Commercial Real Estate

NEWS - Commercial Real Estate

SBJ Staff Report

Sept 26, 2011 – When times get tough, the tough get going…and they innovate for survival. And that’s what Ashley Bowersox has done by offering Savannah’s business executives a creative way to have an office and public presence, without all the resultant overhead. It's called ThincSavannah.

A commercial Realtor by trade, as the economy took a downturn Bowersox found a new way to make a living, renting 8,100 sq ft. of space in Savannah's Historic District and bringing a fresh, new idea for office rental space to the City by developing creative work environments for business executives and artists.

Bowersox launched ThincSavannah six months ago, creating workspace for local businesses that can’t afford – or don’t need – or don't want to commit to a long lease for - an office of their own. The furnished workspace with complete office amenities including phones and internet, was created to “redefine the way we do work,” according to Bowersox. Tenants can rent an individual, furnished office, or just a desk. It’s a popular idea around the U.S. in many major metro areas, but it was new to Savannah, and as he approaches his first six months since first opening at 35 Barnard Street, he now finds that he needs to expand. “I’ve got five commitments for individual offices,” he states, so he is working to expand into empty space he has under contract in the building by the end of the year.

ThincSavannah also offers a conference room and space to holds events.  Additional events space will be included in the expanded footprint.

The shared office space and overhead is approached with a different concept, beyond just less expensive office facilities. It’s about ‘co-working.’ he says – that independent professionals work better together than they do alone. “Everyone is looking out for each other, and sharing ideas and contacts. That’s the other big, big benefit.”

Bowersox has also created a new division of his company called ‘ThincArt,” with two new exhibitions that have opened this month. An opening reception for the public was held on Sept.15, and the exhibits will run through November. Shredded Greens + White Flags features recent work by accomplished artists Betsy Cain and John Spurlock, and ‘Visual Thinc-ers’ which will showcase the original work by ThincSavannah members.

Shredded Greens + White Flags features Cain's large shredded paintings on yupo paper from the body of work presented in her exhibition, in situ, now showing at the Telfair Museums' Jepson Center. John Spurlock displays drawings and paintings that employ a printmaker's sensibility toward image and word. Shredded Greens + White Flags is guest curated by Arthur Kouwenhoven, Jr. and installed by Casey Belogorska.

‘Visual Thinc-ers’ presents the work by eight current and former ThincSavannah members working in visual disciplines, including film, photography, architecture and design. Participants are Veta Bateham, Jason Bateham, Jim Wubbena, Sandi Rushing Wubbena, Shelly Short, Neil Short, Denise Grabowski and Lauren DeRosa.

ThincArt is an extension of Bowersox’s goal of bringing creative people together to work in new, creative ways.

“Coworking answers the question that so many face when working from home: ‘Why isn’t this as fun as I thought it would be?’ he says. “ Beyond just creating better places to work, coworking spaces are built around the idea of community-building and sustainability.”

ThincSavannah’s work environments cost as little as $100 per month through what he terms’ “memberships.” He offers everything from a one-day pass to a full private office. But all members must uphold what he terms the values of his concept: collaboration, community, sustainability, openness, and accessibility.

ThincSavannah currently offers 10 private offices ranging in size and location, stating at $450 per month, with 24 hour access, phone lines and internet connections.

He also offers ‘ThincDesks’ available for people who would like a permanent desk with storage. All ThincDesk members have access to all of the services and amenities starting at $350 per month.

Or, business people can become members for $ 250 per month where work spaces are shared.

His latest addition is ‘Thinc Hours’ where business people can buy 40 hours a month of access to a workspace for $100 a month.

ThincSavannah is located at 35 Barnard St., Suite 300 in Savannah.

Membership levels range from one-day passes to annual contracts starting as low as $100 a month. More information is available by contacting Ashley Bowersox at 912.544.1200 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it , or by visiting the company’s website at www.ThincSavannah.com.

 

NEWS - Commercial Real Estate

2nd Qtr. Financial Results are Positive, Reflecting Five New Projects During Qtr.

