Augusta Economy

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Doris Building on Broad Street gets new owner

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After going through a bank foreclosure in 2013, the Doris Building on Broad Street has changed hands once again.

In December, local real estate investor Rafy Bassali acquired the 13,000-square-foot building from Atlanta-based State Bank and Trust Co. for $215,000. The market value for the property at 930 Broad St. is listed at nearly $580,000 on Augusta’s mapping system.

The property’s low price and the adjacent White’s Building made it an attractive investment, said Bassali, who plans to lease the space unless he finds an offer to sell worth pursuing. Bassali said he is talking with an interested party that had tried to purchase the building at the same time he did in late 2013.

“I would only sell it if the price is right,” Bassali said. “I want to keep it, so I have to see this offer through.”

The nearly vacant building is split into two commercial spaces fronting Broad Street and contains four back offices downstairs and an additional four upstairs. Sundrees Urban Market, a locally owned organic grocer, occupied one of the spots for two years before closing in early 2013.

The Doris Building was seized by State Bank and Trus last April after Doris Building LLC defaulted on a loan.

Bassali said he could see a restaurant or neighborhood-style business prospering at the site.

“Being connected to the J.B. White’s Building, once those condos fill, if they fill, any type of business that caters to them would work,” he said. “New Moon and the Book Tavern are next door. They both seem to be doing pretty well, so any type of business like that.”

Tenants of the Doris Building are required to follow homeowners association regulations with the White’s Building, formerly the J.B. White department store, but the two otherwise operate separately, Bassali said.

Bassali, a graduate of the University of South Carolina’s Moore College of Business, has focused on flipping downtown residential property and has projects in the works at 875 Broad St. and the Augusta Blueprint Building at 512 Reynolds St.

THE BACK STORY

DEVELOPMENTS

In April: The Doris Building was seized by State Bank and Trust Co. after Doris Building LLC defaulted on a loan.

In December: Local real estate investor Rafy Bassali acquired the Doris Building for $215,000 from State Bank and Trust Co.

In January: Bassali is contemplating selling the building, will likely retain the property to lease.

Comments (21) Add comment
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Riverman1
94348
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Riverman1 01/14/14 - 04:10 am
5
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Says Much

$215,000 for property listed at nearly $580,000 on Augusta’s mapping system. That says much.

seenitB4
98656
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seenitB4 01/14/14 - 08:31 am
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Yes it does RM

Times have changed for Broad St...we all know it....just wish the commish would learn that & move on with better projects.

corgimom
38775
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corgimom 01/14/14 - 08:34 am
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5
It never ceases to amaze me

It never ceases to amaze me how people watch businesses fail Downtown, over and over and over- but then they think theirs will succeed, when it's the same businesses as the ones that failed.

David Parker
7923
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David Parker 01/14/14 - 09:15 am
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“I would only sell it if the

“I would only sell it if the price is right,” Bassali said.

Folks if you get an offer, I would carefully consider before declining.

"Bassali said he could see a restaurant or neighborhood-style business prospering at the site."

But yet you don't and why do you think that is the case with all the old empty buildings down there? It's no trick to imagine the possibilities. Make it attractive and desirable and then think in terms of reality. Just my .02

corgimom
38775
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corgimom 01/14/14 - 09:37 am
1
1
Brad Owens, are you out of a

Brad Owens, are you out of a job? I'm concerned about you-

countyman
21687
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countyman 01/14/14 - 12:02 pm
3
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Double standard

The people who actually visit downtown regularly can see the progress.. The amount of private construction is amazing especially on Broad street.

The Holiday Inn Express, Sprint Food Metro Market, Craft & Vine, 905 Broad(restaurant/meeting space), etc is under construction right now on Broad street.

Businesses fail all over the united states and the developers are investing downtown because of the demographics..

People are moving in and the businesses are following behind..

The building was in foreclosure and the price reflected the situation..

I can buy a 4 bedroom home in Riverwood(was supposed to be upscale) built in 2006 for $209,000... What happen to Evans??

Riverman1
94348
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Riverman1 01/14/14 - 10:31 am
1
3
I don't think I'd want a 4

I don't think I'd want a 4 STORY house either. Heh.

Homes in Riverwood Plantation:
http://www.betterhomesofaugusta.com/riverwood-plantation.asp

David Parker
7923
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David Parker 01/14/14 - 10:50 am
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3
Why does it always end up

Why does it always end up with someone pointing a finger at CCOunty? This story and the empty/dilapidated buildings down there have nothing to do with Evans. Is it pure envy or what?

countyman
21687
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countyman 01/14/14 - 12:35 pm
4
3
Double standard

Why do people always have to point the finger at Richmond no matter the article? Why don't the same people care when CC residents call Augusta the next Detroit? Is it pure jealousy or what?

The double standards need to stop when it comes to each county. Nobody can speak negatively in terms of Columbia County. The negative comments towards Richmond County are just accepted however with no problem..

Several buildings and tracts of land in Columbia County have sold at lower price points. Why doesn't Riverman comment on them?

Many of the citizens who live in CC(like Riverman) point the finger at Richmond County every single day.. Why can't we ever mention CC?

