SEDA Board approves purchase of 685 acres for new industrial park (Savannah: 2013, transfer)

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The park has not yet been named. The listing brokerage firm had titled the area “Compass Park,” but according to SEDA President Trip Tollison, no decisions on a name have been made for the land that lies just inside Chatham County, bordering Effingham County on the south side of I-16.

Known as ‘the Newton Tract’ and 50 percent of what is known as the ‘Durrence Tract’, the property will be purchased from Harry E. and Charlotte Kitchen, Jr. of The Foxfield Company.

Harvey Gilbert with Wakefield Cushman’s Savannah office was the listing broker.

SEDA expects to close on the property today, 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, which has been committed for the development of “manufacturing and high paying jobs,” Tollison confirmed to the SEDA board.

“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,” he explained. SEDA only has one available lot left to sell, and that is close to being under contract, he added.

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.

https://savannahbusinessjournal.com/...rial-park.html