ALBANY, Ga. (WALB) - Leaders of two Albany agencies said potential partnerships could bring investors to consider buying buildings in downtown.
Thursday, the Downtown Development Authority (DDA) asked the Albany Dougherty Inner City Authority to consider white boxing; painting a structure all white, to please the eye of future developers.
ADICA owns buildings on Pine Avenue and Front Street. Four of them have not been white boxed, and the DDA said this could be a hot spot for developers.
To fund the project, the DDA said potential renters can also help with the cost.
“This gives us some revenue but it doesn’t give us enough to fully white box a building," said DDA Director Lequrica Gaskins. "So this will be almost our financing tool box that we can utilize that if an investor or developer comes to us and says ‘hey I’m interested in developing the building, this is what I’m interested in participating. Would ADICA partner with me to consider renovating the remaining portion of the building?’”
ADICA decided to create a committee to revisit how the money is being spent, and get more recommendations on each building.