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Downtown museum project moves to construction; Davis Exchange redevelopment reports progress
Summary
City staff and museum officials said the Albany Museum of Art downtown project is on schedule with LRA Constructors selected and a $22.9 million construction cap; the Davis Exchange development is roughly 15% complete with 56 total residential units planned across two buildings.
Officials updated the Albany City Commission on two major downtown projects during the Feb. 3 work session: the Albany Museum of Art adaptive-reuse project and the Davis Exchange redevelopment.
Dr. Andy Wolf, who led the museum presentation, said the museum selected LRA Constructors after an RFQ/RFP process and interviews with three finalists. He said the current construction contract is a "not to exceed" $22,904,559 figure for construction alone, below the earlier planning figure of $25 million. "We chose LRA Constructors... the capital stack is looking very strong," Wolf said, adding that the project remains on schedule for a spring mobilization and a tentative mid‑April groundbreaking.
Wolf and staff outlined the funding stack: $4 million committed by the City of Albany, $3 million from Dougherty County, $3 million from the Bridg(e) Foundation, more than $1 million in private contributions and expected federal and state historic tax credit monetization (staff cited an anticipated $10 million in historic tax credits). Wolf cautioned that tax-credit caps at the state level are a risk and that project proponents are lobbying at the statehouse to increase caps.
Separately, Carter Broom reported on the Davis Exchange and the adjacent Flats building, saying the project closed in November and is about 15% complete. "All the demo and abatement's been completed," Broom said. The development will include 26 units in the Davis Exchange and 30 in the Flats (56 total), plus retail and leasing amenities; foundation work for the Flats has begun and framing and mechanical, electrical and plumbing work are underway.
Commissioners asked about schedules, unit counts and coordination between contractors on parallel projects (Carver, Henderson, Calvin Malone). Staff said they will convene architects and construction managers to confirm early-release packages and schedules to protect grant-reimbursement timelines.
Next steps: staff will continue fundraising work, finalize bridge/construction financing plans and present a timeline for mobilization and groundbreaking communications. The commission was invited to participate in forthcoming advocacy and communications about tax-credit policy and fundraising milestones.
