Housing authority looking at 2 new deals
One involves existing units in West Rome, and the other is a new complex near Mount Berry Mall.
A company based out of Knoxville, Tennessee, has signed a contract to purchase the 120-unit Meadowlane Apartments in West Rome.
The Northwest Georgia Ho u s i n g Au t h o r i t y agreed Wednesday to an inducement resolution, committing to provide bond financing of up to $10 million for LHP Capital LLC to acquire and renovate the apartment complex.
NWGHA attorney Stewart Duggan said the Tennessee firm has done more than 50 projects in Tennessee, Kentucky and Arkansas.
“Now they want to move into Georgia,” he said. “They’re well thought of. They’ve got a well-run operation and they don’t do cheap construction.”
Duggan said that while there is no written commitment
at this time, his discussions with LHP officials have indicated the company may be willing to bring the housing authority in as a 25-percent partner.
NWGHA Executive Director Sandra Hudson also briefed authority board members on a visit to Rome by officials with Pinnacle Housing Partners of Temple, Texas, owners of 19.95 acres behind Mount Berry Mall.
The company initially
planned to construct apartments on the tract after completing the purchase from Crown American Properties for $900,000 in April 2002. Those plans, for reasons never fully explained, failed to come to fruition. However the company has held on to the property ever since.
Hudson said she would be meeting with company executives to discuss potential plans and opportunities for the authority
to be involved in plans for the property.
“They’re going to try again,” she said.
Hudson said the housing authority could potentially be involved as a co-developer and possibly manage the apartments.
The Hull Property Group, owners of Mount Berry Mall, have been seeking tax allocation district financing for the mall property and several parcels near the Rome Tennis Center at Berry College to spur additional growth in the area.
Hudson said, “No one has ever mentioned TAD,” when asked if their interest in the property evolved when talks of creating a TAD surfaced.
The Rome Redevelopment Committee is expected to discuss the TAD issue again during a meeting with Hull Property Group executives.