A new developer will try to jumpstart the stalled Savannah Quarters community.
Medallist Development on Friday sold the remainder of its 1,800-acre portion of the 2,600-acre upscale subdivision to SunCal, a California-based developer specializing in master-planned communities. Savannah Quarters is located in west Chatham County at the Pooler Parkway-Interstate 16 interchange.
SunCal pledged a smooth transition for owners of the approximately 200 Savannah Quarters homes, according to a letter to homeowners penned by Medallist’s local representative, David Cecchele. SunCal does not plan to make any “noticeable changes” in staff or operations and intends to “maintain an atmosphere of continuity in the community,” according to the letter.
Contacted for further comment, Cecchele referred all questions to SunCal. SunCal did not respond to requests for interviews or transaction details, including the purchase price.
The economic downturn and housing slump undercut Medallist’s efforts to grow Savannah Quarters. The community’s master plan, released in 1999, called for 4,800 homes. Early returns were positive, with Medallist’s Greg Norman designing the Savannah Quarters Country Club to anchor the development.
Medallist even bought out its original partner, Southbridge developer Hall Development, in 2003. Medallist built a glitzy clubhouse as part of a multi-million dollar infrastructure improvement.
But several commercial projects planned as part of the community, including an entertainment complex, stalled as the recession neared. Interest in luxury homes soon followed.
Property values plummeted with the downturn and only recently have home sales picked up. Homebuilder Mungo has bought close to 60 lots since mid 2011 and has built and sold homes on close to half of those while developer EPCON will shortly begin work on the second phase of its Fairways townhomes and villas. The Fairways currently has 38 units sold or under construction.
There are currently 60 ready-to-build lots, 11 single-family homes and four townhomes listed for sale on the Savannah Quarters Realty website.
“Our hope is that with new ownership in place they will ramp up the marketing program to really kickstart ownership on that side of the community,” said Gary Turnbull, COO of the Fairways development. “We see it as a real positive for us because momentum builds on itself. The more overall activity in Savannah Quarters, the better for all of us.”
SunCal’s reputation provided encouragement to residents as well.
The privately held company has been developing communities in California since the 1930s but only recently stretched east, buying into projects in Las Vegas, Chicago, Austin, Texas and suburban Washington, D.C. The company has invested more than $100 million in acquiring or expanding stalled communities in recent years.
Savannah Quarters will be the company’s first Savannah-area project.
SunCal’s background in development, as opposed to Medallist’s in banking, bodes well for Savannah Quarters, resident and homeowners’ association representative Ron Bachner said. Medallist started as a joint venture between Australia’s Macquarie Bank and Norman’s Great White Shark Enterprises.
“SunCal’s business development and marketing expertise will certainly further development of Savannah Quarters,” Bachner said. “Medallist looked at everything from a banking environment perspective and not a business development environment perspective. The sale is a positive move.”
