0

Sources: City, WG&L close to deal for Suntrust Bank Building

If bought, the Albany Water, Gas & Light Commission would move its offices from the former Hotel Gordon to the new location at 410 West Broad Avenue.

The SunTrust office building is now home to the bank’s main branch offices, Jacobs Defense Contracting and the U.S. Secret Service.

The SunTrust office building is now home to the bank’s main branch offices, Jacobs Defense Contracting and the U.S. Secret Service.

— ALBANY — Sources familiar with discussions between the city of Albany, the Albany Water, Gas & Light Commission and the owners of the SunTrust Bank building on West Broad Avenue say the city is currently negotiating for the property in a move that would allow WG&L to relocate its offices.

Place

Suntrust Bank Building

410 West Broad Avenue, Albany, GA

Suntrust Bank Building

Two independent sources, both of whom spoke on condition of anonymity because they weren’t authorized to comment on pending real estate transactions, said Thursday that the city is in talks with the owner of the building to purchase the property.

The Albany City Commission went into a closed-door session with WG&L General Manager Lemuel Edwards, the utility’s finance director, John Vansant III, and WG&L attorney Sam Engram for nearly an hour Wednesday night to discuss a potential real estate acquisition.

The Simpson Organization — an Atlanta-based real estate investment banking firm — manages SunTrust Bank properties throughout the Southeast and lists the property at 410 W. Broad Ave. on its website as having office space for lease.

The building now houses offices of Albany’s main SunTrust Bank branch and is the field office for the U.S. Secret Service.

The Simpson Organization’s website says that the building was built in 1977 and renovated in 1987, and it has more than 6,900 square feet of space available for lease.

WG&L is celebrating its centennial this year and helped make Albany the capital of Southwest Georgia through early advances in electrical and sewer technology.

Comments

KaosinAlbany 2 years, 10 months ago

The city sure does want those lofts downtown pretty bad.

0

dingleberry 2 years, 10 months ago

Right you are. We have a winner here! Let's see how this one is spun when the transaction takes place. Is this the big downtown development mentioned recently that will make hundreds of thousands of maybe one dollar pitched by a developer?

0

mik178 2 years, 10 months ago

WHATS THE REASON FOR THIS? IS THIS GOING TO SAVE THE RATEPAYERS MONEY? WHY IS WG&L TRYING TO HIDE THIS DEAL FROM THE RATE PAYERS? THATS JUST THREE QUESTIONS I WOULD LOVE TO HAVE ANSWERED.

0

Jack_Frost 2 years, 10 months ago

I thought credible journalists didn't hide behind anonymous sources JD!

0

dingleberry 2 years, 10 months ago

Comment made and answered, Jack.

0

JMHughes 2 years, 10 months ago

JD,

I don't beleive WG&L has ever been involved in the City's sewer system with the exception of providing potable water and power to the City's wastewater facilities.

0

TrixibelleBento 2 years, 10 months ago

My only question is why? What is wrong with their current digs?

0

whattheheck 2 years, 10 months ago

As Trixi says, the important question is "Why?". But the second question is "How much will this deal wind up costing taxpayers and ratepayers that we really didn't need to spend?". We don't need more pap or caca, we need some real answers. For a change. it would be nice if such was provided before the bayonet is stuck in the citizens.rather than after!

0

classydi 2 years, 10 months ago

What is wrong with where their offices are now..???? They have several floors of their present building that has nothing on those floors.......

This is just another way for Albany head people to spend more money that Albany doesn't have..........and needs to spend money on other things more important.

Stay where your offices are located now and save money for moving

0

dingleberry 2 years, 10 months ago

Don't inject logic into the process! Soon, you will be told of how inadequate the building is blah, blah. When the deal is done, there will be a short period for the public to forget what had been said earlier before the real reason starts to unfold. By then, you will be fed up with the whole thing and chalk it up to another case of government gone wild.

0

whattheheck 2 years, 10 months ago

Since this article appeared, the cat got a little further out of the bag with the talk of loft apartments. The claimed reason for moving from the building to make this possible is "parking space". Well just a few hundred feet north or south is plenty of parking including a parking deck we paid a lot of money for. And if parking is really an issue, it will also be an issue for the loft tenants. A poor excuse not better than none as I see it.

One can expect loft apartments to start in the $200,000 range unless a subsidy with taxpayer money is provided.With nothing downtown, do you really believe people will pay a premium to live there? Thomasville, had a vibrant downtown before lofts were built in a very desirable historic building. Yet, under conditions more favorable than ours, it has been struggling to sell those available.

0

dingleberry 2 years, 10 months ago

Not an exception for Albany. An exception would be something that made sense. As usual, there seems to be things we weren't told. Like playing a game with the kids, the rules develop as the game progresses. Like with the kids, we are usually the losers in the game.

0

dingleberry 2 years, 10 months ago

Tax records show this building at $2.9 million.

0

Sign in to comment