CHAD WARBINGTON: An update on Albany’s downtown

At the recent Mayor’s Prayer Breakfast, the mayor presented all the downtown development projects that were either in progress or pending. It was almost “information overload” to the average person not aware of what all is currently on the
table for downtown.

I had several people come up to me afterwards and state, “How is all this development happening downtown?” I would say that this is the most activity and development happening downtown for several decades, probably since the Albany Tomorrow initiative that started back in the ’90s. So, I’m going to briefly summarize the current downtown development projects.

— Harlem Renaissance Project: Mt. Zion Baptist Church has plans for a $34 million development project in the Harlem District on the block of Jefferson/Oglethorpe/Highland. Phase 1 is scheduled to open soon with various medical provider offices. Phase 2/3 will follow with a food hall honoring Carter’s Grill, more offices and new residential housing. The city provided a loan of $2.3 million, and the remainder will come from New Market Tax Credits, grants and equity raised by Mt. Zion.

— St. Nicholas Hotel and 1906 Restaurant: Matt Fuller and his team have restored the historic St. Nicholas Hotel and surrounding parcels on Washington Street. It’s a $6.5 million project for 26 rooms, full restaurant and bar, and numerous commercial/retail spaces. The city did not provide any funding. They builder received historic tax credits and raised the rest of the capital privately. A soft opening is underway now with a grand opening celebration happening soon.

— Davis Exchange Apartment Project: The tallest building downtown, the Davis Exchange Building, will be restored with one-bedroom and two-bedroom apartments. Also, a new three-story apartment building will be constructed behind the Davis Exchange building on Broad Ave. Total project will be $21 million. The city provided a loan of $1.5 million, and the remainder of funds will come from historic tax credits, state affordable housing tax credits and other private funding. Timing is approximately 1 year.

— 4C on Front Project: 115 and 121 Front Street properties are being renovated for $1.6 million to become a retail store for the Commodore Conyers College and Career Academy. Students will sell a variety of products and agriculture produce. They also will have a trendy Boba Tea shop. The state of Georgia will open its second Georgia Grown Innovation Center in the state that will be located in the space next door to 4C Academy.

— Albany Museum of Art Project: The AMA is moving from its Gillionville Road location to the old Belk Building downtown. Design work is complete, and LRA has been chosen as the General Contractor. The city and the county have provided approximately $7 million in SPLOST funding. AMA hopes to receive historic tax credits and has a capital fundraising effort underway. Total project will be $35 million and could be completed in one to two years.

— ADICA Renovated Properties: 108, 132 and 138 Pine Ave properties have been stabilized all with new roofs, significant structural repairs, asbestos remediation and generally getting them ready for a potential developer. All three of these properties were safety hazards with roofs caving in and significant water intrusion. Work should be completed in two months.

Projects funded and in conceptual design:

— Mule Barn: The old (Holman) Mule Barn was under a 20-year lease agreement with the Hilton Hotel for a possible second hotel or parking garage. That lease has ended, and the city has hired an architectural firm to stabilize the building with a new roof, structural repairs and restoring the front. This building is right next to the planned Albany Museum of Art location and would be a great event center.

— Albany Theater: For decades the old Albany Theater and arcade have sat in disrepair and have been deteriorating quickly. A fire occurred about 10 years ago and destroyed most of the roof. Recently, it was discovered that the soil under the old theater is contaminated. For lack of a better word … ”It’s a hot mess”. The city has hired architectural and structural engineering firms to start selective demolition and structural repairs. The concrete will need to stay intact to “encapsulate” the contaminated soil.

— Ritz Theater: An architect has been hired to restore the historic Ritz Theater. It has sat in disrepair for many years and will be restored back to its former state. The city has received several grants for this project. Total cost will be in the $4 million range.

Projects in negotiations not funded yet:

— Brewery Project: The city now has 100% control of the closed Pretoria Fields Brewery property and
all equipment within. The city hopes to not only have a new brewery operator soon, but
also there is a vision for food options, outdoor garden/activities, possible upstairs
apartments, etc. The property has a lot of potential, and the city needs to act quickly on a project that is ready to start immediately.

— Central Commons Area: There are plans to develop the Washington Street/Pine Avenue corner asphalt parking lot into a greenspace area for gatherings, food trucks, music and festivals. This is only in conceptual phase.

— Gordon Hotel Project: The city is at the altar for a third  attempt for a “marriage” to a hotel developer. Maybe the third time will be the charm. Woodmont Lodging is closer to solving the puzzle than any of the previous hotel developers. Total project is estimated at approximately $50 million for 130 rooms, restaurant, bar and meeting spaces. It could really be a game-changer, but it is a very complex project with many funding sources (some confirmed and some still pending). The first hotel suiter was asking the city for $1 million in financing. The second suiter was asking the city for $5 million in financing. Woodmont is asking the city for $12 million in financing. It’s a tough pill to swallow for the city to take that kind of risk with taxpayer dollars, but if the funding puzzle is not figured out, the historic building will continue to sit vacant for many more years.

 Look Again Project: Local Developers Orlando Rambo, Elvis Muldrow, Lillian Sneed and Chris Pike are looking to develop the properties at 104, 110, 114 N. Washington St. They have a great concept of luxury apartments, food court, Albany Tech Culinary School classrooms, and an Amici’s restaurant. This project is just being assembled. The capital stack is complex with several government entities involved. Their first hurdle will be this month asking the city for an initial $2 million loan to secure the ownership of the properties and to get the project off the ground.

In summary, $100 million in projects are under construction. Another $10 million in projects in just in the conceptual phase. Easily another $100 million in potential projects are navigating the capital financing process.