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Downtown Development Authority approves Georgia Cities loan for Broad Street building

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The Downtown Development Authority of Augusta approved a $250,000 Georgia Cities Foundation loan for The Johnson Building at 758 Broad St. on Thursday morning.

The loan is one of more than 10 Georgia Cities Foundation loans the DDA has approved this year, opening up funding for developers and property owners in an economic climate where banks are leery about lending.

The Johnson Building underwent a $1.1 million renovation, creating 13 market-rate apartments on the second floor. The ground floor contains commercial space.

“In this economy with banks only loaning 50 percent, this is an excellent program,” said DDA executive director Margaret Woodard. “It’s the bridge.”

Georgia Cities Foundation loans are available for up to 40 percent of the project cost, not to exceed $250,000, and are available after the project is completed. Woodard said the program has allowed projects in downtown Augusta to happen that would not have occurred otherwise.

The Johnson Building has also been approved for a $100,000 Green Loan from the Green Communities Fund, a program of the Georgia Cities Foundation.

In other business, DDA board member Mark Bowling has resigned. The board voted to approve treasurer Cameron Nixon to replace him as vice chair. Board member Scylance Scott was then voted to replace Nixon as treasurer. New board members Natalie Bowen McLeod and Sanford Lloyd were welcomed.

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countyman
21687
Points
countyman 07/12/12 - 12:47 pm
1
4
These must private developers

These private developers must be wearing rose colored glasses too lol... They obviously didn't hear the CBD isn't safe overall, and there's no growth in the urban core...

I'm sure 901 Broad 9 apts/4,300 sq. ft. of retail, JB white condo expansion(51 total/private parking on Ellis street, renovation of Fort Discovery, 920 Greene 6 apts, 2K Architects/other tenants at 529 Greene, 220-222 6th street residential, 1120 Jones street 8 apts, Bath Fitters next to Marbury Center, Sprint Food & Metro Market at 851 Broad, 566 Broad residential/retail, 967 Broad 4 apts, etc is all an figment of my imagination....

Excluding the new residential going at 1225 Greene, 834 Greene, 586 Broad, 220-222 6th street, 556 Broad, 566 Broad, and 307 9th street...

JB Whites = 34 new condos(51 total)
Johnson building= 13 apts
901 Broad= 9 apts
1120 Jones street= 8 apts
920 Greene street= 6 apts
967 Broad street= 4 apts

74 new living spaces in the CBD...

Riverman1
94247
Points
Riverman1 07/14/12 - 04:50 pm
2
1
County Needs Its Own Development Assoc.

West and South Augusta should form their own development authorities to steer some of the grants their way. After all, we're one big happy city....right?

Shellman
623
Points
Shellman 07/14/12 - 01:22 pm
1
0
Curious
Unpublished

This is the JOhnson Building we are talking about, right? Isn't this the same building where Rockbottom Music is located on the ground floor? On Wednesday the owner of Rockbottom announced he would be leaving downtown and the Johnson building because of the crime but also because he said that the building owners and property managers were not maintaining the building properly (Leaky roof) and this resulted in him and another tenant losing thousands of dollars of inventory. Then the very next day, the DDA announces that the owner of the Johnson Building will be getting a sweet heart loan that they secured for them from the Georgia Cities Foundation. The building owners claim they spent $1.3 million in upgrades to the building. But Jonathan Karow of Rockbottom Music said he suffered water damage from the leaky roof about a month ago. They obviously did not fix the roof and I think this claim that they invested $1.3 million upgrading the building is suspicious, along with the timing of the DDA loan. Will Mr Karow and the other tenant be compensated for their losses from this taxpayer funded loan? Somehow I doubt it? Will the local media investigate this? Probably not.

Riverman1
94247
Points
Riverman1 07/14/12 - 04:52 pm
0
1
Shellman, Good Info

Well, ain't that all interesting.

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