By Lou Phelps
SBJ Staff

Aug 8, 2011 - Mid-America Apartment Communities Inc. has continued its previously announced acquisition plan with the purchase last week of the Avala development at Savannah Quarters, a 256-unit apartment community within one of Savannah’s largest residential communities. The acquisition price was not disclosed.

It’s the second recent apartment acquisition by the company, including the purchase last week of 279-unit Tattersall at Tapestry Park, located in Jacksonville.  MAA has also purchase the 300-unit Hamptons at Hunton Park in Richmond, VA in June.

Avala at Savannah Quarters was developed in 2009 in the Greg Norman-designed golf and residential community of Savannah Quarters which features a fitness center, resort-style pool, picnic area and more than two acres of park and play area.

“We are very pleased to add Avala at Savannah Quarters to our Georgia portfolio,” according to Al Campbell, executive vice president and CFO. “We believe the continued growth of the Port of Savannah, which is the fourth largest container port in the United States, and the recently announced expansion of Mitsubishi Power Systems will further support steady economic growth in the area for the foreseeable future.”

The acquisition was funded by common stock issuances through MAA’s at-the-market program and borrowings under its current credit facilities. MAA (NYSE: MAA) is an apartment-only real estate investment trust.  The company also announced its 2nd Qtr. earnings last week.

Net income available for common shareholders for the quarter ended June 30, 2011 was $7.4 million, or $0.20 per diluted common share, as compared to net income available for common shareholders of $1.4 million, or $0.04 per diluted common share, for the quarter ended June 30, 2010.

Funds from operations, or FFO, a widely accepted measure of performance for real estate investment trusts, was $36.2 million, representing $0.93 per diluted share/unit, or per share, for the quarter ended June 30, 2011, as compared to $26.4 million, or $0.80 per share, for the quarter ended June 30, 2010.

Same store net operating income, or NOI, grew 4.5 percent over the second quarter of 2010 on a 3.8 percent increase in revenue and a 2.9 percent increase in operating expenses with bulk cable netted in revenues (discussed later in report). Year to date same store NOI grew 4.7 percent

Physical occupancy at the end of the quarter was a strong 96.3 percent and resident turnover remains at historic lows running at 54 percent on an annualized basis through the second quarter.

The company completed the acquisition of five wholly owned communities representing a total investment of $153 million and the company's initial investment in the Richmond, Virginia market in the quarter including the acquisition of a parcel of land in Little Rock, Arkansas and commenced development of 312 new high quality units.  Construction continues on two other development projects in Charlotte and Nashville.

According to Eric Bolton, chairman and CEO, "Strong second quarter results reflect robust leasing conditions with solid pricing momentum across the portfolio.  Despite continued sluggishness in the economy, we expect to capture steady upward pricing trends into 2012. Our new value growth opportunities also remain robust with a higher than expected volume of property acquisitions completed during the quarter. Additionally, we made significant progress during the quarter in executing on our long term financing strategy, further increasing the strength and flexibility of our balance sheet."

NEWS - Commercial Real Estate

This is the first installment in a series of six articles about real estate development and/or projects that are performing well in the currently challenging economic environment. The author is Harvey J. Gilbert, who is managing director and broker-in-charge of Gilbert & Lattimore Commercial Real Estate, LLC, a full service commercial real estate brokerage, consulting and development firm that is a member of the Cushman & Wakefield Alliance.

When the Norwood Market first opened, the Sandfly intersection of Skidaway Road and Ferguson/Norwood Avenue was a relatively sleepy crossroads primarily serving the transportation and shopping needs of the immediate neighborhood. Over the last 20 years, the southeast sector of Chatham County has experienced an intense level of development including the build-out of Dutch Island, Isle of Hope, Skidaway Island and the neighborhoods in between. Transportation patterns have been radically altered by the completion of Truman Parkway with interchanges at nearby Montgomery Cross Road and Eisenhower Drive.

Today, Sandfly is a vibrant commercial center catering to the shopping needs of tens of thousands of residents residing within a 20-minute drive of the traditional crossroads historically known as Newton’s Corner. There are now commercial centers located on three quadrants of Newton’s Corner that feature a myriad of commercial uses including multiple restaurants, retail shops, dry cleaners, mini-storage, a grocery store and pharmacy.

