Augusta, GA, April 25, 2024 – City of Augusta officials joined co-developers Woda Cooper Companies, Inc. and Parallel Housing, Inc., to host a Ceremonial Groundbreaking today for The Lenox, a 64-unit, $17.5 million development. It is targeted to renters who earn 30% to 80% of the area median income or up to $54,880 for a two-person household.
The neighborhood where The Lenox is being built has significant impact in Augusta’s Black history. The property is named after the former Lenox Theater, a beloved 1921 historic venue that was damaged by fire and eventually torn down in the late 1970s.
Critical to primary financing was local support including a commitment by the City of Augusta to provide a $640,000 HOME loan to the project, in addition to a long-term lease provided by the Augusta Georgia Land Bank Authority at a nominal cost. In addition, the Augusta Housing Authority (AHA) issued a bond and will provide 20 Project Based Vouchers.
“Today is an exciting day in Augusta as we celebrate The Lenox groundbreaking. Creating affordable housing for Augusta Richmond-County remains one of my top priorities,” said Augusta Mayor Garnett L. Johnson. “The Lenox addresses this need and will contribute to the continued revitalization of the downtown corridor. I’m proud of the organizations and departments that contributed to this project and worked together to move our community forward and to make Augusta a better place to live for all its citizens.”
The City of Augusta was represented at the event by several key leaders who have championed The Lenox, including Ms. Takiyah A. Douse, Interim City Administrator; Hawthorne Welcher, Jr., Director of Housing & Community Development; Commissioner Jordan Johnson, Commissioner Francine Scott, and Mr. Tederell “Chris” Johnson of the Augusta Georgia Land Bank Authority, among many other stakeholders.
“Today, we are seeing forward movement in our community. The Lenox is not just a building; it exemplifies the continued effort to address our City’s need for affordable housing,” said Interim Administrator Takiyah A. Douse. “I commend the collaborative work of Augusta’s Commission, department leadership, and community partners on this project because together, we are sourcing resources to help residents who are experiencing housing crisis find the stability and security they deserve.
“The revitalization efforts of Laney Walker/Bethlehem continue to storybook the dogmas of the past catapulted into the forefront of catalytic change,” said Director Hawthorne Welcher, Jr., Augusta-Richmond County Housing & Development. “Main Street development is the practice and The Lenox is the affordable mixed-used staple. May we always stand for community with a big smile as THE BOULEVARD will never be the same!!!”
The City of Augusta dignitaries joined representatives from the Georgia Department of Community Affairs (GA DCA), RBC Community Investments, Sugar Creek Capital, and Cedar Rapids Bank & Trust to celebrate with the co-developers and other invited guests. A highlight of the event was a performance by students from the Kingdom Kids school at Beulah Grove Baptist Church.
The Lenox is comprised of a 4-story building with an elevator. It will provide 25 one-bedroom units and 39 two-bedroom units with several units containing modifications for residents with physical or sight/hearing disabilities. All units feature floor plans with plenty of storage, and modern kitchens with ENERGY STAR appliances, including dishwashers. They have beautiful, contemporary finishes, including quality cabinetry, and luxury vinyl tile flooring. Each apartment has a washer/dryer hookup.
Community amenities include a multipurpose room with kitchenette to offer a place for social gatherings, a central laundry, computer room, fitness center and rooftop terrace offering views of historic downtown Augusta. There will be an onsite leasing and management office. The ground level features a 4000-square foot commercial space that will be marketed for retail stores or professional business offices.
Over $12 million in equity financing for the $17.5 million property resulted from state and federal tax credits generated from the allocation of $8.39 million in tax-exempt private activity bond volume from GA DCA.
“The Georgia Department of Community Affairs is thrilled to see The Lenox development come to fruition. This project shows the power of collaboration and innovation in providing high-quality housing options for Augusta residents. We extend our gratitude to all those involved in making this vision a reality.” – Philip Gilman, Deputy Commissioner, Housing Assistance and Development.
RBC Community Investments provided an equity investment of $7.3 million for the allocated federal credits. “RBC Community Investments is excited to be a partner in the development effort of The Lenox which will help address the significant need for affordable housing in the Augusta community,” said Harry Tepper, Director, Investment Manager. “We’re confident in the project’s success given the high quality and exceptional performance of Parallel Housing and Woda Cooper’s previous developments.”
