ALBANY, GA (WALB) - Albany's Mayor and City Commissioner voted this morning to accept a bid from Novin Construction, LLC of Atlanta, GA to develop the six story, seventy-four unit property known as "Albany Heights," originally known as The New Albany Hotel.
There will be 66 one bedroom, nine two bedroom, and eight Commercial/Retail spaces in the facility, which was built in the 1920s.
The city expects the new development to provide an attractive downtown option of mixed use housing and commercial space for college students, young professional & empty nesters.
The city had issued a Request for Proposals (RFP) to secure a buyer and developer for mixed-use residential/retail development for the property located at 249 Pine Avenue in Downtown Albany, the City has successfully secured a proposal.
The city says that redevelopment of the 70,330 square foot historic Albany Heights building will not only provide the first option for downtown housing; but it will also provide $1.6 Million in construction costs, $77,000 in Sales Tax Revenue from construction spending, and add 10 jobs during construction.
The estimated market value of the property after construction will be approximately $1.9 Million, which will result in property taxes of approximately $31,116 annually.
City officials say the project is a win, win for both downtown and for the City of Albany.