google-site-verification: google5ae98130f18ad244.html

Tuesday, September 25, 2018
   
Text Size

Commercial Real Estate

Aug. 31 - City of Savannah Sells Two Landmark Buildings; Continues Plan to Centralize Operations

Category: Commercial Real Estate

Savannah Business Journal Staff Report

August 31, 2018 – The Savannah City Council approved the sale of two downtown buildings during Thursday’s council meeting as part of a larger plan to centralize City municipal operations.

The City sold the Thomas Gamble Building, located on East Bay Street next to City Hall, to Foram Development LLC for $8.5 million, the same company that is developing the Starland Village project on Bull Street.

And, the City sold a building located at 601 E. Liberty St. to Standard Companies for $5.9 million.  Both companies have plans to convert the buildings into residential units with commercial space on the street level. Foram also plans to include shared and private rooftop gardens on the Gamble Building.  Closing on the sale of these buildings is expected in the coming months.

According to city officials, the financial return and economic impact of the Gamble Building property sale is determined to have a net value of more than $9.1 million which includes sale proceeds and incremental tax revenues. The financial return from the Liberty Street building is determined to have a net value of more than $8.1 million.

City staff recommended the sale of the buildings as part of a larger plan to consolidate City operations and build a new public safety/municipal complex. “Both the Gamble and Liberty buildings are prime properties, but have grown outdated and are in need of major renovations,” said Real Property Services Director David Keating. “Renovating these buildings is not in the City’s best interest when we have the option to return them to the tax rolls and reinvest the sale proceeds into a more functional and efficient municipal facility.”

Earlier this year the City sold the Broughton Municipal Building and the Paulsen Street municipal building.  Most of the City personnel that once occupied the Gamble, Broughton and Paulsen buildings have been moved to City Hall or relocated to office space at the Savannah Morning News building on Chatham Parkway. The sale of the surplus property aligns with the City’s strategic plan Savannah Forward, under the priority of Good Government.

Overall Rating (0)

0 out of 5 stars

Leave your comments

Post comment as a guest

0 / 300 Character restriction
Your text should be in between 10-300 characters
Your comments are subjected to administrator's moderation.
terms and condition.
    • No comments found
    CLICK to SUBSCRIBE and Support Great Journalism!

    Follow Us!

    TwitterFacebook

    Komento Activities

    Guest - Lisa Porter-Grenn, M.D. - Commented on Jan. 8 – Judge Edenfield denie... in Joomla Article
    This is a qui tam law suit without sufficient merit. If Schaengold is so worried about hospital cost...
    Guest - Jack - Commented on Aug. 23 - Phelps on Politics -... in Joomla Article
    "Goose that laid the golden EYE? You're right, that is hard to argue with.
    Guest - JR Lee - Commented on MPC approves plan for new Walm... in Joomla Article
    Great, another complex to attract Savannah's finest entitlement minded individuals. Another complex ...
    Guest - Robin Sherman - Commented on Jan. 4 – COMMENTARY: New Year... in Joomla Article
    Excellent post, Ms. Phelps. Effective government can only occur when the public is informed. Transpa...
    Guest - Tao of Me - Commented on Why is Memorial Hospital Being... in Joomla Article
    They aren't telling Memorial employees anything about this. A recent survey of the facilities by Nic...
    Guest - Genie Brazzeal - Commented on Feb. 24 – Lawyer and former Al... in Joomla Article
    Thank you, Mr. Bordeaux! Bring some honesty to this court. No more winking like I experienced.
    Guest - Karl - Commented on Feb. 25 - Memorial Hospital’s ... in Joomla Article
    Good article. Has a lot of information that is very difficult for "team members"(employees) to find....
    Guest - Susan Worthington - Commented on May 13 – UPDATED 11:39 a.m. HC... in Joomla Article
    In 1953 there was not such a thing as a trauma or neonatal program. The need for Neonatal Services ...
    Guest - Linda Dominy - Commented on June 8 – EDITORIAL: Immediate ... in Joomla Article
    As a clinical team member this makes me sad and it would never happen. We can argue politics all day...
    Guest - Judy - Commented on Savannah’s Title Max Bankruptc... in Joomla Article
    How Tracy Young was allowed to file for bankruptcy or chapter 11 is amazing. Title Max should be ch...
    Guest - Samantha Claar - Commented on Aug. 7 - COMMENTARY: Je suis “... in Joomla Article
    Pertinent questions that deserve real answers. If upper management - appointed and elected - can't ...
    Guest - Lisa Grant - Commented on Aug. 11 - Jonathan Christy, MD... in Joomla Article
    I have seen this guys work for my own eyes through an associates who received a revision of TKR by D...
    Guest - Jason - Commented on Aug 9 - Lyndy Brannen Retires ... in Joomla Article
    Just a clarification - WRHQ (Quality Rock Q105.3) is owned by Thoroughbred Communications.
    Guest - Drew - Commented on Apr. 21 - WaterWays Township N... in Joomla Article
    Rewarding a gated community is for community development is about as stuck in the past as it gets.
    Guest - Felton - Commented on June 17 – Ameris Bancorp acqui... in Joomla Article
    If "This acquisition increases Ameris Bank’s total assets to approximately $5.4 billion," then the a...
    MY ACCOUNT
    CONTACT
    SOCIAL
    MORE
    ADVERTISE
    Coastal Empire News
    Headquarters: 35 Barnard St., Suite 300, Savannah, GA. 31401.
    Tel: 912-388-4692 | Hours: 8:30 a.m. to 5:00 p.m.