The current owners of Norwood Market envisioned and have successfully executed the repositioning of the center from a dated neighborhood shopping establishment to a true lifestyle center catering to the needs and consumer preferences of area residents. By investing more than $2 million in renovations and upgrades to Norwood Market, its owners have not only created an aesthetically pleasing regional focal point, but they have also attracted a strong roster of new, highly complementary tenants.

Phase I of the project, which consisted of the renovation of the existing buildings, is complete. Phase II will entail the construction of a third building with 10,000 square feet of additional retail space which is slated for availability in the first quarter of 2012. Since the renovation began, the owners have leased 100 percent of the existing space at a prevailing rate slightly above $20 per square foot. Although there are no formal plans committed or announced, there has been discussion of extensive renovation to the Piggly Wiggly space.

The existing anchors of Norwood Market, Piggly Wiggly and CVS, have remained in place. The owners have brought in Family Dollar as an additional national tenant to anchor the center and broaden the spectrum of retail goods offered.

Cutters Point is a central daily gathering place for retirees chasing their first cup of coffee, as well as moms who have just dropped off their children at school or daycare, and business people pursuing a networking strategy. On most mornings, and particularly Saturdays and Sundays, one is hard-pressed to immediately land a table at Loc’s restaurant. Wright Square Café is a preferred destination for a relaxing lunch break or dinner after a hard day’s work.

For the sports and/or athletic buffs, there is the Sandfly Bar and Grill, a long time neighborhood fixture with an attractive new décor, and Savannah Power Yoga. Several new or updated gift stores offer a full array of unique and widely appealing merchandise. Simply put, there is something for everyone at Norwood Market, which makes it difficult for residents to pass through Sandfly without stopping in.

You do not have to be a seasoned shopping center developer to understand the primary determinants of success for a retail center. You need a rectangularly shaped site located on at least one corner of a signalized intersection of two busy traffic thoroughfares, and the site needs to have good visibility, multiple access points and plenty of room for off-street parking. But these factors alone do not ensure long term success and we all know a tired and outdated center when we see one.

For a retail center to thrive, the owner has to make periodic and substantial investments in facades, mechanical systems, amenities, landscaping and signage, as well as stay focused on and adapt to the ever changing needs and preferences of consumers and tenants. The owners of Norwood Market have followed this course and the result has been the successful rebirth of a vibrant neighborhood center.

The owners of Norwood Market, Shoppes at Isle of Hope, LLC, are partners with Talbot & Company, which is based in Myrtle Beach, SC. The architectural services were provided by Gunn, Meyerhoff and Shay, with construction completed by Talbot Real Estate Services, and leasing by Mary Christy Macdonald of Whitley & Associates.

NEWS - Commercial Real Estate

By Lou Phelps

SBJ Staff

A Salt Lake City company that buys distressed assets, The Pelorus Group, has paid $13 million to acquire the Daufuskie Island Resort & Breathe Spa and the Melrose golf course both of which have been through a series of bankruptcy transactions over the past two years.

The assets were most recently held by Affiliated Financial Group of Denver, a private mortgage banking company that was owed money, and got the assets back through a credit bid at the bankruptcy sale.

The Peloris Group, led by Managing Partner J.T. Bramlett, intends to operate the company for the time being.  However, Bramlett has confirmed to another media outlet that he is in discussions with one of “the big hospitality groups,” meaning the resort might be flipped to new owners.

The Pelorus Group is represented by Atty Rob Reynard, of Pia Anderson Dorius Reynard & Moss, LLC, Salt Lake City, a commercial litigation specialist.

According to Reynard, “They are putting together a team with intent to operate.  They get contacted almost daily by owners in that area with various ideas,  but it’s still in the preliminary stages. They are putting together a good team to operate the resort and do what needs to be done.”

The Pelorus Group set up a new company to hold the assets and to operate the resort, F.I.G. Dufuskies 1, LLC, the South Carolina corporation that signed the contract and closed on the transaction.

"We're going to revitalize this entire project," Bramlette told The Island Packet newspaper, published on Hilton Head Island.  He was not available for comment due to a family emergency, according to Reynard.

