The slow drawn out death of the so-called “Depot Project” along the river in downtown Augusta continues. The developers are now threatening to pull out of the deal over $50,000.
According to the Augusta Chronicle’s Susan McCord, “…Friday, interim City Administrator Jarvis Sims revealed project developers are demanding the return of $50,000 in escrow or they will withdraw from the 4-year-old deal.”
The $50,000 is the amount owed to a partner in the deal who is backing out, and represents .03% of the $14 million the developers are asking from Augusta taxpayers to develop the mixed use project.
The piece of land the city, through the DDA, offered up is the last undeveloped parcel along the Savannah River from 5th to 13th Streets under the control of the city of Augusta.
With that being the case, many are thrilled to see the Alabama company roll back home and allow city leaders to assess the land with a more thoughtful approach.
Good riddance. Don’t let the door hit ya where the good Lord split ya.