was sold out. Altogether there is a bit more than 43,000 square feet of owners' interior unit space, which puts the average unit at almost 850 square feet. Actually, the largest two units are 1,447 square feet each, and the smallest two, 551 square feet each. The average sales price was about $170,000, which suggests a per-square-foot purchase of $200. Schneider School was converted into apartments in the opportune time between 1981 and 1986, while the 1981 Economic Recovery Tax Act was in full effect, to include accelerated depreciation and special consideration for historic preservation. The apartments were bought by a partnership formed by Columbians David Bryant and Ben Arnold. Bryant's company, Metropolitan Development, ran the show and sold the units.
Early on in the conversion process from apartments to condominiums, the project found little objection as it gained approval and permits. The only hesitation came when the City of Columbia asked why the named "Schneider" could not be the name of the condominium complex.. David Bryant's answer addressed the reality of the market demographic: a whole lot of people from out of town who would be expected to respond to "GranDevine" more favorably than to "Schneider."
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