Ellis Square in Savannah Added to RCI’s Global Exchange Network

06/26/2012
Parsippany, N.J.
Summary:
The addition of Studio Homes at Ellis Square to RCI's network brings vacation exchange tourists to the heart of Savannah.

Image from www.bluegreenrentals.com

Key Quotes:
"RCI, the global leader in vacation exchange, announced today that the newest property in the Bluegreen portfolio, The Studio Homes at Ellis Square, has been added to the RCI resort exchange network."

"The Studio Homes at Ellis Square offer guests convenient access to all that Savannah has to offer. The city, which is known for its architecture and historical buildings, is alive with art, theater, shopping, dining and entertainment options."

The article is a press release from Wyndham WorldwideCorp. and can be read in full at: Wyndham Worldwide Corporation : Bluegreen's Studio Homes at Ellis Square in Savannah Added to RCI’s Global Exchange Network


A. Joseph Marshall
Coldwell Banker Commercial
Commercial Real Estate Advisor
Savannah, Ga

Savannah offers update on Waters Avenue project

June 22, 2012 - 12:28am By Lesley Conn

 

Summary: The City of Savannah will revitalize Waters Avenue to beautify and spur business development.

Key Quotes: 

 

"The cornerstone of those efforts will be facade improvements and landscaping improvements at the shopping center on Waters between 36th and 37th streets."

 

"The city has set a July 3 deadline for receiving redevelopment proposals, and by the last quarter of the year should award a contract, said Stephanie Cutter, assistant city manager of public development."

"Another $2 million has been budgeted for sidewalk, street and lighting improvements."

Read the full article at Savannah offers update on Waters Avenue project

A. Joseph Marshall
Coldwell Banker Commercial
Commercial Real Estate Advisor
Savannah, Ga

DOT Study: Rapid Trains Feasible Between Atlanta, Jacksonville, Louisville & B'ham

Walter Jones
Morris News Service
June 21, 2012

Summary: The first phase of construction of a high speed rail service from Atlanta to Jacksonville would be to Savannah.

Photo credit: 

Map | Georgia DOT

 Key Quotes: 

Running high-speed, passenger rail lines are economically feasible between Atlanta and Jacksonville, Louisville and Birmingham, according to a consultant's study presented Wednesday to the State Transportation Board.

Construction of any of the lines is likely to be many years in the future. But the Obama administration has made high-speed passenger rail a priority and provided funds for exploring routes that could link up into a national network.

Fares between Atlanta and Jacksonville would range between $119.41 and $152.24. Construction would cost from $5 billion to $16 billion or for each mile $11.5 million to $41 million.

Read the full article at DOT Study: Rapid Trains Feasible Between Atlanta, Jacksonville, Louisville & B'ham.

 
A. Joseph Marshall
Coldwell Banker Commercial
Commercial Real Estate Advisor
Savannah, Ga

Port of Savannah loses out as Disney begins imports through Jacksonville

By Associated Press Wire
June 19, 2012 03:21 PM

This is a short and to the point article so I am reposting it here entirely.

AP Photo/Florida Times-Union, Bruce Lipsky

JACKSONVILLE, Fla. (AP) — Mickey Mouse ears, Tinker Bell tumblers, Snow White nightshirts and other Walt Disney World souvenirs will be imported through the Port of Jacksonville.

Mickey himself was on hand at the port Tuesday for the announcement by Walt Disney Parks and Resorts.

So were Gov. Rick Scott, Lt. Gov. Jennifer Carroll as well as Disney and port officials.

Disney previously imported merchandise for its central Florida attractions through Savannah, Ga. Officials say a quarter of the cargo will continue to flow through the Georgia port but the remaining 75 percent will come through Jacksonville.

It's part of efforts by Scott and Florida business leaders to boost the state's economy by increasing activity at its ports.
Read the full article at Port of Savannah loses out as Disney begins imports through Jacksonville

A. Joseph Marshall
Coldwell Banker Commercial
Commercial Real Estate Advisor
Savannah, Ga

Big plans for Mall Blvd. shopping center

Posted: June 17, 2012 - 1:15am  |  Updated: June 17, 2012 - 2:15pm

By Adam Van Brimmer

Summary: There are ambitious plans to tear down Market Walk and improve it with new construction. Developers will raze the Days Inn, Kroger, mini-storage, office buildings and retail center. The site will house a new larger Kroger with fuel center, a 55,000SF big box, and many retail outlets and restaurants. A date to reopen the 24 acre site is not determined yet.

