Commission questions Foundry Place Development

Augusta Georgia Seal
Augusta Georgia Seal

AUGUSTA,Ga (WJBF)   Augusta city are trying to jump start a key component for the redevelopment of the Laney Walker Bethlehem area.
City leaders holding a work session on the 32 million dollar Foundry Place apartment complex project.

The proposal remains on hold as city leaders debate how to pay for it.

The plan has the city issuing 28 million dollars in bonds, with developers paying the rest.

Rents from the complex would cover the city’s costs of paying off the bonds.

“There’s always some risks to any project when we do regular anything as far as a project go there’s always some risk but I’m comfortable at what we’re looking at it’s going to be great for the area it’s going to be great for revenue in Richmond County and one of the things we need most is redevelopment,” says Commissioner Sammie Sias.

The complex located near A-U downtown would consist of 220 units with an average rent of just under 1000 dollars a month.

City leaders are expected to vote on whether to approve the project later this month.

 

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