Eastern Wharf News, Updates and Observations (Atlanta, Savannah: apartments, leasing, condo)

[Newsboy]

I drive by the Eastern Wharf construction site 4-5 times a week and always slow down a bit to see what new progress is being made. The hulking apartment block and parking decks next to the Marriott on Gen. McIntosh have already changed the urban look and feel of Downtown Savannah ... and that's just the first of several buildings still to come.

I noticed earlier this week that a new construction crane has been erected in the center of the property and wonder if that's for the hotel. Wasn't it gonna be 13-15 stories or something?

One of these days I'm gonna drive through there and take a look up close (they're already selling and leasing). I'll post any new photos, thoughts, etc. here and y'all do the same.

[Airforceguy]

Have you heard any rumors on possible retail tenants?

[dbcook1]

I was down in Savannah visiting family a couple weekends ago. I stayed with my grandma who actually lives right in downtown off historic Whitefield Square! Went down and checked out both the Eastern Wharf and Plant Riverside developments. Two very transformative projects indeed anchoring the two ends of River Street. I also love the area around Service Brewing and Ghost Coast Distillery as well as Starland Yard and the Bull Street corridor south of Forsyth Park! I left Savannah in 2001 and the vibe changes and improves with every visit I make back! The only thing I don't like is the high cost of getting a beer anywhere in or around downtown these days... I usually just get my own at the store now and fill up my own plastic cup walking beer haha.

[masonbauknight]

Originally Posted by dbcook1

The only thing I don't like is the high cost of getting a beer anywhere in or around downtown these days... I usually just get my own at the store now and fill up my own plastic cup walking beer haha.

I'm assuming you're not a student or employee of Liberty University -- "the other Lynchburg."

Agree with all you wrote: I pretty much left Savannah when I left for college in 1971. There are more changes to Savannah (and also to Pooler and Tybee) in the last 5 years than in the previous 35. What a transformative time it is.

[ajc100890]

Originally Posted by Airforceguy

Have you heard any rumors on possible retail tenants?

I'm getting Westside Provisions / Ponce City Market vibes from the quality of this development. But the property is clearly aimed at more established residents, with houses starting around $700k. I'm sure rents are in the $2000-$3000 range for the apartments.

I'd expect a mix of regional and local, mostly restaurant oriented retail.

[dbcook1]

Originally Posted by masonbauknight

I'm assuming you're not a student or employee of Liberty University -- "the other Lynchburg."

Agree with all you wrote: I pretty much left Savannah when I left for college in 1971. There are more changes to Savannah (and also to Pooler and Tybee) in the last 5 years than in the previous 35. What a transformative time it is.

Haha not even remotely. After leaving Savannah I moved to Asheville and then onto Charlotte for college and Grad school at UNCC. I came here for a job as a regional transportation planner covering a 10-County and two independent city area from Danville to Nelson County and out to Farmville. I just live in downtown Lynchburg for convenience to be close to my job (I live car-free and commute by bike).

Actually quite a bit happening downtown these days including two new breweries, two self-pour taprooms, a second rooftop bar, two wine bars, and several new restaurants all underway within an eight minute walk of my condo and all opening by this Summer. Thankfully there are four other colleges here and a large nuclear operations and financial services sector here that bring in a lot of non-LU folks so there is demand for stuff like this. It definitely is no Savannah, but it is nice to have these amenities and options finally come here after a long drought. I definitely avoid the area around LU and just stay downtown lol.

[bellhead]

Originally Posted by ajc100890

I'm getting Westside Provisions / Ponce City Market vibes from the quality of this development. But the property is clearly aimed at more established residents, with houses starting around $700k. I'm sure rents are in the $2000-$3000 range for the apartments.

I'd expect a mix of regional and local, mostly restaurant oriented retail.

Sounds like Avalon 2.0

Issue is where are the jobs to support a $700k condo or rents at $2500?

[TheDarkKnight]

Originally Posted by bellhead

Sounds like Avalon 2.0

Issue is where are the jobs to support a $700k condo or rents at $2500?

Rents at $2500, quite a few scad kids' parents could afford that.

[masonbauknight]

Originally Posted by dbcook1

Actually quite a bit happening downtown these days including two new breweries, two self-pour taprooms, a second rooftop bar, two wine bars, and several new restaurants all underway within an eight minute walk of my condo and all opening by this Summer. Thankfully there are four other colleges here and a large nuclear operations and financial services sector here that bring in a lot of non-LU folks so there is demand for stuff like this. It definitely is no Savannah, but it is nice to have these amenities and options finally come here after a long drought. I definitely avoid the area around LU and just stay downtown lol.

That's a nice description of Lynchburg. I had no idea it was so much more than LU. Wish you well while you're there.

Originally Posted by bellhead

Issue is where are the jobs to support a $700k condo or rents at $2500?

I don't get it either: rents like Long Island City, Queens, or Williamsburg, Brooklyn? Savannah really doesn't have enough good jobs for that kind of housing stock. High poverty, a smaller population and less affluence than the Carolina metros.

[Newsboy]

Originally Posted by ajc100890

I'm getting Westside Provisions / Ponce City Market vibes from the quality of this development. But the property is clearly aimed at more established residents, with houses starting around $700k. I'm sure rents are in the $2000-$3000 range for the apartments.

I'd expect a mix of regional and local, mostly restaurant oriented retail.

Plant Riverside = Ponce City Market / Westside Provisions = Historic industrial buildings restored and re-purposed for a variety of mixed uses (in this case luxury hotel, shopping, food court, bars and nightclubs, concert venue, etc)

Eastern Wharf = Atlantic Station = Industrial brown site reclaimed to accommodate a variety of mixed-uses including luxury rentals, private homes, retail and restaurants, Class A office space, public gathering spot right on the river, and at least one (or maybe two?) boutique hotel concepts.

I think it was pretty clear in the revised development plan for Eastern Wharf (when they dropped the name Savannah River Landing) that it would be an extension of downtown and marketed primarily at LOCALS rather than a tourists destination. One thing that's never been discussed to my knowledge is the fact that while technically connected to the River Walk, Eastern Wharf is not an easy place to get to VIA the River Walk because the Marriott interrupts the actual "walk." You have to go up a series of ramps, walk through the Marriott's plaza area, then come down a series of ramps on the other side to get to Eastern Wharf. I think that's gonna be a hard sell to tourists, most of whom turn around and head back west once they read Joe's Crab Shack. Plant Riverside on the other hand, has a half-mile of river frontage directly linked to the River Walk.

As for Eastern Wharf ... I fully expect an urban Publix (like the ones popping up all over Atlanta) will go in there. It's WAY past time for them to come downtown and this is a perfect fit.