1736 Magazine - Fall 2018

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PHOTO BY MICHAEL HOLAHAN glass-clad exterior during the next two years. A recent office-space study conducted by the Downtown Development Authority estimates nearly one-quarter of downtown’s 1.5 million square feet professional space is vacant, with rental rates ranging from $14 to $23 a square foot, depending on the “upfit” costs, the price tenants pay to “build out” the space they lease. Space in the $100 million Georgia Technology Authority-owned Georgia Cyber Center, whose phase II building opens in December, lists at more than $30 a square foot. Dye, who said rates for the SunTrust Building are in the “high teens,” said he expects office rents will start creeping up as move-in ready space in the central business district fills up. That, in turn, could encourage owners of vacant or sub-par office buildings to get off the fence and invest in their properties. “There is space available downtown, but when once that space goes, where is the next step?” he said. “There is too much going on downtown for people not to want to be here.” Aside from repurposing long-vacant buildings such as the Kress and J.C. Penney department stores, on the 800 and 700 blocks, respectively, Beman said the biggest renovation potential lies in the Lamar Building, the vacant 102,000-square-foot office tower at 753 Broad St. The century-old building, considered Augusta’s first “skyscraper,” has been owned by an Aiken, S.C., businessman since December 2016. Beman, the property’s marketing agent, said renovating the building has become much more feasible since its owner acquired a share of its rear parking lot earlier this year. The balance of the lot is controlled by the Augusta-based investment group that owns the nearby Marion Building, another fully vacant property with office or residential potential. Aside from parking, Beman said, the biggest challenge to creating move-in ready office space on Broad Street is the high risk and low return on investment given the current lease rates. Bringing an older structure the size of the Lamar Building up to modern fire codes, for example, could easily exceed $1 million. “If you look at downtown Augusta, there’s no lack of available property, there’s a lack of a revenue stream behind it to do something with it,” he said. “This isn’t Birmingham (Ala.) or Greenville (S.C.) where the rates can justify what you want to do.” • 68 u <strong>1736</strong>magazine.com
AT A GLANCE New and future office developments in the central business district: Type/Address/Square footage/Description FUTURE 1 11TH ST./150,000/ GEORGIA CYBER CENTER’S second phase building, to be completed in December, will be devoted almost entirely to office space NEW 1 11TH ST./40,000/GEORGIA CYBER CENTER’S first phase, the Hull McKnight Building, opened in July with more than three quarters of its leasable space occupied FUTURE 945 BROAD ST./40,000/ SOFTWARE FIRM TAXSLAYER’S renovation of former YMCA building into its “innovation and technology campus” is expected to be complete by December NEW 1717 GOODRICH ST./32,500/ IT FIRM EDTS opened its headquarters at Augusta Cyberworks’ Sibley Mill warehouse building last fall FUTURE 1051 BROAD ST./30,000/ INVESTOR RAFIK BASSALI will redevelop the vacant Cobern Furniture building into mixed-use commercial space later this year NEW 801 BROAD ST./15,000/A MCKNIGHT FAMILY PARTNERSHIP renovated vacant floors at SunTrust Building from compartmentalized to open-style suites last summerFuture/901 Greene St./15,000/Atlanta-based SharedSpace plans to open co-working space by November in the former state probation offices NEW 1010 BROAD ST./14,000/THE AUGUSTA CONVENTION AND VISITORS BUREAU acquired the former Whitehouse Antiques building in late 2016 to house its offices and the city visitor’s center NEW 624 ELLIS ST./13,000/SHERMAN & HEMSTREET REAL ESTATE opened its headquarters in the former Merry Land Properties offices in April FUTURE 980 BROAD ST./3,400/ MARKETING FIRM WEIR/STEWART acquired the building next to its 982 Broad St. offices for future expansion last fall FUTURE 699 BROAD ST./N/A/THE OWNERS OF THE WELLS FARGO BUILDING plan to “re-skin” the 221-foot mid-rise with a new exterior during the next two years <strong>1736</strong>magazine.com u 69
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11 Tech-Tonic Shift 14 Residential
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PRESIDENT TONY BERNADOS WELCOME MES
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was so nice. It is not the same pla
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making manufacturing a vital piece
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DOWNTOWN AUGUSTA GEORGIA Nearly $1
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“Tech”-Tonic Shift Fix downtown
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DOWNTOWN AUGUSTA What's Needed? SOM
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Downtown Dwellers Cameron Henry and
Page 17 and 18: 1ST COMMU- We play ball. NITY BANK
Page 19 and 20: Downtown Dwellers Ross, Brittany &
Page 21 and 22: ing anybody out of something. We’
Page 23 and 24: ferent when he moved in 10 years ag
Page 25 and 26: PHOTO BY MIKE ADAMS Downtown Dwelle
Page 27 and 28: Augusta. But they don’t even do t
Page 29 and 30: BACK TO BROAD After flirting with r
Page 31 and 32: PHOTO BY MICHAEL HOLAHAN Bryan Halt
Page 33 and 34: REBIRTH OF A COMMUNITY Laney-Walker
Page 35 and 36: Hawthrone Welcherdirector of the Au
Page 37 and 38: WHAT’S OLDE IS NEW home [hom] nou
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Page 41 and 42: TURNING BACK THE BLOCK Nonprofit ta
Page 43 and 44: Business School for Business AG-000
Page 45 and 46: PHOTO BY MICHAEL HOLAHAN there’s
Page 47 and 48: Ironwood’s best selling point, ho
Page 49 and 50: Paul King Rex Property & Land LLC B
Page 51 and 52: profiles, occupancy, absorption and
Page 53 and 54: steady. The upward trajectory we ar
Page 55 and 56: Riverfront at the Depot At a Glance
Page 57 and 58: protect your data. One Place for Co
Page 59 and 60: ing was one of the largest reasons
Page 61 and 62: PHOTOS BY COOPER CARRY of Augusta,
Page 63 and 64: HITS & MISSES Provincial parking at
Page 65 and 66: Parker Dye, with Jordan Trotter Com
Page 67: By bringing in new jobs, we’re ge
Page 71 and 72: Damon Cline, Editor FINAL WORDS Doe
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1736 Magazine - Fall 2018

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