COLUMBUS, Ga. (WRBL) — Ten months after the last residents were moved out of a dilapidated downtown Columbus federally subsidized apartment building, the next step for Ralston Towers is now known.
Infinity Real Estate Advisors, LLC, out of Atlanta, has acquired Ralston Towers and is starting a $10 million full-interior demolition and extensive redevelopment.
The expected completion date is December of 2022, the company will announce at a Thursday morning news conference.
It took the U.S. Department of Housing and Urban Development 10 months and a reinspection to shut down the building and relocate the nearly 150 low-income residents.
Ferguson, Bishop and Henderson are scheduled to appear at Thursday’s news conference.
New Jersey-based PF Holdings lost control of the property, and a court-appointed receiver sold it.
The new Ralston Towers will feature a combination of subsidized housing and “market-rate” housing.
Ralston Towers will feature 45 “market-rate” apartment units along with 224 units subsidized through the project-based Section 8 HUD program.
Under PF Holdings, the majority of the units were rented to those with federal housing vouchers.
Two local firms are partnering with Infinity Real Estate Advisors. General contractor, Freeman & Associates, Inc., and local architectural firm 2WR + Partners will be working on the massive internal overhaul of the building.