The Real Deal Miami

Gables-based venture acquires mixed-use landmark in Augusta

The joint venture bought a red-brick property called Enterprise Mill, originally a textile mill
November 13, 2016 02:00PM

Enterprise Mill

Enterprise Mill

Coral Gables-based Enterprise Mill LLC bought a historic landmark in Augusta, Georgia, that is now a mixed-use complex of offices and apartments.

The Fort Lauderdale office of Avison Young, which marketed the property with an asking price of $15 million, brokered the sale for an undisclosed price.

The property, a red-brick landmark called Enterprise Mill, occupies nine acres site next to a canal. It operated as a textile mill from the 1870s until it closed in 1983.

The building now has about 119,000 square feet of office space and 60 loft-style apartments. Augusta businessman Clay Boardman purchased and renovated the Enterprise Mill during the late 1990s, then sold it to the Melavar family of Savannah, Georgia, in 2006 for $13.1 million.

The Melavar family sold the mixed-use property to Enterprise Mill LLC in Coral Gables, a joint venture of the families of Carlos Imery and Starr Porter, daughter of Edward and Anna Porter, who founded Miami International University of Art and Design in Miami.

Imery told The Augusta Chronicle that his joint venture plans to bring more retailers to Enterprise Mill but plans no major changes to the property, where about 95 percent of the office space and 57 of the apartments are occupied. [The Augusta Chronicle] Mike Seemuth