DDA contracts with Albany Realty to manage downtown properties

ALBANY — The Downtown Development Authority voted Tuesday to accept a bid from Albany Realty to help manage Front Street Marketplace properties in the city’s redeveloped Central Business District.

The properties, which are owned by the Albany-Dougherty Inner City Authority, are currently managed by the DDA, according to an intergovernmental agreement.

Downtown Manager Latoya Cutts recently said the way that Albany’s downtown area is growing now requires additional assistance in property management tasks such as handling new leases and property maintenance. Last month, ADICA discussed two bids that were submitted for the property management tasks and decided to let the DDA make a final decision on which company to hire.

“Both companies were much the same in terms of years of experience,” said Cutts. “Our decision really came down to different cost perspectives.”

Albany Realty offered to take on the property management tasks for 10 percent of the rental fees, while the other bidder, Webb Realty, asked for 5 percent of the rental fees plus $1,000 each month.

With more properties getting ready for occupancy, DDA officials say it makes sense to contract with the company that will charge less each month.

Although the DDA still is not ready to release specific company names or details about potential tenants moving downtown, there has been much talk about one, possibly two, new restaurants and a private grocer.

Cutts recently returned from a downtown development workshop in Atlanta and said the momentum for revitalizing downtown districts in rural Georgia is growing — not only in Albany but all over the state.

“There is a great interest all over the state of Georgia to invest in downtown revitalization,” she said.

As for Albany, Cutts said two of the Front Street Marketplace properties are ready for lease approval and new bids are being sought for “white-boxing” other properties that have potential interest.

“We sent out for new bids because one of the bids was very low and the rest were very high,” Cutts said.

Other efforts to spruce up downtown storefronts include an increase in grant funding available to business owners who want to improve signage or to paint or improve building facades. Grant funds have been increased from $3,000 to $5,000 per applicant.

“We have received calls from interested businesses and have some who are ready to apply,” Cutts said.