Project nets 2 big retailers for Savannah, Ga.

Nov 21, 2008 (Savannah Morning News - McClatchy-Tribune Information Services via COMTEX) -- PFCB | Quote | Chart | News | PowerRating -- As they released results of an economic impact study, developers of Savannah River Landing announced that two national chains new to the Savannah market have signed leases for the development.

Williams-Sonoma and P.F. Chang's China Bistro are the first retail tenants to be finalized for the first phase of Savannah River Landing's construction, said Ryan Holmes, executive vice president of developer Ambling Cos.

Savannah River Landing is a 54-acre development planned as an eastward expansion of Savannah's historic downtown that will include a mix of retail, residential, office and commercial space.

An economic impact study conducted by the Jacob France Institute at the University of Baltimore indicates that $260 million in economic activity will be generated during the first phase of construction and nearly 2,500 jobs will be created.

"Once we begin vertical construction, we begin providing opportunity within our community in the form of jobs, sales tax revenues and economic growth, all which will continue for the life of the project," Holmes said.

When the first phase is completed, it will have created 3,000 jobs in the community, and just more than 1,700 within the Savannah River Landing project alone. It will support more than $350 million in regional economic activity, according to the study.

Today, the river walk is being completed and the site's infrastructure is 90 percent finished. The initial landscaping will begin shortly.

Construction on the first phase on the western portion of the site will begin in late summer of 2009, with projected completion in the fall of 2010.

In fact, Oct. 10, 2010, is the target date for the entire first phase to open to the public, Holmes said.

The first phase will include 200 luxury apartments for rent, which range from 700 feet to 1,400 square feet. It will also include 250,000 square feet of office space and 265,000 square feet of retail space.

Savannah River Landing has received "letters of intent" from 10 other retailers, including a 50,000-square-foot, 12-screen cinema. The cinema won't be a traditional multiplex, but will be integrated into an office building and will have food service and a wine bar inside.

The interest in the Savannah River Landing project shows that retailers see the opportunity in Savannah, at a time when many are closing stores in other areas, said Kate Freeman, director of marketing and community relations.

Local retailers will be included, too.

Plans call for a 22,000-square-foot space set up like an open department store. Different local retailers would occupy rooms or areas of the store, and each would have its own checkout.

"It makes it easier for local retailers to open a place here," Holmes said.

Four companies -- a local bank, an architecture firm, a law firm and an accounting firm -- have signed letters of intent to lease office space.

A hotel will also be included in the first phase, in addition to a 1,600-space parking deck and three parks.

"This is one of the most exciting opportunities for our entire community," said Dicky Mopper, broker of Mopper-Stapen Realtors. "We have a lot of local people who are really interested in having their business here."

Developers are focusing on commercial activity at the Savannah River Landing site in this economy, signaling a shift from a residential focus.

The residential components of Savannah River Landing have a target construction start date of late 2009 or 2010. It's not included in the first phase, but part of it may be complete by the conclusion of phase one.

"By the time the retail is opening, people will be able to live here in the city homes," Holmes said.

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