Downtown Augusta's Lamar Building (foreground) was purchased earlier this month by an Albany, Ga., developer who wants to build 70 market-rate apartments.

Renovations costing extra than $12 million could commence as quickly as the stop of the calendar year on Augusta’s historic Lamar Making. 

Its new operator, Albany, Ga., developer Pace Burt, aims to build 70 current market-level apartments and ground-ground industrial space in the city’s first skyscraper, far more than a century old. 

“This creating has been seemed at by so numerous people who could not make the numbers get the job done, and he has,” mentioned Augusta Downtown Enhancement Authority Margaret Woodard. “It will be so pleasant not to see it mothballed.” 

Southern First Financial institution foreclosed on the residence in 2014 and bought it in 2016 to Park Meridian Holdings of Augusta, a limited-legal responsibility corporation in Aiken. Burt acquired the Lamar earlier this thirty day period for $2.15 million. 

The Lamar is Burt’s second historic renovation task in Augusta. In 2018, he bought various dozen cotton warehouses for $800,000 on 25 acres dealing with Slaton Road, which he intends to transform into 160 models of workforce housing.