On February 11 of this year, Ben Carter Enterprises announced that its premier company had acquired several buildings and had contracts for 20 more across a five-block area of Broughton Street, Savannah main downtown shopping thoroughfare. Since that time, as we have reported, additional properties have been secured for the Broughton Street Project.

The project is characteristic of the kinds of projects Ben Carter Enterprises likes doing – mixed use, residential and retail, all in a historic setting with the best modern amenities. In a press release from Carter’s PR firm on February 11, Carter said, “Our vision is the best urban retailers and restaurants with local boutiques, galleries, and neighborhood eateries in downtown Savannah.”

The plan includes 50,000 square feet pf retail and restaurant spaces, all located in the historic district along Broughton Street. Carter also plans to renovate about 100 residential loft spaces on the upper floors of the retail locations. At the time, Carter said, “We have sincere interest from national, premier retailers and restaurants, and believe the Savannah community and visitors will support and enjoy the enhanced urban shopping, dining and living experience.”

But we wanted to know more, so SavannahCEO.com secured exclusive interviews with Carter and his local partner, Lori Judge, owner of Judge Realty in Savanah.

Carter said that Judge was a huge part of the inspiration for this project. “I first met Lori Judge June 1,” Carter told SavannahCEO.com. “I already had considerable interest in developing something in the Broughton Street Corridor. I had an interest and she had a lot of listings, and with that she had a lot of knowledge of the market. Once I realized her level of knowledge, we increased our scope and then did it again and again.”

Carter explained his initial interest in doing a Broughton Street Project even before meeting Judge.  “I spent a long time in Charleston, and I had looked at doing a river project in Atlanta a few years ago but it didn’t work out,” he said. “I know a lot of retailers from my past work and I noticed a lot of my friends who are retailers were on Broughton Street already, but a couple of them were missing. So, I was in touch with my retailer contacts in the context of continuing to get their pulse on their view of the market and the opportunity of being on Broughton Street.”  Then, when Carter met Judge on June 1, his entire vision for the project ballooned. “Lori, because of her many retail listings, had great information on whom was looking, who had been looking, who was newly looking,” said Carter. “We confirmed that information and it was very helpful in identifying people who were leasing and who wanted to lease. The information proved invaluable.”

Carter said Judge is integral to the project. “She’s involved in everything we do here, and she’ll also be our local partner, said Carter. “We’ve asked her to work with us on leasing, management and marketing and to be our local partner. Carter then revealed something about Judge’s involvement that is not widely known. Judge’s “partnership” doesn’t begin and end a purely with a cooperative relationship. ”She’ll be involved in the ownership.” That’s right, Judge has an ownership stake in the entire project.

When we interviewed Judge, she confirmed this. “I represent Mr. Carter and Carter Enterprises,” she began.  “I will be involved in every piece of property that’s acquired for this project. I will also helping with a client leasing.” When asked if she held any ownership interest in the project, Judge said reluctantly, “Yes, I am a partner and owner in the project.”

Carter was asked about how he anticipated the retail make-up of the project would be divided between local and national retailers and restaurants. “I’m guessing the entire retail district is about 300,000 square feet of first- and second-level buildings. We’ve got about half of that or maybe a little less than half of that. The ones we haven’t acquired are the ones we feel are the better locals, he said. “I would say that when the street is completely done we are looking at 50 percent local businesses and 50 percent nationals. It may vary a little bit from that but I don’t think any great shopping street is great without the influence of local designers and entrepreneurs.”

The entire project is expected to top $75 million. So where is all that cash coming from?  “Right now, we’re using Hip Pocket National Bank (that’s me),” said Carter. “We’re also talking to other investors about joining us.”

Usually, economic development projects of this magnitude demand significant concessions and tax incentives from city and county governments, but Carter reports that no such incentives were required or offered. “We’re asking the City to help us with the sidewalks and streetscapes but we’re not asking for any money to acquire or redevelop properties,” he said. “There were a lot of cities that have gone out and spent $100 million to $200 million to revitalize an urban core, thinking if they build it, they will come, and it didn’t work. Stop and think here: We’ve got something that’s working, it’s just something we can make work better. “This is not a downtown revitalization project — your downtown is vital,” said Carter, “it just needs some amenities that we think we can build on to make it a better lifestyle for everybody.”

And speaking of work, Carter estimates more than 750 new retail and hospitality jobs will be added to the city, as well as over 100 new downtown residents. This does not include construction jobs. Carter Enterprises is using DPR Hardin (Hardin Construction out of Atlanta). Hardin built Drayton Towers and recently merged with DPR, who is doing the retail outlet project in Pooler. DPR Hardin is doing the general contracting Carter said that continuing to acquire properties, get permits, continue to lease the retail, and start to develop the residential make up the agenda. “It will be something that evolves over the next twelve months.”

This project is not only a boon for Savannah, it’s a real shot-in-the-arm for Judge Realty. Lori Judge describes her company as, “A boutique brokerage with no national affiliations. We have expertise in Broughton Street properties and the local retail market. Judge and her company are a big supporters of the local arts community and her company is amassing a regional art collection, she said. “This ties in with Broughton Street and bringing in arts community events, breathing life back into the historic Broughton Street as a live/work/play kind of area,” said Judge. “That’s the vision [Carter] thought we’d bring to it, introducing him to the community and showing him what Savannah has to offer. There’s already a creative cause here, and introducing him to that, is expanding upon what he saw and his expertise.”