In April, developers of Edgewater Village along Albany’s Willamette riverfront were eager to build more homes. So why no construction activity since the streets and utilities were finished in the spring?
To apply for building permits, the developers must have street numbers. To get numbers assigned, the lots first have to be created. To create lots, it’s necessary to file a final plat of the previously approved subdivision. And as of Monday, the final plat had not been filed.
This I learned from the Planning Division at City Hall. I then called Vasili Rozakis, the son-in-law of developers George and Paula Diamond, who has been a contact person for city officials. Rozakis told me Tuesday the final plat was all set to be submitted. All the engineering work and drawings are done, as I understood him, and it was just a matter of a few days before the formalities would be met.
In April, the Albany Revitalization Area changed the terms of previous agreements to allow the Diamonds to proceed with private bank financing totaling nearly $10 million in order to finish building the 60 homes planned at Edgewater Village.
The developers told the advisory board of the Central Albany Revitalization Area they intended to build the remaining 28 attached homes (townhouses), 15 single-family residences, and one duplex — in multiple groups (several at the same time)to achieve construction efficiencies — as soon as all the plans and other details were finalized. Baldwin General Contracting of Albany will do the building.
In 2007 CARA helped with the Edgewater financing with a $2.4 million loan. In 2017 it added a city payment of $367,800 toward street construction costs. The city’s loan is being forgiven in steps as the houses are completed. All have to be finished by the end of 2020. (hh)