It's hilarious were suppose to be envious but the citizens of RC hardly ever bring up CC.. I lived in CC before and the empty Marshall Square or vacant Mullins Crossing 2 in Evans have nothing to do with downtown either... Why don't people care when the article involves downtown and one comment is telling other's to avoid downtown and visit Evans?

Dixieman
17607
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Dixieman 01/14/14 - 12:42 pm
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David Parker
7923
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David Parker 01/14/14 - 02:51 pm
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To answer the questions from

To answer the questions from Cman. We all know the economic collapse of 2009, hit those areas in Col Co. you mention, and stopped them dead. They are an epic fail, no doubt. The problems with ARC are not that isolated and cannot be attributed to the economic climate, they are deep-seated issues that are no closer to being unravelled and fixed than they were 30 years ago. Col. Co. has done well for itself for the last 30 years and after a couple of hundred years, if it's in the state ARC is in, then I will concede I am way off base with my assessment.

I will admit I am jealous of ARC. They have a historic district in a great setting. They have the river. I've always loved it. There is the National, and the Hill area, colleges, etc. All of this and yet it still struggles, as much as one can, to accomplish most anything. And in those cases where something was accomplished, it is usually coupled with some type of underlying deal or arrangement that was not intended in the principle of the deal. Just so happens right? Both counties have this, but again, ARC has had a few centuries to iron out the wrinkles and CCounty, is cruising after 50 years or so.

David Parker
7923
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David Parker 01/14/14 - 02:53 pm
1
1
let's just wrestle for pinks

let's just wrestle for pinks and be done with it.

Riverman1
94348
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Riverman1 01/14/14 - 03:38 pm
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David Parker, I'm curious if

David Parker, I'm curious if you ever opened that business downtown I seem to recall you talking about? Or do I remember that wrong?

Riverman1
94348
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Riverman1 01/14/14 - 03:42 pm
0
2
Don't Slam Augusta

Don't slam Augusta. We need the jobs it provides, a place for public housing, a place for the LGBT population, hipsters and a place to go get drunk with bars open until 2 AM.

David Parker
7923
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David Parker 01/14/14 - 04:28 pm
3
0
I put it out there and

I put it out there and couldn't get the HUD office to come off the funding for the renovations to the building. The landlord wouldn't work with me either on necessary repairs /installations. I talked with financers and the like but nobody wanted to get involved with something that risky.

In hindsight, and I'm not saying my concept was anything remotely like them, Eros didn't fair too well where I was interested. It certainly didn't ooze charisma and atmosphere. Not much authenticity either. That's what seems to happen when something is done half-___. Looked like they put in some tables, linens, and roll-away hot/cold bars in the kitchen. Just not that much there. Had the property been developed into a concept instead of installing a quick IKEA-style business, they would have had a better chance. Just my H.O.

For folks to drive downtown, you have to give them the real thing. Nobody wants to help the folks that are willing to go the distance.

Riverman1
94348
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Riverman1 01/14/14 - 06:07 pm
0
0
David, thanks.

David, thanks.

corgimom
38775
Points
corgimom 01/14/14 - 06:56 pm
1
3
I was in Downtown on Friday

I was in Downtown on Friday and Saturday.

The number of empty buildings is sad and tragic.

Results don't lie, downtown is not doing well at all.

corgimom
38775
Points
corgimom 01/14/14 - 06:58 pm
0
3
But the difference between RC

But the difference between RC and CC- for the last 35 years that I know of, MILLIONS upon MILLIONS upon MILLIONS have been poured into Downtown, with each "project" and "grant" supposedly revitalizing it.

And the reality is that even after all the millions poured into it, there are empty buildings everywhere that you look, and a few lofts won't change that.

lajones
7
Points
lajones 01/14/14 - 07:07 pm
4
1
downtown isn't hopeless

In response to the people who are discouraged about the future of downtown, there is a lot of value to be derived from downtown Augusta. This building came out to be $16.50 a sq/ft. The purchasing of this building, as well as other downtown properties, by young investors like Bassali, show that a younger and rising generation proves the potential of Broad Street.

The low prices give young investors the opportunity to purchase and clean up vacant buildings downtown, as well as bring in new and innovative business ideas.

Augusta was just listed as one of the top ten lowest cost of living cities on the huffington post. That fact coupled with low real estate prices make businesses in downtown a lot more viable than in other parts of the city.

If the government will not make the flourishing of downtown an easy task, maybe individuals with a vision for the area and the stamina to find ways to work with a difficult government will be the catalyst needed to make downtown a competitive and prosperous region of the community.

David Parker
7923
Points
David Parker 01/15/14 - 09:20 am
0
0
yep. Mebbe

yep. Mebbe

lovinlivindowntown
3
Points
lovinlivindowntown 01/16/14 - 01:58 pm
0
0
I am so excited to see people

I am so excited to see people not losing faith in what downtown can be with some love and restored purpose. If we continue to walk away, it will continue to fall away. Props to friends of the neighborhood who are investing, visiting, living and loving on downtown! Blessings on Mr. Bassali's endeavor with the Doris building, and to the others who are working towards new projects!

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