Unique Developer / Investor Opportunity in Savannah, Georgia
The Oak - 41st at Lincoln - Savannah, Georgia - Real Estate Development / Investment
The Oak - 41st at Lincoln - Savannah, Georgia - Real Estate Development / Investment

The Details

Turnkey Price:
$685,000

Site:
7 adjoining undeveloped lots .41 Acres

Zoning:
Traditional Commercial 1 (TC-1) 30 units/Acre with NTE 5500sf of commercial

Proposed Building Mix:
5 Townhome condos 7 Flats (1 patio level + 6 elevator accessible)2 Commercial Units

Proposed Building Size:
30,800 GBA

Proposed Sellable Area:
21,050sf Residential + 2150sf commercial

Parking:
13 private garages.

Entitlements & Due Diligence:

  • TC-1 Mixed use 30/units acre Residential & NTE 5500sf commercial
  • MPC – Certificate of Appropriateness
  • MPC – Parking variance (8 off site parking spaces recognized toward on site parking requirements).
  • Zero lot line variance (all sides)
  • City of Savannah - 2nd & 3rd flr overhang ROW variance for balconies and bay windows
  • Civil engineering / water / sewer / storm management (Preliminary concept design approval)
  • Geotechnical site and structural soil report
  • Building Construction Plans - Design Development (Architectural / Structural / MEP)

Avg Downtown Comps:
Residential ($275/sf) Commercial $210/sf (incld. $20/sf TI allowance)

MLS #37653
Loopnet #15336538

 

The Site Today - Tree on the southeast corner of the site.
Tree on the southeast corner of the site.
(Download full-size)

Download additional full-size photos:
Live Oak | Oak Courtyard 1 | Oak Courtyard 2

Maps and Downloads

Contact Information

For more information on The Oak, contact:

Roy Hill
The Coastal Real Estate Group, LLC
(912) 844-4000
roy@coastalreg.com

 

The Vision

Proposed Project Description

Approved by Metropolitan Planning Commission for a three story mixed use building on 7 undeveloped adjoining lots. Proposed building consists of 5 two story townhomes, 7 elevator accessible flats and 2 commercial office spaces. The footprint of the building creates a 6000sf open courtyard area under the canopy of an existing live oak tree. Each residential unit will have a large private balcony nestled into the tree canopy. The commercial component will have a strong street presence, as it is situated both to Lincoln Avenue and East 41st Street. Design approvals include 23,100sf residential and 2,300 sf GLA commercial. The Property has received the following entitlements: Certificate of Appropriateness for mixed use building; Parking variance; Zero lot line variance; ROW overhang variance.

Project Location

The Oak is located in the Thomas Square Streetcar Historic District in the heart of downtown Savannah. The area is becoming increasingly attractive to doctors, medical professionals, educators and students because of its proximity to the expanding Savannah College of Art and Design and the flagship sites of both Memorial Health University Medical Center and St. Joseph’s Hospital/Candler. These professionals are looking for close proximity to their places of work and downtown arts, culture and dining without having to pay a premium in real estate prices. Savannah is also attracting second home buyers and retirees from across the country. Between 2000 and 2015, over 25 percent of the population growth in Savannah is expected to be 55 years or older. They are looking for a quiet setting in a warm climate, the maintenance free lifestyle provided by townhomes and flats, and convenient access to various forms of performing arts and culture and upscale dining.

 

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