Phenix City's purchase of "The Triangle," six buildings of the Riverview Courts Apartments the key to the redevelopment on the western banks of the Chattahoochee River, is apparently back on track.
Phenix City Council tore up its old agreement with the Phenix City Housing Authority and ratified a new agreement to purchase the property for $2,965,000 during its Tuesday meeting in the Public Safety Building.
The city council had agreed last October to purchase The Triangle for $965,600 and deed the property to Troy University for the development of a $6 million building to house its business program.
The purchase stalled, however, after the application was sent forward to the U.S. Department of Housing and Urban Development offices in Chicago. HUD officials accepted the application, which included language requiring one for one replacement for the housing units lost once the buildings were razed. The replacement costs are estimated to be about $2 million.
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The city has apparently gained private sector pledges to make up the $2 million difference and put the purchase back on the fast track. Once the land is secured, the other key developments on the riverfront — The Phenixian, developed by Ronnie Gilley Properties, and Phenix Rising, developed by Tri-State Investments — are expected to move forward also. Both projects are expected to cost in the neighborhood of $30 million.