The White's Building is headed for foreclosure sale.
The unfinished Broad Street condo renovation project has been scheduled for sale in the Augusta Municipal Building on Nov. 3, according to a legal notice from the Federal Deposit Insurance Corp.
The transformation of the old department store halted after Duluth, Ga.-based Haven Trust Bank failed in December 2008. The project developer, Horizon Group Investments, had a construction loan through Haven Trust.
The FDIC filed suit against Horizon Group in May when the Atlanta developer defaulted on its $5.7 million loan. Horizon was overdrawn on its account by at least $479,000 and was in debt to contractors and service providers for more than $700,000, according to the suit.
First-floor office space and one floor of condos were finished when the work stopped. Horizon was able to sell 12 of the 17 condos. The building remains occupied and has been overseen by a downtown property management group since May.
Julian Roberts, of Renaissance Partners, which owned the J.B. White Building before selling it to Horizon in 2007, said the idea of buying it back to finish the work was "an interesting opportunity" but made no commitment.
Reach Tim Rausch at (706) 823-3352 or timothy.rausch@augustachronicle.com.
The Augusta Chronicle ©2010 Morris Communications, LLC. All Rights Reserved.
Roberts the III, on the DDA. Paul King, choosen to 'manage' the property through this rough stormy time, on the DDA. Maggie Woodard, Director of the DDA, lives in the building. The DDA relocated its office to the Whites Building, and even with all that DDA support it is still failing? How revolting. It seems that Horizon Group has been duped and I would be willing to bet that King's Rex Properties or Roberts 'Renaissance Partners' (or the two together) will end up owning this. Well, imagine that, would that mean Ms. Woodard would need to move out to prevent a 'conflict of interests' by renting from her boss? Nope, she already had rented a house from Paul King before when he was the Chairman of the DDA. The DDA is a real interesting group and it seems they above the Code of Ethics of the County and State. Good for them and thier own bank accounts.
You're good Brad, and probably right. Horizon had a plan, but the stupid government jerk-wads would not listen. Typical. But as I've said before, downtown is not safe, and moving the DDA offices to a place that has their own security proves my point. Time to take back our streets.
Disband the DDA.. vote Butch
No comments on this. Seems that it must be in the wrong section or either no one cares.
Brad, Didn't the DDA secure a loan from the Department of Community Affairs to help in the renovation of the building and are they not the ones who will have to repay that loan if it is defaulted? Will the ones who purchase the building have to be made aware of the loan?
Its just another DDA deal ... A goverment agency that has out lived its usefullness and now only strives for the intrests of its own members. All the while gambling public funds in the promotion of self intests ....
You are correct BAMABOY.
All the finger pointing is useless. No one ever looks at Augusta's problems logically AND decides to invest their own money assuming all the risks. They depend on city government -- a government that has never accomplished anything. Come on Mr. Roberts. Buy the building again and see if you can make anything of it...without the city's support.
Amazing. Another blow to Downtown. Let the city finish it up and put section 8 housing there.
Dang
another alternative TEE center location. hah.
I am so sick of seeing Brad Owens comments on every page I ever look at. Seriously get a life. Don't you have better things to do than act like you know EVERYTHING. Half the stuff you spit up is misleading or is just plain noise to read. And btw her name is Margaret Woodard and if you're going to complain about her then complain about Enterprise Mill and all the people that work and live there. You and a handful of others make it painful to enjoy online stories keep your cynicism overseas.
i swear.. augusta is more corrupt then chicago!
Can someone please explain why it is against comments policy to say that the DDA should be disbanded? This is an entitity that just wasted over $37,000 of our tax money on an idiotic trolley study.. they should be dissolved.
CSRAcitizen007, I noticed you didn't challenge the validity of ANY of the correct/100% true comments I made. If you don't like my comments, don't read then and continue to stay uninformed on the facts behind these so-called 'public servants'. The DDA has been a self serving group led by self serving people. Unethical behavior should be noticed and confronted. Keep heading east looking for a sunset and the rest of us will be here in the real world. I bet you support TEE as well don't you? P.S. The reason I don't complain about the Mill is because it was a PRIVATE project not using our tax dollars.
The current City code. maintained by the city law department, spells out the following "(b) Each of said persons named as directors above shall serve in such capacity for the number of years set forth opposite their respective names; and if at the end of any term of office of any director, a successor thereto shall not have been elected as hereinafter provided, then the director whose term of office shall have expired shall continue to hold office until his successor shall be so elected. No person shall receive any compensation for serving as a director but a director may be reimbursed for his actual expenses incurred in the performance of his duties." Now if this is the code were are operating under, and it is based on Georgia law, What are we doing paying Ms. Woodard a salary? Is it because the current crop of commissioners havent even read the city code? The law for establishment of DDAs' in Georgia clearly states all positions will be unpaid appointments and for limited periods of time.
There seems to be this prevailing attitude that America is always supposed to prosper, everyone is always supposed to make money and have a comfortable lifestyle, and that every investment should make money. Horizon defaulted on the loan, and they SHOULD have their property foreclosed on. That's what happens when you can't pay back a loan secured by real estate.
It IS confusing, but the term "director" in the City Code refers to the unpaid appointed members of an Authority or Board; not to the hired executive director or other personnel.
You know, i have never commented on anything here but I just couldn't let this one pass me by. I am very saddened to hear of this news. I haven't lived in Augusta in over 2 years but I spent 32 yrs there and I recall the White's building as a vacant ghost town of a store front. I always envisioned something beautiful there and when I heard it was finally getting transformed into that something beautiful I was so joyful of the possibilties. I looked at purchasing one of the condo's last year and I was told that I wouldn't be able to purchase at that time. Now to hear that the building is headed to foreclosure....well that is horrible. I'm not familiar with the city code or the dda but this is just another demonstration of how the city of Augusta has mismanaged another wonderful opportunity.
Read the story again. The building is headed to foreclosure, but all of the units that were completed are being lived in. And the city of Augusta had nothing to do with this.
Jobediah88,
FOR SALE, unit in White's building. Who in the world told you there were no units for sale?
I own one of these and I will sell in a second. Contact any real estate agent. At the present I have it rented but at $200.00 below (the value)of my payment.
It's a 6 mo lease so it will be avail soon.
No one is interested or cares about the owners. We still make the mortgage payment but where is our parking area and all the other amenties? Buyer beware.