Augusta Riverfront

Augusta, GA

Augusta Riverfront Center was developed as a nucleus to spur revitalization in downtown Augusta. The intent and eventual result of the development was to create a facility that would not only attract and accommodate businesses for meetings and conferences, but also create Class A office space to encourage businesses to relocate to downtown Augusta. This mixed-use project consists of a seven (7) story, 147,000-SF office building, a 247-key Marriott Hotel, a 46,000-SF conference center and a 676-car parking facility. The development of this facility resulted in various infrastructure projects including a levy breech, river walk, and hardscapes. Since the completion of the project, its success has spawned an additional 120-room Country Inn and Suites hotel and an expansion of the Conference Center.

Augusta Riverfront Center was a true public-private venture and is a testament to the financing expertise of BCDC. The City of Augusta had obtained a UDAG loan but had been unable to structure the other portions of the capital stack with other development teams.  BCDC was approached and created a multi-level capital arrangement, with financing provided though the combination of a participating UDAG loan, tax-free revenue bonds, a City of Augusta participating loan, private equity and conventional financing. Certain guarantees were given to the City to omit risks to any development overages and to ensure the financial success of the development.

Location

Augusta, Georgia

Team

Co-Sponsors: BCDC
Lender: US Dept. of Agriculture
Architect: Smallwood, Reynolds, Stewart, Stewart
General Contractor: Batson-Cook Company

Project Type

Mixed Use – Hospitality / Office / Structured Parking / Convention Center

Status

Disposition 1992