The Downtown market is off to strong start! As I and the rest of the brokers on my team all live in Downtown’s Olde Town neighborhood, the Central Business District is near and dear to our hearts! It’s great to see so much excitement around the growth downtown, and to hear and be a part of new developments and announcements.
The Multifamily market is expanding quickly, with 647 Class-A apartment units announced and under development. Millhouse station, developed by the Iveys, should be delivered soon. “The Standard”, developed by ATC and located at 12th and Greene, has been announced and will bring 140 additional units downtown. “The Atticus”, located on the hallowed site of the former Sandwich City, will bring 54 units to Ellis Street. King Mill, with a whopping 240 units, is progressing and slated to start construction soon. Michael Osbon announced development of 58 units on the 1200 block on Broad next door to the Marbury Center. 647 additional class-A apartments will surely fuel demand for restaurants and retail and will have an immediate impact on street life downtown.
Downtown’s retail sector has seen substantial change in the past few months, with many available buildings such as 1208 Broad and 641 Broad under contract and retailers hunting for space to purchase and expand. Developers are moving forward with plans to bring new business Downtown, such as Shawn Weight’s Tacocat, Jay Klugo’s redevelopment of the Woolworth’s building, and Shawn Mosley’s redevelopment of the old Rexall Drug building into Emil’s—a self-serve coffee/bar concept.
The office market has seen some changes, with the Lamar building under contract, and the GA cyber center announcement of construction of a third Cyber Center building. Tech jobs continue to come downtown, and I think we will hear some exciting announcements in the coming months as developers scramble for sites.
It’s a great time to live in Augusta, and we at Meybohm Commercial are proud to play as small part in the peace and prosperity of this great city. Thanks for reading our market report, and we hope it’s a benefit to you.