SEDA Board of Directors Approves Purchase of 685-Acre Property


Last Tuesday, the Savannah Economic Development Authority board of directors unanimously approved the purchase of a 685-acre property located off of Old River Road near Interstate 16. Known as the Newton Tract and 50 percent of the Durrence Tract, the property will be purchased from Harry E. and Charlotte Kitchen, Jr. of The Foxfield Company. SEDA expects to close on the property tomorrow, Nov. 9, for $5.087 million.

The property, which is zoned industrial, is master planned for 3.25-3.5 million square feet of industrial building space.

“The addition of up to 3.5 million square feet that can be managed and marketed by SEDA, will give us much needed property and greater flexibility to entice manufacturing to Savannah,” said Trip Tollison, SEDA President and CEO.

According to the most recent CoStar Vacancy report, the 2016 3Q industrial vacancy rates showed a downward trend in availability.

In 2013, Chatham County voters approved SPLOST, with a portion of the funds going to develop and execute a strategic land development plan. On Friday, Nov. 4, the Chatham County Commissioners approved the transfer of $3 million from SPLOST VI funds to SEDA for purchase of the property. The remaining $2.087 million will come from SEDA.

“I would like to thank Chatham County Commission Chairman Al Scott, Chatham County Commissioners and the County staff for supporting SEDA’s efforts to develop a manufacturing industrial park,” said Steve Green, Chairman of the SEDA Board of Directors. “Of course a special thank you to the citizens of Chatham County. Without their approval in this most recent SPLOST, this project could never have become a reality. Tuesday’s announcement adds a much needed tool in our toolbox to bring well paying jobs and investment to Chatham County.”



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