Samson Development Group, LLC. meet with the Rome Redevelopment Committee on Tuesday to discuss the future of The Aventine on West Third, a proposed condominium development. According to developers if they do not pre-sell 80% of the units within the next three weeks, the project will come to an end.
The developers said, ‘As you may recall some 3 years ago when we first proposed the West Third Street Redevelopment Project, the project was a two-phase development. Phase I was the development of a Marriott Courtyard Hotel and the adjoining out parcel. The option for Phase II was for 18 months which allowed for the completion of the hotel before we began development of the condominiums. Because of the extended delays in the hotel project, we were graciously granted two extensions to our option period by this Committee. ‘
They added, ‘In January of this year, with no movement on the hotel project, we had no other choice except to begin the development of The Aventine with hopes the hotel would soon be back under construction. In August, we were granted the second extension so we could begin to market the project. We understood that basically 100 days to market and pre-sell 80% of a luxury condominium project was an extremely aggressive timeline. Our initial response was very encouraging as the 4 most expensive units were the first ones reserved by buyers. However, with no movement on the hotel in 18 months, it is difficult to convince buyers in the $400,000-$500,000 price range to buy into a development that seems to be making little or no progress.’
Collin Doss with Samson Development said that ‘most of the expensive units have been committed’, but would not commit on the total number of units left to be committed to continue the project.
The option to purchase the 2.2 acres will expire on December 4th for Samson.
Rome City Manager Sammy Rich said if the development does not happen the property will remain a parking lot.