The developer of Edgewater Village wants to donate three parcels of riverbank to the city of Albany. Most of the land is too steep and dangerous to be used, so why would the city want it?
Time for an update on Edgewater Village, the new neighborhood on Albany’s riverfront that’s on my favorite bike route. A moving truck attracted my attention Monday.
Let’s check in once again on Edgewater Village. There, the Albany urban renewal program has just increased its investment in the project, and construction is under way on the first two houses along the Dave Clark Path.
George Diamond says he’d like to continue building units at Edgewater Village near Albany’s Willamette riverfront. And now he can. The advisory board of CARA, the downtown urban renewal district, Wednesday approved a change in a loan agreement that will allow the developer to obtain millions in private bank financing to continue construction.
George Diamond, the developer of Edgewater Village on the Albany riverfront, would like to step up the pace of construction, but on Wednesday the downtown urban renewal board (CARA) had a lot of questions, qualms and quibbles and seemed reluctant to approve a financing change that he needs to get going.
Because it’s on my riverfront bike route, progress at Edgewater Village catches my eye. Now it appears the developers are ahead of the pace required under their latest contract revision with the Central Albany Revitalization Area.
It now sounds as though apartments are not in the future after all for Edgewater Village, the private riverside housing development in which Albany’s urban renewal agency invested $2.4 million.
The market is forcing a change in the plans for Edgewater Village, the most ambitious of all the downtown development projects supported by CARA, the Central Albany Revitalization Area.
After checking out the interior of the first units in Edgewater Village over the weekend, I’m encouraged about the prospects of this, Albany’s biggest investment yet in reviving a blighted part of the old downtown.
On the riverfront: More homes going up
Along the Albany riverfront — my beat, if you’ll remember — home construction has entered another phase at Edgewater Village, and a long-planned apartment complex is still in the works farther east, near Bowman Park.
Tags: Albany riverfront, Edgewater Village, George Diamond, Patrick Morley, The Banks, Willamette River Holdings