Daufuskie Island Properties LLC, owned by Gayle and Bill Dixon of San Francisco, filed for bankruptcy protection in January 2009 leaving more than 400 creditors and laying off 100 employees. They had acquired the resort in 2002 during another economic downturn. The Dixons blamed both the economy and a lawsuit by a group of resort members.

Charles Cauthen, founder of The Daufuskie Company which owns 1,200 of Daufuskie's 5,000 acres, told The Island Packet that he’s glad the resort's core has been sold, in a story published today.  "I think a sale of that big a piece of the island is positive," Cauthen said in the interview. "Time will tell if they're the right buyer or not." 

Several other real estate development firms control large portions of the island, but Cauthen is the dean. He first moved into the Haig Point Lighthouse in July1979 in order to plan and permit 2,330 acres - 47 percent of Daufuskie. He then established The Daufuskie Company in 1984 when he and his investors sold Haig Point to International Paper, which subsequently funded the development of Haig Point the leading development on Daufuskie Island.

NEWS - Commercial Real Estate

Savannah, GA--VR Business Brokers of Savannah and Judge Realty have formed an affiliation to work cooperatively on the sale of businesses when property as well as the business entity is being sold.

According to Steve Fitzgerald, VR’s president, “Most of our clients who are seeking to sell their business lease the property in which the business operates, but in those situations when the property is also to be sold, we sought out an experienced and well-respected Realtor.  We believe Judge Realty is an excellent firm to provide that help.”

VR Business Brokers is the only network of full-time professional business intermediaries. Judge Realty offers professional brokerage services in residential and commercial sales and leasing.  In addition the firm maintains a rental property management division.

Both companies believe this is a win-win relationship, with each firm bringing its own specialized expertise to each transaction on which they cooperate.  Lori Judge, the head of the firm that bears her name, said, “Judge Realty's affiliation with VR Business Brokers brings an expanded level of service to the business investor sector.”

NEWS - Commercial Real Estate

By Catherine Rendón

March 28, 2011 - Less than a mile south of Bay Street and five blocks west of the Victorian District’s Forsyth Park is the new home of Food Lion Supermarket. For the last 16 years a variety of individuals, including a number of city managers like Frank Wise, Henry Moore, Israel Small, and others like SDRA Chairman, Tony Cooper, have tried to attract a grocery chain to the area. Robert E. James, President of Carver State Bank, an active participant in this project said, “There has always been a desire to see economic development on this corridor.”

James’s participation in this project was key to Food Lion’s success. This is not only because he sold the land on the corner of Gwinnett Street and MLK Boulevard to the developers, but also because as a long-standing member of the business community here, James offers reassurance for long-awaited positive change. Carver State Bank purchased this property for $36,500.00 in 1971 and opened its bank on the corner in 1974. More recently, the bank has been using one of St. Philip’s buildings for its offices since Food Lion’s groundbreaking in July 2010 but is moving into the new Food Lion building as a tenant at the end of March 2011 when both Carver State Bank and Food Lion Supermarket will have a grand opening.

James, the longest serving African American president of a bank in the U.S., is presently president of Step-Up Savannah, a collaborative of organizations that works toward helping families achieve self-sufficiency. James feels optimistic that his bank’s continued presence in the neighborhood and the arrival of Food Lion will offer new opportunities to locals. Founded in 1927 and the fourth oldest African American-owned bank in the U.S. Southeast, Carver State Bank offers innovative programs, like “Second Chance Banking” to members of the community who often are not given the opportunity to have their own bank accounts. James feels that with the bank’s new location and the new influx of foot traffic and customers will be mutually beneficial to his bank as well as to the community since Carver State Bank prides itself on personal service.

For many years, part of Martin Luther King Boulevard has been seen as the epicenter of a vibrant prostitution ring as well as part of the city’s drug scene. There are crosses for victims of Black-on-Black crime on the sidewalk of Burroughs Street and rumor has it that drugs are not only peddled at local convenience shops but food stamps bought for cash. Tourists rarely venture this way, although the Civil Rights Museum is nearby and Interstae 16, the primary artery into town, comes into M.L. K. Boulevard.