Conception of redevelopment. Not exact.

Read the full article at Big plans for Mall Blvd. shopping center.

A. Joseph Marshall
Coldwell Banker Commercial
Commercial Real Estate Advisor
Savannah, Ga

Brazilian - Savannah companies to open joint venture in Pembroke

Posted: June 18, 2012 - 11:19am  |  Updated: June 18, 2012 - 12:27pm

By Bryan County Now

Summary: Savannah Global Solutions, a company that designs and manufactures site preperation equipment, and Belo Horizonte, a Brazilian company that manufacturers foundation rigs, are creating a joint venture in Pembroke, Ga's J.D. Harn Industrial Park.

Key Quotes:
[Savannah Global Solutions] announced plans to make improvements to the former Oldcastle Precast plant for the location of a manufacturing and assembly facility. The new facility will employ about 50 people for production and assembly to serve domestic and foreign markets.

“Our venture with CZM is a great example of how businesses from different countries can help each other establish themselves in foreign markets. With CZM’s support, Savannah Global closed its’ first large account in the Brazilian forest industry sector and continues to provide services that assist our business developments there.” says Mark Sauer, President of Savannah Global Solutions, LLC.

Read the full article at Brazilian - Savannah companies to open joint venture in Pembroke
A. Joseph Marshall
Coldwell Banker Commercial
Commercial Real Estate Advisor
Savannah, Ga

U.S. Federal Reserve Beige Book: Atlanta District

By Editors: [bn:PRSN=3214650] Alex Tanzi on June 06, 2012 

The Federal Reserve Atlanta District last week released the April and May data that show moderate economic expansion.

Summary:

Reports from Sixth District business contacts indicated that economic activity continued to expand at a moderate pace in April and May. Reports were somewhat more positive than the previous report, and expectations remained generally optimistic across most sectors. However, uncertainties surrounding the potential impact of developments in Europe weighed on the outlook

Key Excerpts:

Real Estate and Construction. The majority of residential brokers said that home sales exceeded year-ago levels in April and May with many reporting that sales exceeded expectations. Strengthening sales, mostly from cash buyers and investors, were noted by most Florida contacts. Brokers observed that inventory levels across the District continued to decline. The majority of contacts reported that home prices were flat to slightly up on a year-over-year basis. The sales outlook among brokers remained positive with most anticipating year-over-year gains, albeit from very low levels of overall activity, over the next several months.

Banking and Finance. Lending standards remained largely unchanged since the last report, but banking contacts indicated that more applicants were qualifying for loans. Most District bankers commented that demand for refinancing mortgage loans continued to increase; more applicants had ample cash for down payments or enough equity in their homes to meet the loan requirements. Credit availability increased and competition among lenders for loans remained strong. Some bankers mentioned improvements in the general creditworthiness of borrowers and appraisal valuations.


Read the full article at U.S. Federal Reserve Beige Book: Atlanta District

A. Joseph Marshall
Coldwell Banker Commercial
Commercial Real Estate Advisor
Savannah, Ga

Work to begin on Pooler water park this winter

Well the worst kept secret in Chatham County is reported in the Savannah Morning News: a water park is coming to Pooler.

June 8, 2012 - 12:08am By SCOTT W. HARRISON

Summary:
Contractors have announced that work on a 10-acre water park next to Royal Cinemas in Pooler will begin this winter.

Key Quotes: 

The estimated $10 million project will be the newest addition to the Pooler Towne Center, a rapidly growing area off Pooler Parkway near Interstate 95.

Construction teams are currently building a five-story IMAX addition to Royal Cinemas, and a separate roller-skating rink in the lot adjacent to Frames and Games bowling alley. Stefan Erkl, the contractor overseeing the projects, said the IMAX theater and rink will be completed in the next couple of months.

The water park will be the “last piece in the puzzle” and “round out the project,” Erkl said. It will include a lazy river, waterslides and beach areas.

Erkl’s goal is to have the water park completed and opened for the public by April 2014. The plan also includes room for future expansion.

 Read the full article at Work to begin on Pooler water park this winter











A. Joseph Marshall
Coldwell Banker Commercial
Commercial Real Estate Advisor
Savannah, Ga

SHEP "invasive", "sketchy" says Charleston Post and Courier

Court will put DHEC to test Posted: Monday, June 4, 2012 12:27 a.m

Summary: Editorial hopes the S.C. Supreme Court with see through legal morass and decide against DHEC.

