A partnership between The RADCO Cos. and Columbia Ventures has broken ground on The Foundry, a 221-unit Class A garden-style community in Augusta, Ga. The joint venture anticipates the luxury development will open its doors to residents in summer 2019.
The $30 million development was financed through $26.1 million in bonds, according to the Municipal Securities Rulemaking Board. The 19 individual bonds series are set to mature between 2020 and 2048, bearing interest of between 3.6 and 5 percent. RADCO Capital, the funding arm of RADCO, contributed an additional $5.3 million in private equity capital. Block Cos. is the general contractor for the project, and TSW Design is providing architectural services.
Revitalizing the neighborhood
Located at 1400 Wrightsboro Road in the city’s Laney Walker/Bethlehem neighborhood, the development site is placed a short walk from Augusta University. The area is home to a number of revitalization initiatives focused on bringing more quality housing inventory to the district. The project sits within five miles of both interstates 20 and 520, providing access around Augusta and throughout the region.
“Along with Columbia Ventures, our investment in the Foundry development is a critical link between the massive investments being made in Augusta’s commercial nodes and the quality housing needed to attract an educated workforce,” Norman Radow, founder & CEO of RADCO, told Multi-Housing News. “For instance, the medical and dental schools immediately across the street from our property are expanding, but there has been no new quality housing built within walking distance to the school. The Foundry addresses this need.”
High-end amenity mix
Plans for the property’s six three- and four-story buildings call for a mix of one-, two- and three-bedroom apartments, containing an average of 996 square feet. Units will feature nine-foot ceilings, balconies, stainless steel appliances and balconies. Community amenities include an outdoor swimming pool, a dog park, a fitness center and study areas. A car-sharing station operated by ZipCar will also be located on-site.
RADCO is involved in a number of other projects across Georgia, with a focus on redeveloping Class B assets in Atlanta.
Image courtesy of The RADCO Cos.