South Georgia Coastal Lots Sell Fast in New Boating Community

The Sandy Springs-based developer confirms 800 of the 1,000 lots, minutes from the Cumberland Island National Seashore preserve, have already been sold, many to buyers who will be relocating from fast-developing and heavily trafficked North Florida areas. St. Marys, on the Atlantic, is 10 miles north of Jacksonville, FL.

According to conceptual plans filed with the US Army Corps of Engineers and the US Fish and Wildlife Service in Brunswick, Land Resource plans to develop the largest dock space and dry-stack boat storage compound in the Southeast. The space would accommodate 850 vessels of varying sizes, from large yachts to small fishing boats.

Area residential brokers tell GlobeSt.com Land Resource is fighting opposition from a few environmental groups who fear the development of Cumberland Harbour will displace endangered animal species in the Cumberland Island National Seashore area. But other environmental groups support the development, largely because of additional development restrictions being place on lot buyers by Land Resource, area brokers tell GlobeSt.com.

For example, of the 346 acres of marshland on the development site, 80% will be deed restricted, prohibiting the construction of a dock, walkway or other facility across it. Without the restriction, up to 306 private docks would have been possible, instead of 92. About one-quarter of the developable property will be open or green space, including 20 community parks, according to preliminary plans filed with local, state and federal agencies.

Atlanta industrial brokers familiar with the developer's plans tell GlobeSt.com Land Resource bought the 1,014 acres from three branches of the Lucas-Storey family in 2002 for $10 million or $9,862 per acre which equates to 23 cents per sf. The eight-year-old company, founded by J. Robert Ward, has active projects in 15 communities in Georgia, Florida, North Carolina, Tennessee and West Virginia.