Developer Anthony King moving Albany Heights development plan forward

ALBANY — Businessman/developer Anthony King told the Albany-Dougherty Inner City Authority board Wednesday he’s put together a “business model” that will work for the renovation of the former Albany Heights complex downtown, which King wants to turn into 44 residential units.

Now comes the hard part — securing financing.

“Increasing the unit count from 34 to 44 has made the numbers a lot more respectable,” King told the board. “Rather than planning for one-bedroom, studio and two-bedroom apartments, we’re looking at all one-bedroom units with floor plans that range from 500 to 600 to 800 square feet.

“Those floor plans will make the units more affordable and allow us to compete with other housing opportunities under construction.”

King said he currently sits at a “$400,000 cash equity shortfall” but has genuine interest from lending institutions in the region.

“When I first submitted a proposal to this board, I didn’t think we were far away from being ready to get started,” King said. “But there was still a lot of work to be done. We nailed down the business model just before Christmas, and with the holidays and a vacation that I had planned, we’re now ready to resume work on the project.

“I think our current plan is a business model that will work. Ideally, I will have two other investors come in at the $200,000 level and be ready to move forward.”

The board discussed property acquisition with businessmen Bob Brooks and Sam Shugart during an extended executive session, but Downtown Manager Sharlene Cannon said no action was taken during the closed session.

Cannon also told the board she will present ADICA goals and objectives to the Albany City Commission at its next work session, scheduled Tuesday at 8:30 a.m.

“I’m going to lobby hard for a closer relationship with the commission,” Cannon said. “Yes, we serve at their will, but we need their support if we’re going to move forward with downtown development. I want them to see that we’re partners in that development.”

Cannon unveiled signs saying “Not a Vacancy, an Opportunity” that she hopes downtown property owners will put in their empty storefronts to stimulate interest in the properties.

The board voted 3-2 to name Thelma Johnson its chairman for the coming year.