by Alex Griffin
Investment Associate | Beman Group
Blanchard and Calhoun Real Estate Commercial Division
You’ve no doubt been to some of downtown Augusta’s new restaurants or entertainment locations: Edgar’s Above Broad, Miller Theater, Pineapple Ink Tavern, etc. You’ve probably also seen a lot of vacant buildings, just sitting empty with no lights on and making downtown look like a strange hodgepodge of thriving and dying. A lot of people don’t understand why more buildings aren’t renovated, and I hope to explain those challenges below and what we can do to help mitigate those challenges.
The main reason for the lack of new development or renovation is the gap between rental rates and construction costs. Building a new building in Augusta…