The development joint venture comprised of Mariner Group and Regent Partners and their investment partner, ELV, together with Savannah Public officials, broke ground for the first phase of the $600M Eastern Wharf project this morning.
 
The team closed on the landmark deal in September of 2017. Since that time, the team has worked with local leadership, planners and architects to plan a mixed-use development that includes retail, office, hospitality, and a significant residential component. The plan outlines nearly 7 acres of public open space including public squares and a substantial park along the Savannah River. Current plans devote a majority of the total build-out square footage to residential uses, increasing the mix of available housing inventory adjacent to the highly sought after Landmark Historic District.
 
“Today has been a long time in the making and is the culmination of a lot of hard work between our team and our partners at the City of Savannah. Eastern Wharf will forever change the landscape of this community. We appreciate the significance and the responsibility that comes with a project of this scale,” said Trent Germano, a principal with Mariner Group.
 
The ground breaking kicks off the first phase of the project, which will include:
 
·      306 luxury apartments with a full amenity package

·      An 1100 space parking garage including a 700 space city owned garage

·      40,000 SF of food, beverage, entertainment and service oriented retail uses

·      Approximately 80,000 SF of Class A office space

·      A 196 room life-style boutique hotel

·      A linear park and a programmable 2 acre riverfront park
 
Representing approximately a $225M investment, the team estimates that Phase I will be complete in the fall of 2020.
 
“It is a tremendous point of pride to be able to work on a project of this scale in Savannah. We look forward to our continued partnership with the City, the residents and future residents and tenants at Eastern Wharf. Savannah’s past continues to inspire us and our vision this project,” added Reid Freeman, president of Regent Partners.
 
Patrick Malloy, who has been selected as the residential developer, is already underway with the first building on the eastern side of the project which will be the future home of the single-family town homes and residential stacked flats.
 
The 54-acre site sits adjacent to the Landmark Historic District in Downtown Savannah and will have vehicular access from General McIntosh Blvd and President Street. The site has excellent pedestrian connectivity to downtown via the river walk that was extended as part of the infrastructure work already in place around the site.  The total project value is estimated at more than $600 Million and will take approximately 8 years to complete the full build out.