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Tuesday, October 17, 2017
   
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Commercial Real Estate

Oct. 10 - Development team acquires 57-acre site adjacent to Historic District in Downtown Savannah

Category: Commercial Real Estate

Savannah Business Journal Staff Report

October 10, 2017 - On Sept. 22 Savannah River Landing Land JV, LLC purchased the 57-acre site located on East President Street in Savannah, Georgia currently known as Savannah River Landing. The acquisition price was $30,125,000.

The joint venture comprised of Mariner Group and Regent Partners has been pursuing this deal since November of 2012. The team has worked with local leadership, planners, architects, and neighborhood groups to plan a mixed-use development that includes retail, office, hospitality, and a significant residential component. The plan outlines nearly 7 acres of public open space including squares and a substantial park along the Savannah River. Current plans devote a majority of the total build-out square footage to residential uses, increasing the mix of available housing inventory adjacent to the highly sought after Landmark Historic District.

“We are thrilled to complete the land acquisition phase of this project. We have been diligently working alongside great partners at the City of Savannah, whose support has been exemplary. The feedback and participation from Savannah’s citizens has been helpful in developing a plan that we feel will bring new energy and extend an already vibrant downtown,” said Trent Germano, principal with Mariner Group.

The JV earned approval from the Metropolitan Planning Commission in March to create a PUD zoning designation to allow for a more urban, downtown neighborhood environment with residential zones, commercial spaces and housing options along with more retail-oriented spaces.

“Savannah is a truly unique place- rich with history, tradition and a timeless sense of style. It is a thriving community catering to a very diverse population across the age and income spectrums. We are looking forward to activating this site and introducing new amenities to the downtown neighborhood,” said Ian Smith, principal of Mariner Group.

Work is set to begin in the spring of 2018 on the first phase of the project. Phase I will include a 600-700 space municipal parking deck, 20,000 square feet of retail space, a 160 key boutique hotel and 300 units of class-A multi-family residences with a dedicated parking structure. The public parks, squares and much of the planned green space will also be delivered in Phase I. Patrick Malloy Communities (PMC) based out of Atlanta will concurrently begin construction on the single-family residential component of the project on the eastern end of the parcel this winter. 

“We believe that the success of this project starts with great public space.  We are very excited about that component of the project,” said Reid Freeman, president of Regent Partners. “Savannah has immense natural beauty and our objective is to showcase that within this new district and compliment the urban fabric with best in class design and architecture.”

The 57-acre site sits adjacent to the Landmark Historic District in Downtown Savannah and will have vehicular access from General McIntosh Blvd and President Street. The site has excellent pedestrian connectivity to downtown via the river walk that was extended as part of the infrastructure work already in place around the site. The total project value is estimated at more than $500 Million and will take approximately 8 years to complete the full build out.

 

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