Columbia businessman purchases Niedermeyer building

***UPDATE TUESDAY 11:48 A.M.***

Columbia is announcing an agreement to preserve the historic Niedermeyer building. A preliminary agreement was reached between the current owners, Collegiate Housing Partners, and local businessman Nakhle Asmar. Asmar has plans to preserve and renovate Niedermeyer. We expect more information about the deal once all parties sign off.

“This is a complex agreement that relies on conventional financing and equity in the short-term,” said Brent Gardner, a realtor and member of the Historic Preservation Commission.

Gardner said the building may be granted historic preservation tax credits, affordable housing tax credits, energy efficiency grants and loans, or other programs offered by the city.

***ORIGINAL STORY***

Columbia Mayor Bob McDavid has called an 11 a.m. press conference to talk about the future of the Niedermeyer Building.

There had been debate about tearing down the building and replacing it with student housing.

Check back on abc17news.com for updates.