The south side of LaGrange will be seeing more housing in retail in the upcoming years with a project slated for the former American Legion site on Hamilton Road.
“It’s of interest that there be development on the south area of LaGrange,” said City Manager Tom Hall. “That’s one of many reasons we expressed interest in this project.”
LaGrange City Council voted Feb. 11 to approve an agreement with the Integral Group out of Atlanta, to proceed with the Veterans Village Tax Allocation District redevelopment project that will include multifamily rental, senior rental, multifamily and single family for-sale lease to purchase and retail located on 107 acres of the Hamilton Road site.
“We’ve had an extended planning and are trying to create the most feasible development package,” said Lashawn Garland, development director for the Integral Group. “Right now we’re preparing a financial packet that will close around the the end of July or August.”
Each of the three phases is expected to take two years with the final phase projected to be completed in 2018, though timing may vary depending on market conditions.
The first of several phases of Veterans Village is a proposed 248 unit market-rate multifamily development and a 100 unit active living apartment development for seniors located on 23.5 acres of the property; The second will also contain 248 units of market rate multifamily rental housing and 100 units of rental housing for seniors; The third phase is anticipated to contain an additional 220 units of market rate multifamily rental housing.
The current site has a lake and small pond that will be incorporated into green space with site amenities to include a clubhouse with an on-site leasing office, a fitness center, a cybercafe, a resort style swimming pool, dog park and lakeside gazebos.
Monuments and other components will be throughout the site to honor and support veteran and active military families.
According to documents prepared by the Integral Group for the project, the project will be a more than $105,000,000 investment in a new private taxable development.
In a statement in August 2013, Hall said the project is estimated to add $82 million in taxable property to Troup County and the school system. The project also is expected to generate an additional $5.7 million in local special-purpose, local-option sales tax, or SPLOST, revenue.
A TAD is an area where the tax-collecting entities agree to freeze the tax rate of the property for a number of years. The local government entity using the TAD can secure bonds to support the project and as the taxable value of the property increases because of development, the additional tax revenue is allocated to pay off the bonds.