The Augusta Canal Authority has entered into a contract regarding the sale of the Sibley Mill property.
On Aug. 28, the Augusta Canal Authority entered into the contract for the sale of the property with CG Sibley Mill, LLC, which is managed by Crossgate Partners and includes Cape Augusta as a partner. Cape Augusta is currently redeveloping King Mill, it said in a statement.
Earlier this year, officials with the Augusta Canal Authority entered into litigation with Cape Augusta, which was the lessee of Sibley Mill. There were two suits, with one pertaining to the lease agreement Cape Augusta signed for Sibley Mill. According to the lease agreement, Cape Augusta was to sublet the building for use as a cyber center. However, it was later determined that the building was inadequate for such use, and Cape Augusta decided instead to renovate the building to house residential tenants.
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The Augusta Canal Authority met for a called meeting on Aug. 28 to discuss the ongoing litigation regarding Sibley Mill and the possibl sale of the property.
“The Authority has confidence in the company’s ability to redevelop Sibley Mill into a first-class residential and commercial community, similar to King Mill,” the Augusta Canal Authority said in a statement said. “The Lofts at King Mill will open next month and will be a tremendous asset to the Augusta community. As with any complicated real estate transaction, there are many conditions to be addressed before a closing could occur, including engineering, design, historic approvals and environmental matters. The contract will give CG Sibley Mill the ability to evaluate these conditions and determine the viability of the project. The Authority is optimistic that the company will be successful in these efforts.”
Reporter Scott Hudson contributed to this story.