Key Quotes:

Plaintiffs say the DHEC board acted inappropriately when, after Gov. Nikki Haley intervened in the process, it reversed an earlier decision and approved a water quality permit for Georgia. We agree.

If the Supreme Court agrees that DHEC was in the wrong, the prospect for stopping the ill-advised plan improves.

Yes, it will slow down the Georgia Ports Authority in its environmentally sketchy plan to dredge the Savannah River. But when you tease apart the controversial details, you still get a system that awards federal dollars to projects with the most political muscle instead of the most merit.

The disputatious situation calls for a more reasonable approach to funding projects like the dredging of the Savannah River and of Charleston Harbor.

The S.C. State Ports Authority believes the Charleston Harbor dredging proposal would fare well if it were compared to the much more expensive ($600 million) and environmentally invasive Savannah River proposal. And industry analysts suggest that only one of the projects is necessary.

Read the full article at Court will put DHEC to test.

A. Joseph Marshall
Coldwell Banker Commercial
Commercial Real Estate Advisor
Savannah, Ga

Coastal Empire Q1 Economic Monitor

If you don't receive this report by Dr. Michael Toma via email I recommend you email him to include you in the distribution.

Click on the images for a larger view.

 

A. Joseph Marshall
Coldwell Banker Commercial
Commercial Real Estate Advisor
Savannah, Ga

Hotel/retail complex planned for River St.'s east end

Posted: June 1, 2012 - 12:21am  |  Updated: June 1, 2012 - 10:16am

 

By Adam Van Brimmer  

 

By Jennifer Branch

River Street’s quiet east end is about to generate plenty of noise.

Plans for Georgia Power’s four-plus acre site that includes the company’s former region headquarters and nearly three acres of riverfront property were unveiled Thursday during a specially called meeting of the Savannah Historic District Board of Review.




The plans call for a hotel, 500-space parking garage, four small retail buildings and a park on the waterfront property currently devoted to a fenced-off parking lot and greenspace formerly utilized by Georgia Power. Another new hotel is to be built next to the existing Georgia Power office building on the south side of River Street.

The project represents an $80 million to $100 million investment, according to sources with knowledge of the situation. Georgia Power spokeswoman Swann Seiler confirmed the property is under contract for sale. She anticipates the deal closing by the end of the year.

However, the project is contingent on the Chatham County-Savannah Metropolitan Planning Commission and Savannah City Council agreeing to amend the Historic District Height Map. The change would allow the would-be developer to build part of the riverfront hotel as well as the parking garage to a height equal to the Georgia Power office building across the street.

The hotel/garage property is currently subject to the two-story restriction imposed on new construction along the waterfront side of River Street east of Martin Luther King Jr. Blvd.  The limit is meant to protect views of the river from the bluff and the properties located on the south side of River Street.

The hotel developer, Northpoint Hospitality Group, argues part of the property sits east of the bluff’s edge and where River Street joins General McIntosh Blvd. Building to a greater height therefore won’t impede views, according to Northpoint, and the building will still be shorter than the neighboring Savannah Marriott Riverfront. The Marriott sits just outside the Historic District boundary.

The Savannah Historic District Board of Review disagrees. The board discussed the height map change Thursday. A five-story hotel on the waterfront will block river views from the bluff, board members agreed.
The board technically has no jurisdiction over the proposed amendment but will forward a letter, crafted during Thursday’s meeting, to the planning commission recommending it reject the change.

“The site in question has a historic role as a viewing corridor between the eastern edge of the bluff north of Bay Street and the river,” the letter will read. “Views should be considered a vital component of the historic district and a factor in the context of visual compatibility. The (board) believes the existing map best preserves the visual character of the riverfront between Bay Street and the Savannah River.”

The MPC will take up the issue Tuesday and will issue a recommendation, for or against, on the map amendment. Savannah City Council will then decide whether to approve or deny the request.
If approved, the project would still be subject to normal review processes conducted by the MPC and the Historic Review Board.

Georgia Power’s Seiler is optimistic the project will move forward.

“It is our intention to work with the purchaser in the coming months as potential changes and modifications are vetted through the various review board processes as needed,” Seiler wrote in an email.

The proposed development would transform the east end of the waterfront and essentially extend the River St. commercial corridor all the way to the Marriott. The first of the four waterfront retail buildings would sit at the eastern edge of Morrell Park near the foot of the East Broad Street ramp.

