Eastside Project Moving Despite Slump

Leaders broke ground on the much anticipated $800 million Savannah River Landing project Thursday in the midst of economic uncertainty and slumping home sales.

After well over a year of site work, it still does not look like much, piles of dirt, some pavement, manhole covers and a little grass. Signs dot the landscape with fantasy images of hotels, condos, office buildings and homes. They began advertising the project in February 2007 but not one brick has yet been laid at Savannah River Landing.

Ellis Cook and I are standing outside a winter white tent erected for a ground breaking ceremony on one of the vacant asphalt lined squares. “Paul,” he says, “This is the biggest project I've ever seen since I've been in Savannah which is all my life.” Cook was part of the City Council that helped move mountains so that Savannah River Landing could turn acres of unused waterfront into an extension of the city’s downtown.

Now out of office, he is also a real estate broker and investor in the project. He is counting on Savannah’s charm and the sheer size of the development to overcome a less than perfect economic forecast. “This is such a unique project,” he says.  “I think people will still come to it despite the housing slump.”

It's a warm day, heading quickly toward a high in the 70's. The near constant breeze off the river brings welcome respite but more than a few of the gathered leaders and officials are beginning to sweat in their suits and ties.

Among a group of Savannah hoteliers gathered for the ceremony, I spot Whip Triplett of North Point Hospitality Group. Whip’s company has been in an expansion mode for several years now and Savannah is one of its major markets. “We currently have six hotels open and four more that will go into construction (in other cities) this year.”

He is not planning to build anything at Savannah River Landing but sees a brighter economic future for hotels here than elsewhere in the country. “We've been riding a wave and we know that has to come to an end,” he explains. “We anticipate that Savannah because of all that it offers, including weather like this in January and views of the river that it will be shielded somewhat from what happens in the rest of the country.”

During the recent City Council campaign, some politicians questioned if the Savannah River Landing plan had stalled. Construction was expected to begin in 2007 but bricks and mortar never materialized.

A spokesperson for Jackson Spalding, the group handling publicity for the project, claims they consider some of the ongoing site work, paving and other infrastructure development to be actual construction. 

According to their definition, construction began in 2007. They say now they are ready to begin what they call “vertical construction” with a section of city homes with prices starting at $1.4 million. 

Build out on the project is expected to take 10 years.