February 22, 2024

mariandumitru

Elegant home interior

Historic Lamar Setting up renovations could start in downtown by 2022

Downtown Augusta's Lamar Building (foreground) was purchased earlier this month by an Albany, Ga., developer who wants to build 70 market-rate apartments.

Renovations costing far more than $12 million could begin as shortly as the stop of the calendar year on Augusta’s historic Lamar Constructing. 

Its new proprietor, Albany, Ga., developer Speed Burt, aims to build 70 sector-fee flats and floor-flooring commercial space in the city’s initially skyscraper, far more than a century aged. 

“This setting up has been looked at by so lots of persons who couldn’t make the figures do the job, and he has,” explained Augusta Downtown Progress Authority Margaret Woodard. “It will be so nice not to see it mothballed.” 

Southern First Lender foreclosed on the property in 2014 and offered it in 2016 to Park Meridian Holdings of Augusta, a restricted-legal responsibility company in Aiken. Burt bought the Lamar earlier this thirty day period for $2.15 million. 

The Lamar is Burt’s second historic renovation project in Augusta. In 2018, he acquired various dozen cotton warehouses for $800,000 on 25 acres going through Slaton Avenue, which he intends to switch into 160 units of workforce housing.