Formerly known as West Broad, this long avenue replicated many of the businesses and social functions Broughton Street offered the White community: a thriving avenue of shops, movie theatres, eateries, car dealerships and bars. The only difference with West Broad is that it also had and continues to house many churches. After desegregation many of the businesses fell into disrepair and the attractive possibility of other venues and quarters that had formerly been off limits to African-Americans added to the neglect and decay of the district.

MLK Boulevard has recently been repaved along much of its length, from Gwinnett to 36th and some landscaping has also been added. Road islands are not particularly well-seen by fast food businesses like KFC, Burger King, Wendy’s and Popeye’s, all of which dominate different corners and bits of blocks near Montgomery Street and MLK Boulevard corridors. For the last 11 years, Sister Pat Baber, director of St. Mary’s Community Center, (on 36th Street in neighboring Culyer-Brownville) says, “We’ve been hearing a lot of talk about revitalizing the MLK corridor, now let us see it!”

Baber has seen the handsome brick building go up which will house the new Food Lion Supermarket by Gadsden Elementary that students from her neighborhood attend. “This is huge," Baber says, “because it is sitting right next to Kayton-Frazier homes (subsidized housing), EOA, Head Start and Gadsden Elementary School.” According to the 2005 census 54.7 percent of the population in this area consists of single mothers and their children.

Many of these mothers do not own a car and therefore do much of their shopping in local convenience stores that lack fresh produce and fruit as well as in a variety of goods but which are mainly overpriced. Baber, who caters to many of those living here with a food bank, knows that canned goods are not ideal for a population that suffers from diabetes and obesity. Baber, like many other community activists, believes the choice Food Lion will offer the local public is tremendous as well as the possibility of buying goods in bulk, as when there are “buy one get one free” sales.

This project would not have been possible without a third partner in the community and that is St. Philip A.M.E. Church that has stood in the same spot for 100 years. The Rev. Dr. John Foster, pastor of St. Philip’s, says that to many this project seemed like a pipe dream. St. Philip’s A.M.E. provided not only extra space needed for the parking lot but also the weight of a respected local church in the community with a history dating back to 1865. St. Philip’s 600-strong congregation consists of African-American professionals, teachers, lawyers, and counts James among its regular congregants. It is a “silk stocking church” with many members from the cultural elite of the African-American community. St. Philip also addresses some of the issues of the poverty that surrounds their church and feeds 430 persons every fourth Saturday.

Foster feels that much of the memory of the old West Broad Street is akin to nostalgic musings of a former girl or boyfriend one selects the good bits and forgets the bad. Foster feels that Food Lion’s presence in the neighborhood “will provide a catalyst for change and adds a further link in the chain of economic development and social renewal.” Foster was also complimentary of the role played by the Savannah Development and Renewal Authority (SDRA), who have its headquarters half a block away from his church.

Food Lion Director of Operations Billy Harcum and Dwayne Tutt of Food Lion’s Real Estate Department, have been closely involved with this project. Food Lion has four stores in the Savannah area and opened two new branches over the last two years mainly in Southbridge and the other at Skidaway Road and DeRenne. Harcum considers this their latest offering to be in Savannah’s historic district and its most urban location in the area to date. Forty-six new jobs have been created and the new store will offer a variety of services ranging from a deli, bakery, Red Box DVD kiosk, lottery, Western Union and Coinstar.

Gunn, Meyerhoff and Shaye, a local architectural firm chosen for the Food Lion project had links with the community since it designed the second Carver State Bank branch on Skidaway Road a few years ago. It was chosen to design Carver Commons in view of future urban renewal plans and because of its track record and use of local historical details in other city projects.

Patrick Shaye, a principal at Gunn, Meyerhoff, Shaye, explained how much of the plan of the Food Lion was already pre-designed given the store’s corporate philosophy. Nonetheless, Dwayne Tutt, the Food Lion representative who oversees over 500 Food Lions in the Southeast, understood that the presence of his store on MLK Boulevard was also an attempt to resurrect a sense of pride in the city and this neighborhood. To this end, Shaye’s architectural firm did some historical research and looked for visual cues which would celebrate some of West Broad’s former landmarks. This is how the architects incorporated a large arch in the center of the supermarket’s façade in tribute to the Star Theatre, one of two movie theatres that catered to the African-American public before desegregation.

