Financial Concepts, which bought the old Gilmer Inn property and planned to turn it into its new headquarters, is asking Columbus City Council to allow it to scale back its plans.
When Financial Concepts bought the property back in June 2021 for $270,000, the contract with the city included plans for a specific building. Construction costs have vastly increased, and now the company wants to start with a more modest structure that would reduce construction costs from about $7 million to a little more than $1 million.
Because the site sits within the historic district, the Historic Preservation Commission must approve the plans, Building Official Kenny Wiegel explained during the council’s Thursday afternoon special-call meeting.
However, as Wiegel explained, there is a snag.
“There was stipulation in the contract about what type of building could be built on the property,” Wiegel said. “… The current proposal does not resemble what is in the contract. The council has to approve (amending the contract) before it can go to the commission.”
The council did not act on the request Thursday, instead tabling it. Mayor Keith Gaskin told The Dispatch after the meeting he hoped the council would take the matter up again at its July 5 regular meeting.
The original plans would have included not only the Financial Concepts office, but also retail and apartment space. The site, located at the corner of Main Street and Fourth Street North, would have been occupied by a pair of two-story buildings and about 50 parking spaces.
The new proposal includes a single two-story building that would occupy the western third of the site, adjacent to the vacant Elks Building, which the Columbus-Lowndes Convention and Visitors Bureau owns.
Ferguson told the council he simply doesn’t have the money to build at the scale envisioned two years ago.
“I’m not like the city. I can’t just issue bonds and find a way to pay for it later,” Ferguson said. “I’ve got to pay for it up front. So (the changes) are cost-driven, 100%.”
Ward 3 Councilman Rusty Greene asked what, exactly, was driving the cost up so much between the original plan and the current one.
“It’s the building materials,” Ferguson replied. “The bids on (the first one) were through the roof. You’re looking at each one of the buildings coming back at $3 million to $3.5 million. This (new design) is $1 million to $1.2 million. That’s a significant difference.”
Ferguson said he thinks his new plans will meet the wishes of the Historic Preservation Commission, but he voiced his frustration with the process. He argued that many extant buildings downtown don’t fit with the vision put forth by the commission.
“… There’s the Tennessee Williams home across the street, there’s the (Elks Lodge) that the CVB owns that is really in disrepair and could fall at any moment, and then my vacant lot,” Ferguson said.
The CVB bought the Elks Lodge in 2015 for $450,000. It was supposed to house a children’s museum, but funding for the $3.5 million to $5 million renovation did not materialize.
Ferguson said he only plans to build the Financial Services building right now, rather than multiple structures.
“There’s plenty of property left over,” Ferguson said. “I’m only using about a third of the property. I’ve got other pieces I can develop later.”
“How do you feel about the other two-thirds?” asked Vice Mayor and Ward 2 Councilman Joseph Mickens.
“It certainly could be developed or sold,” Ferguson said. “At this point I’m focused on building a building for myself.”
If he is unable to come to an accommodation with the city, Ferguson said he would likely just let the property sit.
“If you guys want that property to sit vacant, it can sit there,” Ferguson said. “I can hold it for the long term. If you want something built on it, I can build this.”
Ward 5 Councilman Stephen Jones said he wanted time to look into the matter before making any kind of decision.
The city bought the Gilmer Inn property for $425,000 in 2015 after the building became too dilapidated to be used as a hotel. It was demolished later that year and has been a green space ever since.
Brian Jones is the local government reporter for Columbus and Lowndes County.
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