Preliminary plans call for a mix of one- andtwo-bedroom apartments at 1399 Walton Way, directly across from University Health Care System. Most of the 2.8-acre property at Walton and St. Sebastian ways is hampered by a Georgia Power Co. utility easement.
Lat Purser & Associates, based in Charlotte, N.C., is pursuing construction of a four- to five-story building on the triangular parcel’s southwest corner, with parking in the rear.
“The types of apartment projects that we manage and develop, they’re only in urban core areas,” said Lat Purser & Associates Vice President Jack Levinson.
At an Augusta Planning Commission meeting Monday, Levinson sought a parking variance to reduce the number of required parking spaces from 195 to 150 because of the property’s unique shape. He received unanimous approval by the planning and zoning board, and no further action is required by the Augusta Commission.
The project is in the due diligence stage, Levinson said. If plans continue as expected, the apartment building could break ground by mid-2014 and take about a year to complete, he said.
An estimated $11 million investment, the apartment units would rent at market rate.
“We would expect that professionals in the medical district would be renters,” said Levinson, adding downtown professionals and Fort Gordon workers to the list of potential tenants. “It would be possibly a few students.”
Levinson pointed out that the Georgia Department of Transportation already has approved road improvements for the portion of Walton Way fronting the site.
Lat Purser & Associates develops, manages and leases retail, office and multifamily centers across the Carolinas, Florida and Georgia. Locally, the company handles North Augusta Plaza, anchored by Publix on East Martintown Road.
The Walton Way property was last sold to Walton MOB Augusta LLC in June 2011 for a little more than $1 million. Its market value is nearly $700,000, according to the city’s mapping service.