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White's Building renovations complete after two years

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It has been two years coming, but The White’s Building at 936 Broad St. is finally finished.

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The recently renovated White's Building on Broad Street in Augusta now has 51 condominiums. Rex Property & Land is handling the sale of the condos.  EMILY ROSE BENNETT/STAFF
EMILY ROSE BENNETT/STAFF
The recently renovated White's Building on Broad Street in Augusta now has 51 condominiums. Rex Property & Land is handling the sale of the condos.

“It’s been a very long journey,” said Margaret Woodard, the executive director of the Downtown Development Authority, whose offices are on the building’s first floor.

Rex Property & Land is handling the sale of the condominiums – the building now has 51 of them – and managing the property for the owners, Rialto Capital Management.

Rialto finished the three floors of condos that were unfinished by the previous developer.

In 2009, The White’s Building, formerly the J.B. White department store, went through foreclosure procedures after the Federal Deposit Insurance Corp. seized control from the failed Haven Trust Bank. Construction on the condominiums was halted after a handful were done. At the foreclosure auction, the single bid of $800,000 from a Martinez businessman was too low, so the project was passed on to a national structured sale, where Rialto purchased it.

“We were really in a crisis,” said Paul King, the broker-in-charge at Rex. “There were times we were worried about there not being enough money to keep the lights on.”

King said 10 of the condos are sold, and he is confident the remaining units will go quickly. They range in price from $119,000 to $250,000 and in size from studio to three bedrooms.

King and Woodard both think the condos will bring people downtown who
will take ownership and responsibility within the community.

“The more people that come and live and have a stake in downtown, they will be vocal about downtown and furthering the interests of downtown living,” King said.

Woodard said downtown has a 99 percent occupancy rate on all rental properties, and there is a waiting list for people interested in moving downtown.

With the White’s Building property available, she is excited about what it means for downtown.

“The piece that’s missing is home ownership,” she said. “It gives stability and continuity to downtown economic health.”

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countyman
20717
Points
countyman 04/26/12 - 07:43 pm
1
0
The JB Whites building

The JB Whites building connects to the JB White warehouse building on Ellis street via skywalk.. The owner is turning the building on Ellis street into private parking..

seenitB4
91139
Points
seenitB4 04/27/12 - 07:24 am
1
3
2 years to finish ?? How much

2 years to finish ??
How much will that parking cost countyman....will a resident pay monthly for parking.....more than 1 car pay even more??

Riverman1
87485
Points
Riverman1 04/27/12 - 07:41 am
0
0
I've always heard great

I've always heard great things about Margaret Woodard, by the way. But does the marketing strategy seem to be bringing those from out of Augusta downtown? What's wrong with marketing to those who already live in lesser housing in the city?

JBWhitesBuilding
0
Points
JBWhitesBuilding 04/27/12 - 08:22 am
3
0
Deeded secure parking comes

Deeded secure parking comes with the purchase of each condominium. Private, entry controlled, elevator allows access directly from the residential units to the gated parking.

eb97
835
Points
eb97 04/27/12 - 10:27 am
0
0
But isn't it very difficult

But isn't it very difficult to get a mortgage for a condo these days? You either pay cash, interest only or adjustable rate mortgage for a condo thanks to Freddie/Fannie.

JBWhitesBuilding
0
Points
JBWhitesBuilding 04/27/12 - 10:54 am
2
0
Mortgage financing is

Mortgage financing is available now for the purchase of new condominiums at The JB Whites Building through Loan South.
You can contact Loan South for more details through our website, http://thejbwhitesbuilding.com/

countyman
20717
Points
countyman 04/27/12 - 11:55 am
0
0
The two years were due to the

The two years were due to the recession and new owners purchasing the building...

Downtown Augusta and the urban core is growing, and will soon take us to another level...Discovery Plaza(former Fort Discovery) up to 500 jobs, office building on former WJBF building site, Rural Sourcing, Sprint Food & Metro Market, GHSU/ASU riverfront campus, James Brown boulevard streetscape, Saint Sebastian landscaping project, 220-222 6th street new residential, 314 Greene street 12 apts in Olde Town, 967 Broad street 4 apts/lofts, 566 Broad street (1st floor restaurant, and storage, office space, or retail: 2nd & 3rd floor apts/lofts), 1225 Greene street new residential, 464 Greene street, 920 Greene street six apts, 307 9th street, 586 Broad street, 556 Broad street, etc

kiwiinamerica
950
Points
kiwiinamerica 04/27/12 - 12:09 pm
0
0
Ellis
Unpublished

Ellis Street...............now there is a truly enchanting part of town.

Not.

straightshooter
90
Points
straightshooter 04/27/12 - 03:12 pm
1
2
So, $119K for a studio

So, $119K for a studio apartment? I think I'll go buy a 3 bedroom house off of Milledge for that. Which is less than 2 miles away from this location. And not have to worry about a bum asking for money every time I walk outside.

coffeetime1
1
Points
coffeetime1 04/27/12 - 11:12 pm
0
3
99% occupancy...really??? I'm

99% occupancy...really??? I'm downtown all the time and I think that figure is wrong. This comment is made by the same person who removed THE CLOCK from downtown without letting the public in on the decision to remove it. Read the mission statement for the DDA...to inform the general public and the media of this going on the our community. No one knew the clock was going out until after the fact and that includes the media! Now we have a hot dog stand in it's place. That's how we welcome visitor's to downtown now...great.

LuvMyTown
2009
Points
LuvMyTown 04/28/12 - 04:54 pm
2
0
Just talked to one of the

Just talked to one of the larger property management companies downtown. Current occupancy is 100%. They say they have only one apartment coming available - in June!

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