January 14, 2009
AUGUSTA, Ga.---The developer of a planned riverfront complex along the Savannah River near Fifth Street has backed out of the $1.85 million deal to purchase the property.
Foxfield Company entered into the contract in the summer of 2006 to buy almost seven acres of property around the old Norfolk and Southern train yard. Environmental cleanup of the area is almost complete, but no construction on any buildings has started.
The plan was for condos, businesses and a boutique hotel on the site.
However, the developer says the economy that first delayed the deal has now ended his hopes of moving forward.
Foxfield says it has spent almost half a million dollars on environmental cleanup and will ask the city to reimburse them for that cost. City Administrator Fred Russell says the city will use unspent SPLOST money to reimburse the company.
Russell says another company has expressed interest in the property, and if that deal goes through, the SPLOST money can be recouped.