The Albany-Dougherty Inner City Authority wants to unlock hidden gems downtown, starting with an old building at 124 Pine Avenue located close to Riverfront Park and across the street from the RiverQuarium.
Whether we're doing commercial or not we're going to look at the potential for mixed use or just full residential use, says Downtown Manager Aaron Blair. When we're looking at redevelopment opportunities for residential obviously the key is being close to the park and close to any of the shopping people need for essential services.
This is a big step for us. No matter what it is if it's residential or a store or what it's going to be just what we need to get things started downtown, says ADICA Chairman Andrew Reid.
The $129,564 purchase is a part of ADICA TMs cleanup efforts for Downtown.
The property is one of the highest blighted properties that we have in downtown and one of our goals here is to in order to change the image we have to change some of the blighted downtown, says Downtown Manager Aaron Blair.
ADICA board members say they want to purchase and develop buildings so they are ready for those interested in creating a business downtown.
Those will be to develop properties to get them into ready type modes so if anybody wanted to buy them they can come in and they have a piece of property they can start on immediately, says Reid.
Whether the building on Pine needs to be rebuilt from the ground up is still undetermined.
The one thing we don't want to do is knock down building and knock down buildings and just creating more and more gaps in the urban network that we have downtown, so our first goal would not be demolition if we can save it, says Blair.
ADICA says they will use the nearly $6 million bond from the Tax Allocation District as well as approximately $20,000 ADICA generated for the TAD to help redevelop the building.
Every little bit we get in the TAD is going to be helpful and that's what we look at as it's grown. Even if have $21,000 we may be able to use a portion for that service and a portion even if we only spend five or six, that's $5,000 or $6,000 worth of improvement, says Blair.
ADICA board members say the purchase of 124 Pine Avenue will include prorated taxes as of the close date.