Industrial authority agrees to buy three warehouse buildings in downtown Macon

The Macon-Bibb County Industrial Authority agreed Monday to buy three warehouse buildings for $290,000 in downtown Macon. It intends to stabilize and resell the property.

The adjoining buildings are at 509, 513 and 521 Fifth St. and have been vacant for years, authority attorney Kevin Brown said after the meeting. The buildings are owned by Magnolia State Bank, a division of the Bank of Eastman.

The buildings have "been on the market for awhile and the bank just made an attractive deal," Brown said. The buildings have some structural issues, and "the goal is to stabilize (them) and partner with someone to get (them) back on the tax rolls."

The structures -- built in the early 1900s -- have a total of about 42,000 square feet of space and have a taxable value of about $381,000, according to the Macon-Bibb County Board of Tax Assessors' website.

The closing is expected to take place by mid-December.

To contact writer Linda S. Morris, call 744-4223 or follow her on Twitter @MidGaBiz.

This story was originally published November 2, 2015 at 9:32 PM with the headline "Industrial authority agrees to buy three warehouse buildings in downtown Macon ."