Investors visit Albany - WALB.com, South Georgia News, Weather, Sports

Investors visit Albany

March 13, 2008

Albany -- About a dozen real estate investors toured Albany Thursday. The City's Office of Small and Disadvantaged Business hosted the minority developers,  trying to convince them to build affordable housing Downtown.

Chinese American Investors with K-J-L Trading in New York and African American developers from Atlanta and New York met with City leaders to discuss real estate opportunities and government grants that could help them.

These three houses at Jefferson Street and Martin Luther King Drive were built by developers for community development. Now the city is working to lure more developers. Mac Broughton of Broughton and Associates said  "we bought just a few lots when we found out they had those, and we just been working it ever since. There are a lot of great opportunities here, and not the hustle and bustle we are used to."

City leaders showed the investors several properties that are prime for development. They say Albany has had a shortage of affordable, quality homes downtown since the floods of 1994 and 1998.

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