Partnership to Purchase Saints ApartmentsMatt Boster
Posted by: Matt Boster
Date: Feb 25 2013 4:50 PM
DOTHAN AL - It is with much enthusiasm that we announce the financial partnership between Five Star Credit Union, Dothan Downtown Redevelopment Authority (DDRA), and Houston County to purchase the Saints Apartments located at the corner of Foster Street and Powell Street in Dothan Downtown. The financial contributions for each partner breaks out to $40,000 by Five Star Credit Union, $60,000 by the DDRA, and $100,000 by Houston County.
At the County Commission meeting, Chairman Culver stated, “This project gives us the opportunity to grow our County footprint downtown. We have development and investment all around us, from the library to the credit union, and this is a way we can contribute to growth downtown, because we are a major stakeholder downtown.”
He went on to state that the County is reviewing several options for the property from expanding their parking lot to the possibility of future offices being developed on the site.
In talks with the CEO of Five Star Credit Union, Bob Steensma, he maintained a strong commitment to a vibrant downtown. Five Star Credit Union has shown that commitment through the substantial upgrading of their headquarters located on Foster Street and they continue to show a desire to be an integral part of revitalizing downtown through this partnership.
When DDRA Vice Chairman Pat Thomas was asked about the importance of this project he stated, “Acquiring this prime piece of real estate in one of our three traffic gateways is a big step in the right direction for downtown revitalization. More importantly is the fact that we brought three downtown stakeholders together to make this financially feasible. That is the larger accomplishment.” The property is expected to enter closing in the coming up week, and plans for development should be decided on in the next four to six weeks.