Groundbreaking is expected in the early fall with the first residential units ready for occupancy in fall 2008. The project will also include an 8,500-sf clubhouse with a health club and fitness center, a swimming pool, four tennis courts, jogging and walking trails and a 60-acre lake. The residential units will be priced from $150,000 to the low $300,000s.
AGB Development director Scott Ronning tells GlobeSt.com that ABG Development has sold the retail and hotel portion of the project to a developer, which will construct them. Ronning did not name the developer. Sales of the housing units are expected to begin in late fall or early spring.
Major investors in the project include Integrity Bank, a wholly owned subsidiary of Atlanta-based Integrity Bancshares, Inc. and the New York City-based Royal Bank of Scotland.
The project is within commuting distance to Savannah, which is experiencing growth. According to Georgia State University's Economic Forecasting Center, Savannah is expected to finish the year with a 2.6% job growth rate, twice the rate of the state as a whole. The area is expected to have a 3.3% job growth rate in 2008. The project is also less than 15 miles from the Fort Stewart and Hunter Army Airfield main gate.
"The project is within very close driving distance to Savannah," Ronning says. "The price point for the housing meets a need in that market."
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