The building material too, in this case, bricks, tries to look as closely as possible to the traditional Savannah Grey brick which characterize the city’s historic district. The ones used in the supermarket are actually from North Carolina but are the closest in look and feel to Savannah’s traditional brick. There is a subtle variation in the hue of the bricks to differentiate the supermarket from the bank that are housed in the same building as well as a change in the roofline (one is slightly different in height) in order to also mark a difference in both businesses. Old photographs of the neighborhood have also been blown up for the side windows of the supermarket facing the Kayton-Frazier homes in order to give a sense of place to this new Food Lion in the community. R.P.M. Associates from Greenville, S.C., are in charge of construction.

Shaye intentionally designed Carver State Bank’s entrance on the diagonal, facing MLK Boulevard, as a tribute to the traditional entrances of some of Savannah’s older institutions. It was important for James to continue to have a façade onto the main thoroughfare since his belief in the neighborhood is such that his bank’s presence and that of St. Philip’s offer a beacon of hope and well-being to the local community.

"More than any other bank, Carver Bank prides itself on its personal customer relationships,” James told the SBJ. To this end, it feels that it will not only continue to maintain important ties and community clients, but it also hopes to attract new customers. Carver State Bank offers “second chance” banking which allows those who have few options of having a bank account, actually benefit from one. Furthermore, although the bank uses technology and online banking for its younger customers, it recognizes that many of its clientele require individual service to walk them through some of the intricacies of banking.

Many in the neighborhood are anticipating the opening of the Food Lion. Choose’s No. 5, a market which was called Chu’s 20 years’ ago, will face competition as it will no longer be the sole purveyor of food in the neighborhood. Clarence Jackson, a frequent shopper there, remembers how 50 years ago this same spot housed the Super Duper Market. Local businessman Richard Shinhoster, of The Diaspora Marketplace, feels that Carver Commons is just what is needed to put an anchor of stability and possibility into the neighborhood.

K. King, a Syrian-American merchant who works next door to Chooses’s No. 5 at “Beauty and Beyond” thinks the competition will be good for the neighborhood. “It is good to have choice” he told the SBJ. Hong-Kong born, David Siu, of the Chinese take-away restaurant, “The Great Wall,” and who has been at the same location for 26 years, hopes that Carver Commons will attract more business to the quarter. Siu, however, feels that the MLK corridor is still too fast and a little too far from the downtown to attract a broader base of customers. Anna Smith, who works at “Beauty and Beyond” hopes that the new Food Lion will provide new jobs and opportunities for the neighborhood.

“On the whole, it remains a win-win situation for everyone,” James explained. This is the first time a Food Lion has partnered with a religious institution, a church, in order to establish itself in a neighborhood, Pastor Foster told the SBJ. Foster also noted that it will be the first time that a local church will have an ATM on its premises. This is because part of the space needed to accommodate the Food Lion’s parking lot is on church property. Now instead of a grass lot, the church will enjoy a paved, well-lit parking lot.

At present MLK Boulevard is looking more spruced up than it has in some time, although some of the Kayton-Frazier homes are presently boarded up. The various churches and fast food restaurants on this principal artery leading to Bay Street maintain a constant flow of foot and automobile traffic passing through the neighborhood on a regular basis. Smart pockets, like the BBQ restaurant, “Blowin Smoke” on MLK Boulevard and Minis Street, and the SDRA offices, have added attractive destinations to the city in what to date has been an uneven and uncertain marketplace.

There are rumors and hopes that this part of the city will be the next area to be re-gentrified. There has even been talk of trolleys making their way down MLK Boulevard. Empty lots have been bought by private citizens like Dr. Walter O. Evans, whose collection of African-American Art will be housed further up M.L.K. Boulevard in the new SCAD Museum at Turner Boulevard. Plans for a commercial corridor down to 52nd Street have been discussed, although Carver Commons is the first evidence of investment in this quarter.

Many hope that the arrival of Food Lion will add a much needed injection of capital and hope to the future growth and well-being of this corridor. Finally, the presence and investment in this new supermarket by society stalwarts like James and Foster adds an important seal of credibility to the whole enterprise. “There is something “magical” about new development,” says James, and by keeping Carver State Bank facing MLK Boulevard, there is a hope of long-term transformation for the neighborhood and for the future. The hope is that other stable retailers will appear and help build the community back and that families will eat better and become more prosperous.

