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