With barely 15 minutes to spare, representatives of WODA Cooper Development were able to reach an agreement with the Augusta Land Bank Authority (AGLBA) to lease the historic Weed School in the Sand Hills Neighborhood.
According to Denis Blackburne, vice-president of development for WODA Cooper, the company plans to spend $15 million to remodel the old school, located on Mount Auburn Street, into two stories of studio, one and two bedroom apartments and commercial availability on the ground floor.
Blackburne says that the development company’s plans dovetail with the expectations of the neighborhood community.
“We have held three community forums and the folks in Sand Hills have been very vocal that they want to see that historic space repurposed as affordable living for all ages,” Blackburne said.
The two parties were under a time-crunch to reach an agreement as the deadline for submitting an application to the Georgia Department of Community Affairs (GDCA) for tax credits of $1.2 million was at the end of the day on May 16.
Blackburne says that the deal hinges on getting those tax credits, as the renovation costs alone are expected to be between $6 and $7 million. The company should know by December of this year if the tax credit application has been approved.
On May 6, the Augusta Commission voted to allocate $860,000 in partnership loan funding for restricted use with WODA Development, but the developers needed some form of lease agreement to file with the GDCA by the deadline.
WODA Cooper made several concessions that had earlier stalled the deal, such as lowering the lease term from 75 years to 50 years and agreeing to pay $10,000 annually in rent, rather than the earlier negotiated price of $10 per year.
AGLBA Chairman Chris Johnson says that he is pleased that the authority accepted the changes to the lease to allow the deal to move forward.
“I believe the board was much more comfortable with the changes in the terms and now the community will get the chance to see this historic building made viable again,” Johnson said.
Construction is set to begin in December of 2026.
Scott Hudson is the Senior Investigative Reporter, Editorial Page Editor and weekly columnist for The Augusta Press. Reach him at scott@theaugustapress.com
