City of Savannah to sell downtown property for public safety priorities (sale, real estate)

[Airforceguy]

The city is planning on selling downtown property, previously purchased for a new Savannah-Chatham police headquarters, to fund public safety priorities.

Selling the vacant lot, about 1.2 acres, could generate $6.5 million to $8.5 million in today’s market, Savannah Alderman Brian Foster announced during the Savannah City Council workshop Thursday.

“We know there are interested parties,” Foster said.

That estimated revenue would be more than double the $3 million the city paid for the property in 2012 as a location for a new police headquarters.

Located across the street from the existing police headquarters, the site is currently being used by officers for parking.

Foster has been working with staff to develop a plan to fund more than 200 new surveillance cameras he expects to help reduce and solve crimes.

City officials had considered borrowing funds by issuing bonds or making budget cuts to pay for the investment, but Foster said the sale should cover the costs of the cameras and possibly other police equipment such as vehicles and computers.

The city is planning on hiring a real estate firm to market the sale to sell the property for the most they can.

Foster said the city has had a tendency to sell property for the appraised value, which he believes is below what the market rate is these days for the downtown location.

“We are going to take advantage of the strong market when we can,” he said.

The firm is also expected to provide similar services for the sale of additional city properties, including the municipal building on Broughton Street. The departments in that building are being relocated to the former Catholic Diocese building on East Broad and Liberty Street the city purchased last year for $3.5 million.

As part of the sale agreement, Foster said the city will be able to set terms, such as providing sufficient parking for officers. Those terms could also dictate what type of development goes there, including possible retail and residential use.

City of Savannah to sell downtown property for public safety priorities* | SavannahNow

[gentlearts]

A solution to a problem, and some decisiveness. Call me heartened.