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It’s been referred to as stalled and stagnant, but the fact remains that the 54-acre Savannah River Landing site is still one of the most valuable development parcels in the region and some developers are taking notice.
“I think it remains the most exciting piece of real estate in Savannah,” said Ashley Smith, a local broker at commercial firm Colliers International. “I would even say it’s one of the most exciting pieces in the Southeast — you’re talking about waterfront, fully entitled property contiguous to downtown Savannah.”
Savannah River Landing’s story is a familiar one by now — the land was envisioned as an eastern expansion of downtown complete with housing, commercial development and squares and parks modeled after those in the Historic District.
But as the downturn put a squeeze on the real estate and banking industries, the vision was put on hold, the property faced foreclosure and lawsuits were filed.
Yet even as litigation is still pending between the current owners, MMA Capital, the project’s various lenders and the previous owner, ALR Oglethorpe LLC, hints of activity have emerged — albeit subtle ones. An RFP, or request for proposals, was reportedly put out for the site and some developers are showing interest.
The master plan for the site includes 17 single family riverfront lots, 371 townhomes, 314 condos, 373 hotel rooms and nearly 630,000 square feet of retail, commercial and office space. It also boasts 2,000 feet of river frontage.
Smith, who said he isn’t aware of any current activity at the site, said the largest hurdle will be ensuring the project has financial backing.
“The number one obstacle is the amount of money they have into it,” said Smith. “Certainly as the economy continues to turn, it becomes less and less of an obstacle. I think it’s one of those sites that any developer would love to handle and have a stab at.”
A pending lawsuit has kept many of the primary parties quiet and calls to a real estate management firm handling the site were not returned. Calls to attorneys representing ALR Oglethorpe and MMA were also not returned.
MMA Capital’s lawsuit contends ALR Oglethorpe did not fulfill its obligations under a settlement agreement and is seeking $4.7 million in damages — about $2.3 million of which is for finishing infrastructure and road construction at the site.
According to Chatham County court records, the next motion hearing is scheduled for Sept. 24, which may shed more light on some of the behind-the-scenes wrangling over the site.
City improvements
For its part, the city approved a $1.5 million settlement in May with bond holder Liberty Mutual to complete sewer and drainage system improvements at the site.
According to Pete Shonka, assistant city manager, those funds are still earmarked for that, but the city will likely hold off until the owners have finished their own infrastructure.
Several eastside homeless camps were cleared this summer in preparation for the Bilbo Canal and President Street drainage projects, expected to take 2-1/2 years to complete. These projects are not for Savannah River Landing, but the site’s developers will benefit from the improvements nonetheless.
Shonka said they have been in talks with MMA Capital on possible acquisition near the Bilbo Canal in order to mitigate the effects of putting in fill dirt to raise the elevation of President Street.
“They’re two separate things but they tie together,” he said of the drainage projects. “The road improvements will improve the entire area.”
Meanwhile, development near the site may be even more noteworthy.
Local media mogul Charles Morris is pursuing plans for an amphitheater overlooking General McIntosh Boulevard and renovations are underway on several buildings at his Trustees’ Garden property, located on the eastern edge of the historic district.
Less than two miles down the road from Savannah River Landing, a large 323-unit apartment complex is being proposed at a 16-acre site in front of a materials storage facility owned by Epic Midstream, the site of the 1995 Powell Duffryn chemical fire. Trip Tollison, president and CEO of the Savannah Economic Development Authority, said prospects for the Savannah River Landing remain high.
“Now that we have climbed out of the great recession, we are fortunate to have a planned, mixed-use, pad-ready development that is ready for business directly on the river. Not too many communities our size can promote something like this,” said Tollison.
Staff reporter Eric Curl contributed to this report.