New downtown lofts should be under construction on New Street this summer, the developer said Monday.
Forty-three units in a “luxury loft apartment community” will be built and should be open by spring 2010, according to Madison-Poss & Associates, a local firm.
Macon City Council is scheduled to vote tonight on a tax schedule that will allow Madison-Poss to save money as the company works with the Macon-Bibb County Urban Development Authority on the project.
The authority will own the land at 425 New St. and the developer will lease it over 10 years, after which the company will own it outright.
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Over those years, the amount the company pays in taxes will gradually increase, with total savings from the arrangement hitting about $346,000, according to a schedule shown to council members Monday.
Over those 10 years, the land, which is currently producing no property taxes because it’s owned by the authority, will generate more than $320,000 in property taxes, the schedule shows.
This type of deal is relatively common and was used to help lure Bass Pro Shops to Bibb County a few years ago.
Patrick Madison, owner of Madison-Poss, said there will be 34 units of 1,200-square-feet renting for $900 a month.
The other nine will be efficiency apartments renting for about $525 or $550, he said.
Council members and the Urban Development Authority expressed support for the project Monday as part of an ongoing push to revitalize downtown Macon.