The retail complex is broken into four buildings with walkways between each to ensure pedestrian connectivity to and sightlines of the river. The riverfront hotel sits east of the retail buildings and stretches past the ferry boat landing.

The riverwalk frames the property.

Georgia Power’s office building will remain as part of the complex, although its use has yet to be determined. The developer plans to construct a pedestrian walkway between the office building and its neighboring hotel that would provide a new connection between Bay Street and River Street.

Release of the project’s plans ends – at least temporarily – nearly three years of speculation about the future of the property. Georgia Power announced it would list the site for sale in September 2009.

Georgia Power and its predecessor, Savannah Electric Power Co., occupied the property from the opening of the office building in 1961 until relocating to its new headquarters on Reynolds Square in January 2011. The original building once featured a sales showroom and three demonstration kitchens. Home economists staffed the kitchens and offered cooking lessons as well as demonstrations in the latest all-electric appliances.

The building long hosted community meetings in an auditorium. And economic development officials once utilized the fifth-floor veranda overlooking the river to welcome visitors and dignitaries to Savannah.


ABOUT THE BUILDING
Located at the east end of Bay Street, the 4.1-acre Georgia Power property includes a 50,000-square-foot, five-story, brick building and nearly 3 acres of parking.

ABOUT NORTHPOINT HOSPITALITY
Northpoint Hospitality is based in Atlanta and operates five Savannah-area hotels, including the SpringHill Suites, the DoubleTree and the Hilton Garden Inn in the Historic District.
SAVANNAH HISTORIC BOARD OF REVIEW RECOMMENDATION

The historic review board will forward a letter recommending rejection of the proposed text amendment to the Historic District Height Map. The letter will read as follows.

“Historically, buildings along the north side of River Street were no more than two stories (except for a small portion, the now lost Neal Blun warehouse on the site of the Hyatt). The site in question has a historic role as a viewing corridor between the eastern edges of the bluff north of Bay Street and the river. The historic Harbour Light was always visible from the river. Further east, the 18th century Fort Wayne (along the northeast edge of the Trustees Garden) maintained an open view to the river. Views should be considered a vital component of the historic district and a factor in the context of visual compatibility.

“The Savannah Board of Historic Review recommends that the MPC reject any effort to alter, amend or change the two stories above River Street and three stories above Bay Street portions of the existing Historic District Height Map. The BHR believes the existing map best preserves the visual character of the riverfront between Bay Streets and the Savannah River.”

 

A. Joseph Marshall
Coldwell Banker Commercial
Commercial Real Estate Advisor
Savannah, Ga

Mortgage do-over time

May 31, 2012 9:55 AM By NICOLE GELINAS Los Angeles Times

Here's a great opinion piece!

Key Quotes:

After the bubble burst, Americans couldn’t keep paying all of that debt and support the economy with retail spending and investments in businesses. They still can’t.

Yet no mainstream politician, Democrat or Republican, embraced the idea of forcing banks and investors to admit reality on their bad loans.

Why? Public opinion was rabidly against it. A commenter to a January 2009 New York Times blog summed up the zeitgeist in asserting that “people who (bought) more house than they can afford … ARE idiots.”
 
The moral-hazard argument against principal write-downs was always faulty. During the housing boom, the financial and real estate industries and popular culture — TV programs such as “Flip This House” — encouraged Americans to buy a home as a speculative investment.

But when you lose money on an investment, it’s perfectly rational -- and not immoral -- to cut your losses.

Lenders don’t reduce the amount of money they’re owed because they’re nice. They do it because it’s economical. They don’t want to be stuck managing an asset that’s lost value.

Moreover, the more pressing problem is not that mortgage interest rates may be too high someday but that they are too low right now. The government has intervened massively, reducing rates to below 4%. President Obama and Federal Reserve Chairman Ben Bernanke encourage low rates because they want people to flock back to the housing market -- creating artificial demand and keeping house prices from falling further.
That would create a new generation of borrowers who will find themselves underwater in coming years when the government stops propping up prices. That’s moral hazard -- using unwitting new people to bail out the old.

The best way to avoid that risk would be to allow housing prices to find their bottom now. Such an effort is helped by mortgage-principal reductions, as they reduce uncertainty over future foreclosures.

Read the full article at Mortgage do-over time.

A. Joseph Marshall
Coldwell Banker Commercial
Commercial Real Estate Advisor
Savannah, Ga