AMG Communities – Jacobs, LLC (AMG Communities) is a single-purpose entity that was formed solely for the purpose of acquiring the former Jacobs Middle School site (Jacobs site) and exploring ways to develop the site in the future.
AMG Communities is backed by a small investment firm that holds interests in real estate and businesses. The investment firm creates single-purpose entities for all its investments for tax, liability, and transferability reasons.
No firm plans have been developed yet. The site, which is approximately 8.6 acres, is large enough to support a mix of housing and some neighborhood-serving commercial uses. The site will not be developed entirely into affordable housing. Any redevelopment plans will be formed with community input.
The community can be involved in several ways. First, we understand that the community is holding a town hall regarding the site. This is positive; community discussion will help shape how the site is redeveloped, and, as noted, any redevelopment plans will be formed with community input.
Second, the investors behind AMG Communities are open to, and would welcome, community partners. AMG Communities is open to speaking with anyone interested in becoming a financial partner in the project. In this regard, AMG Communities is working to engage local contacts that may be contacted with investment-related questions.
No. Rob Arkley is not an owner or investor in AMG Communities.
The investment firm behind AMG Communities has worked with several local consultants on other projects. These local contacts were aware of the Jacobs site, the City of Eureka’s failed attempt to buy the site to use as a corporate yard, as well as the CHP’s more recent attempt to purchase the site to use as a satellite station. The local contacts thought that the site would better serve the community as housing, and approached the District about submitting an alternative proposal.
As noted above, while there are no firm plans in place, the site will likely be redeveloped into a mix of rental and owner-occupied housing.
Copyright © 2024 AMG Communities - Jacobs, LLC. All Rights Reserved.
We use cookies to analyze website traffic and optimize your website experience. By accepting our use of cookies, your data will be aggregated with all other user data.