The Marion
AN EXCEPTIONAL ADAPTIVE REUSE INVESTMENT OPPORTUNITY
Marketing description
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The Marion Building is one of the most iconic buildings in all of downtown Augusta, GA. The interior of the property is fully demo'ed and is ready for a savvy developer, with the capacity to convert this once pristine office building into an exceptional multi-family property with restaurant and retail on the first floor. Seller has existing multi-family conversion plans for 45 units.
Timing is excellent — Augusta, GA is in high growth mode — At the center of the new US Cyber District — Fort Gordon ($1.6 Billion in development approved); NSA Facility, Nathan Deal Campus for Innovation — $100 million spent, #1 national cyber training facility — within walking distance of Marion Building; home to the PGA Masters Golf; Direct flights from Washington, DC coming soon.
This building was designed by the famous architect Lloyd Preacher and originally constructed as the Chronicle Building, but was later renamed The Marion. The building is 10 stories and is faced with limestone to the third floor, then buff press brick up to the eighth floor, and ornamental poly-chrome-terra-cotta on the top two floors.
Investment highlights
The Marion is also located in an Opportunity Zone, which allows investors to defer taxes on capital gains. In addition, it is on the Federal and State Historic Registry, allowing tax credits up to 45% for renovation costs.
1) In an Opportunity Zone;
2) Direct State Tax Credits offered for Renovation Costs -- 25% (up to approved amount; legislation is in process to greatly increase); Listed on the State Historic Registry.
3) Direct Federal Tax Credits offered for Renovation Costs -- 20%; Listed on the US National Historic Registry.
4) Local Authorities willing to work with developer to get project approved.
5) New Roof - installed in 2010.
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