COLUMBIA (WACH) -- City leaders have voted to save the Palmetto Compress Warehouse in a 7 to 1 vote Tuesday.

The city has agreed to hold onto the historic property to give the private sector a chance to decide the warehouse's fate.

The building is 320,000 square feet and has been standing tall for nearly a century.

It was primarily used as a holding station for cotton and is currently a storage facility.

Dozens of historic preservation supporters were on hand to hear City Council's decision, including Michael Bedenbaugh from Palmetto Trust, who wants the Palmetto State to continue to prosper.

"Give this building a chance to stand on its own in an open market place," said Bedenbaugh.

The Columbia business community is thrilled about the decision to keep the Palmetto Compress Warehouse and local leaders are looking forward to the future.