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925-1303 E President St - 20ac downtown Savannah, zoned mixed-use 19.77 Acres of Commercial Land Offered at $41,411,101 CAD in Savannah, GA 31404
Investment Highlights
- Adjacent to historic district, but exempt from its development restrictions, with direct access to its iconic tree-lined Oglethorpe Avenue.
- Access; two signalized intersections, two right-in/right-outs, and the city's planned extension of General McIntosh Blvd across East President Street.
- No wetlands and no onsite water detention required as storm water can drain directly into Bilbo Canal, and no flood plain removal mitigation cost.
- Strong city support demonstrated by successful rezoning, executed Development Agreement, and past site plan approvals for high-density multi-family.
- The western 3.5 acres are enrolled in the Brownfield program, and the entire property sits within a Federal Opportunity Zone.
- Publix grocery recently permitted directly across the street in Eastern Wharf's development, and nearby multi-family rents trending around $3/SF.
Executive Summary
These ~20 acres are located in the heart of this beautiful and historic coastal city, and more particularly it is located in the rapidly upscaling eastern side of the city, while still in walking distance to the historic district and riverfront.
Savannah is transitioning from a vacation market to a major growth market. The Port of Savannah was deepened May 2022 and is helping to fuel this growth with consumer spending now above $1B.
Property Facts
1 Lot Available
Lot
| Price | $41,411,101 CAD | Lot Size | 19.77 AC |
| Price Per AC | $2,094,643.43 CAD |
| Price | $41,411,101 CAD |
| Price Per AC | $2,094,643.43 CAD |
| Lot Size | 19.77 AC |
~20 acres comprised of three parcels, ~1800LF frontage & high traffic counts on East President Street, Savannah’s main east-west artery, and Truman Parkway on the eastern boundary is Savannah’s southeastern beltway with direct connection to I-95.
Description
Site Conditions: • Current elevation: 0–2 ft; fill requirement for vertical is 10 ft with less fill needed for surface parking and streets or podium structures. • The warehouse that was located on this property has been removed leaving only a clean slab behind. • Typical coastal soil conditions will require significant upfront site work typical for coastal developments in this area. • Phase I LDP permit already issued to help maintain drainage, and utilities to the site are available. Sale Notes: • The land is offered "as-is" with short due diligence & closing periods and only timing contingency is conceptual site plan approval. • Pricing guidance is contingent on favorable terms; timing, deposits, commitments. • The seller's preference is to sell the entire acreage to a single buyer, but will consider subdividing depending on the terms offered.
Property Taxes
| Parcel Numbers | Improvements Assessment | $0 CAD | |
| Land Assessment | $2,241,359 CAD | Total Assessment | $2,241,359 CAD |
Property Taxes
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925-1303 E President St - 20ac downtown Savannah, zoned mixed-use
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