Sugar Creek Capital invested $4.7 million for the state tax credit to provide additional equity financing. “We are proud to be a partner in The Lenox which will create quality affordable homes for families in Augusta’s historic downtown neighborhood,” said CEO Chris Hite. “Without Woda Cooper’s extraordinary dedication to affordable housing, and without the support of the Georgia state affordable housing tax credit program and the support of the Department of Community Affairs, these homes would not be possible.”
United Bank provided $440,000 in soft financing, as well as a $6 million construction bridge loan. The soft financing is funded through United Bank’s 2023 Capital Magnet Fund award from the CDFI Fund division of the US Treasury Department. “As a Community Development Financial Institution, United Bank understands the importance of not only affordable housing, but also strong partnerships,” said Kristina Stone, Director, Community Housing Capital. “We are pleased to support the development of The Lenox. We know it will be an asset for the City of Augusta and a great place to call home for its residents.”
An additional $8.4 million construction loan was provided by Cadence Bank. “Cadence Bank is grateful to be a partner with Woda Cooper and Parallel Housing in providing 64 units of safe, decent, housing to the residents of Augusta and Richmond County,” said Jason Duren, Cadence Bank’s Senior Vice President, Affordable Housing. “The proposed development bridges the gap for a continued lack of supply in quality affordable housing while also preserving the history of the Laney Walker neighborhood. Cadence Bank is proud to once again invest in the communities we serve.”
Cedar Rapids Bank & Trust (CRBT) will provide a $3.5 million permanent mortgage. “Supporting the development of new affordable housing options such as The Lenox is critical in our mission as a lender supporting neighborhoods and communities like Augusta,” said Timothy J. White, Senior Vice President, Specialty Finance Group for CRBT.
The Lenox will help address the Augusta’s “significant need for affordable housing and positively transform a vacant property,” said Denis Blackburne, Senior Vice President-Development for Woda Cooper Companies, Inc. “It is expected to catapult economic development through new commercial space, new neighborhood business growth, related jobs, and commerce generated from an increased number of residents living in the neighborhood. It will build on Augusta’s transition to make this corridor a thriving midtown. We appreciate the opportunity to collaborate with Augusta’s Housing & Community Development Department, Housing Authority, and the Augusta Georgia Land Bank Authority.”
Energy efficiency is a critical component for The Lenox, which is targeted for LEED for Homes Gold.
“It has many energy saving features that will mean low utility costs for residents, as well as the added health benefits of living in a green building,” added Gregg Bayard, President, Parallel Housing, Inc.
Pimsler Hoss Architects, Inc. designed the building. Woda Cooper affiliate Woda Construction, Inc. is the general contractor, and affiliate Woda Management & Real Estate, LLC, will oversee leasing and management at the property. For more information about The Lenox, write to info@wodagroup.com or call 706-836-3154.
About Parallel Housing, Inc.
Parallel Housing, Inc. is a nonprofit developer based in Athens, GA, and dedicated to the development of sustainable, affordable multifamily housing for seniors and families. Founded in 2002, Parallel Housing currently has ten properties in Georgia, one in Kentucky, and one in Iowa.
About Woda Cooper Companies, Inc.
Woda Cooper Companies, Inc. and its affiliates specialize in the development, design, construction, and management of high-quality affordable multi-family communities, senior communities, and single-family homes. The company was founded in 1990 and now has operations in 17 states and a portfolio of 330 communities and 16,000 units. Green building is standard with certifications including Passive House, Zero Energy Ready Homes, LEED, Enterprise Green, EarthCraft, and ENERGY STAR. Woda Cooper Companies has offices in Savannah, GA; Indianapolis, IN; Shelbyville, KY; Queenstown, MD; Mackinaw City, MI; Columbus, OH; and Norfolk, VA. Affordable Housing Finance magazine ranked Woda Cooper Companies 7th in nation among Developers and 21st among Owners in 2023.
The children at the edges of the photo were from local Kingdom Kids school at Beulah Grove Baptist Church.
