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Education Edition - 1736 Magazine, Fall 2019

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DEPOT continued from 64<br />

Retail Strategies has been a contract consultant of<br />

Augusta’s Downtown Development Authority since<br />

2013. BLOC Global executives have been working with<br />

the authority and the city to develop the riverfront tract<br />

since 2016.<br />

The company in 2018 formally announced the<br />

Riverfront at the Depot concept and has since been going<br />

through legal and contractual procedures to acquire the<br />

property, which comes with a $12 million commitment<br />

from the city to construct two parking decks that would<br />

be used by residents, visitors and employees of the<br />

nearby Unisys office.<br />

The two, two-level decks would accommodate space<br />

for 850 vehicles and serve as the foundation for the<br />

upscale apartment community, whose first floor would<br />

be level with the riverfront levee and the Riverwalk<br />

Augusta pedestrian and bike trail.<br />

BLOC Global, which has completed its due diligence<br />

period and is financing its $80 million portion of the<br />

development through multiple sources, had planned<br />

to break ground this fall. Delays in finalizing the bond<br />

agreement and other contracts involved in acquiring the<br />

property – which the city has valued at $1.8 million – has<br />

pushed the construction start date into 2020.<br />

Carpenter said the ball is essentially in “the Augusta<br />

Commission’s court.” He said the groundbreaking date<br />

is a “moving target.”<br />

“We realize these kind of public-private partnerships<br />

take time, but every day that we don’t have action is<br />

delaying the project,” Carpenter said. “Right now, we’re<br />

ready to move the ball forward.”<br />

The project would be the single-largest private<br />

investment in downtown Augusta since construction<br />

of the Augusta Marriott at the Convention Center and<br />

adjacent Augusta Riverfront Center office building in<br />

the early 1990s. That project also was a public-private<br />

partnership, with the city investing in the convention<br />

center’s parking decks and other public infrastructure.<br />

The property on which the Depot development will sit<br />

has been vacant and off the county’s tax rolls since the city<br />

acquired the property from the railroad nearly 60 years ago.<br />

Aside from future property and sales taxes, BLOC Global<br />

has estimated the project will create nearly 800 jobs during<br />

construction and 230 permanent jobs once completed.<br />

<strong>1736</strong>magazine.com | 67<br />

1117_T_67_AM____.indd 67<br />

10/25/<strong>2019</strong> 12:38:49 PM

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