NEWS - Commercial Real Estate

The Ford Plantation, a prestigious residential community, was recently featured in the November 2010 issue of Coastal Living.

The five-page article showcases a historic cottage once owned by automobile magnate Henry Ford that has been meticulously renovated by Vanita and Harry Morgan. The 800-square-foot cottage, which was originally built in the 1920’s, once served as a farm manager’s residence and is one of four remaining structures at The Ford Plantation that date back to the Henry Ford era. The Morgan residence now serves as a stylish sanctuary overlooking Lake Clara.

“Charmed by the home’s history, cozy size and unusual combination of board-and-batten siding plus tiled roof, the Morgans renovated the house after moving it to higher ground,” the article observes. “The couple scrapped their plans to build from scratch and, instead, decided to rescue the historic cottage.”

A private community, The Ford Plantation offers unparalleled private club living on a 1,800-acre site with a canopy of historic live oaks overlooking the scenic Ogeechee River. Some of the exceptional amenities residents enjoy include an acclaimed Pete Dye golf course, a deepwater private marina, coastal sport fishing, stocked natural lakes, sporting clays, an equestrian center, tennis, a fitness center, pools, canoeing, kayaking, walking and hiking trails, and a full service spa.

Travel + Leisure Golf has repeatedly recognized The Ford Plantation as one of “America’s Top 100 Golf Communities.” Town & Country also magazine named The Ford Plantation one of the top seven safe havens in the country, spotlighting enclaves that offer an outstanding quality of life and exceptional amenities.

NEWS - Commercial Real Estate

Garden City, an award-winning Chatham County municipality, recently used Neighborhood Stabilization Program Grant funds to purchase three foreclosed homes, which will be renovated and made available to first-time homebuyers at a reduced cost in early 2011.

“We are delighted to make these improvements in Garden City’s historic neighborhoods,” said Brian Johnson, City Manager for Garden City. “We are using this grant wisely to improve Garden City and maximize the benefit for our residents.”

The single family homes are located in priority areas identified by the U.S. Department of Housing and Urban Development. Garden City partnered with Neighborhood Improvement Association, a local non-profit organization, to purchase and renovate the homes.

Potential homebuyers are encouraged to register at City Hall at the Garden City Town Center to attend a special homebuyer education workshop, which will include information about available grants and loans. Garden City selected a team – including War on Poverty-Florida, Inc.; ALGA, Inc.; Neighborhood Improvement Association and led by Garden City Town Center, LLC – to undertake this project.

“These homes will be affordable,” said Karen Landry, executive director of War on Poverty-Florida, Inc. in Jacksonville, Fla., a partner in Garden City’s Neighborhood Stabilization Grant efforts. “It’s a win for the City of Garden City and for the residents in the area. This is a great opportunity to attract new homeowners to Garden City.”

Garden City is one of 23 communities statewide to receive the grant from the State of Georgia’s Department of Community Affairs earlier this year. The Neighborhood Stabilization Program Grant is designed to reduce blight and encourage investment. Garden City has the distinction of being the only municipality in Chatham County to receive this competitive grant. Local governments can use the grant funding to acquire foreclosed residential property, raze dilapidated properties to reduce neighborhood blight or rehabilitate abandoned properties.

“The Neighborhood Stabilization Program offers a well-timed funding source for communities addressing foreclosed and abandoned residential properties by eliminating blight and creating an environment for future investment,” said Mike Beatty, commissioner for the Georgia Department of Community Affairs. “When completed, these projects will have a positive and stabilizing impact in communities statewide.”

The U.S. Office of Housing and Urban development’s Neighborhood Stabilization Program was created under the Housing and Economic Recovery Act of 2009 and is providing nearly $4 billion to states and communities experiencing high foreclosure problems and elevated risk of property abandonment.

“We appreciate this generous funding from the state and the opportunity to make key improvements in Garden City,” said Johnson. “This grant will enable us to stabilize our historic neighborhoods and to encourage additional investment in Garden City’s future.”