An unnamed developer has submitted a commercial letter of intent to the Columbus Redevelopment Authority to purchase two adjacent parcels in the Burns Bottom project area.
CRA’s board discussed the offer in executive session Wednesday, voting to send a counter offer letter with additional provisions to the prospective developer. The board did not name the interested party. The exact location of the parcels or details regarding the offer and counter offer are not being publicly disclosed at this time, board attorney Jeff Turnage said.
“He doesn’t want any details disclosed about his identity,” Turnage said. “And we don’t have to disclose that at this time. We don’t want to disclose the price because if he doesn’t go through with it, that will set a floor on what another buyer might offer.”
Turnage said the board will now wait to hear back from the prospective buyer on the terms and conditions it put into the counter letter, and he is optimistic the buyer will approve of the changes made.
“They’re going to do some due diligence,” he said. “It has some conditions and terms. We don’t know if they’re going to accept them, but we feel like they probably will.”
CRA President Marthalie Porter told The Dispatch the board received the letter in late October. It has also submitted 31 requests for proposals to 10 separate companies to review and begin the redevelopment process in the five-block area near the Lowndes County Soccer Complex — between Third and Fourth streets and Second and Seventh avenues North.
Porter believes that if the purchase is approved, it will get the ball rolling on the rest of the project to redevelop the Burns Bottom neighborhood.
“We are excited about the potential sale of these two parcels,” Porter told The Dispatch. “We think that it will be a good way to make a start and build something in the development area. The old saying goes about a snowball, ‘As it rolls downhill, it gets bigger and bigger.’ So we feel like this would be a good beginning for many good things to follow.”
Interim City Planner George Irby, who serves as liaison to the CRA board, agreed the potential for the first sale should attract other developers.
“Logically, people see something going on, and they want to become a part of it,” Irby told The Dispatch. “So I think it’s definitely a plus if something is happening with the project.”
The CRA was established in 2015 to target redevelopment in the city’s urban renewal zone, which includes Burns Bottom. The city council in 2017 approved issuing a $3.2 million bond for CRA for land acquisition, site prep and marketing in Burns Bottom.
It also completed the sale of the old Lee Middle School to the Military Lee, LLC for $450,000 in June 2018, which was developed for the Lofts at Lee.
You can help your community
Quality, in-depth journalism is essential to a healthy community. The Dispatch brings you the most complete reporting and insightful commentary in the Golden Triangle, but we need your help to continue our efforts. In the past week, our reporters have posted 43 articles to cdispatch.com. Please consider subscribing to our website for only $2.30 per week to help support local journalism and our community.
You can help your community
Quality, in-depth journalism is essential to a healthy community. The Dispatch brings you the most complete reporting and insightful commentary in the Golden Triangle, but we need your help to continue our efforts. In the past week, our reporters have posted 43 articles to cdispatch.com. Please consider subscribing to our website for only $2.30 per week to help support local journalism and our community.
Join the Discussion