"Some Signficant Challenges" With Selig's Downtown Project

The plans have been vetted, the votes taken. Those watching the former site of Armstrong and Dobbs expected to see bulldozers on the land soon, laying the foundations for a huge, mixed use, student residential and commercial complex on Oconee/Oak Street on the edge of downtown.

But no. Not yet. Selig Senior Vice President Jo Ann Chitty issued this statement through the local office of Jackson/Spalding: 

"Over the past two years, Selig Enterprises has invested thousands of hours and more than $2 million in the Foundry at Broad project. In that time, there have been tremendous changes in the retail, residential and financial marketplaces.

At this point, the project faces some significant challenges with costing and financing reflective of larger national trends. As we work to overcome these challenges, we remain appreciative of the professionalism and responsiveness of Athens-Clarke County officials and staff.

This is an important project for both Selig and Athens, and we will continue working diligently to try to bring Foundry at Broad to market."

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