Regency Mall revival project expected to cost $200 million
AUGUSTA, Ga. (WRDW/WAGT) - $200 million is the price tag city officials say it’ll cost to turn the old Regency Mall property from an eyesore into a city attraction.
But the question is: Who’s paying for it, and how long will it be before we see progress?
We spoke with former Tax Commissioner Steven Kendrick, who introduced the project in June.
He says this is being paid for by the owner, Cardinal Management Group.
While it’s unclear what the exact next step is, he says more than shovels in the ground will be here by this time next year.
“This owner’s, developer’s desire is to make sure that we can do that in this part of town, is great for Augusta,” said Kendrick.
It’s the furthest any project has gone to replace the old stomping grounds of Regency Mall, sitting vacant for more than 20 years.
This zoning request now allows the developers at Cranston Engineering to create a melting pot of housing and business.
It would have 196,000 square feet of commercial space, 220,000 square feet for a performing center or charter school, and 1,000 multi-family units at market rate.
“With this approval, we’re going to have a transformational project that will change the character of the neighborhood and will also change the economic development for the entire two quarters that sit alongside it. So we’re super excited,” he said.
While this passed through commission with no objections, city leaders are still going to keep a close eye on its progress.
The Augusta Commission member for District 3, Catherine Smith-McKnight, said: “It sits out there like a sore thumb, and I think this is the best thing so far that’s been brought, presented to us.”
District 4 Commissioner Alvin Mason said: “I haven’t had a warm and fuzzy in terms of operating with this group, however; they bring something forward that’s legitimate that we can work with, I’m all for it.” By this time next year, hopefully, something new.
Kendrick said: “Rather than dilapidated building and crushed land.”
We’re also looking at more than 3,600 parking spaces to accommodate this new space and over 82,000 square feet of open recreation space.
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