Albany City Commission gives support to downtown housing proposal

ALBANY — A housing development that would bring 56 residential units to downtown Albany got a of a $1.75 million loan commitment Tuesday from the Albany City Commission.

Thirty-two of the units proposed by IDP Properties would be in the Davis Exchange building at the corner of Washington Street and Broad Avenue, and an addition would be in a new building.

The proposal is dependent on approval of the application by the Georgia Department of Community Affairs.

The total cost of the project is projected at $18.5 million, IDP President Rhett Holmes said.

Previous company projects include the Hand Trading Co. building in downtown Pelham, Hotel Forty-Five in Macon, both of which included renovating an existing building, and Market Station apartments in Thomasville, which was new construction. Holmes said he is also interested in developing the former Albany Herald building.

“We have done important developments, developments that make a difference, where you take an important building in downtown and make it active and bring redevelopment and dollars,” Holmes told The Herald during an interview outside the commission meeting room.

The old Albany Times building, adjacent to the Davis Exchange structure, would house retail space under the proposal.

The commission approved the bulk of the proposal as presented, but increased the interest rate to be paid on the $1.75 million loan from 2% to 3%. Twenty-five percent of the units will be rented at market rate, with the remainder to be affordable housing units.

“I have come full circle in my opinion on it,” said Commissioner Bob Langstaff, whose motion for approval with the changes was granted unanimously. “In general, I’m in favor of the investment downtown. This is an existing building. This work will get it occupied, and it does preserve the historic nature of this building.

“As it sits, it’s more expensive to tear it down than what it’s worth, except for the historic tax credit sitting inside that building.”

The DCA will announce which proposals were approved for tax credits in November, Holmes told commissioners. If the Albany project is selected, work would begin around the summer of 2024 with a completion date of 18 to 24 months from that time.

“I’m going to be supportive because I think it does plant a seed for what we need downtown,” Commissioner Demetrius Young said.

Staff Photo: Alan MauldinAlanMauldin[email protected]
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