By Eric Curl
Sept. 23, 2022 update – The Savannah City Council on Sept. 22 approved staff’s recommendation to declare the property as surplus. In addition to the $210,000 revenue from the pending sale, a $400,000 contribution from the developer of the market-rate apartment complex will also be deposited in the city’s affordable housing fund, according to city officials.
Sept. 19, 2022 – The developer of a planned 280-unit multi-family development south of Victory Drive and the former Johnny Harris restaurant site is looking to the city to help move the project forward.
On Thursday, the Savannah City Council will consider staff’s recommendation to declare unused property as surplus and available for sale, at the request of Victory Drive Investors, LLC (VDI). The developer is seeking to incorporate the right-of-way, unpaved King Street and section of Munster Street, into the development after purchasing the adjoining properties.
The city will get $210,000 for the property, amounting to about 1.2 acres, based on the latest appraisal, according to the staff report. The revenue from the sale will be invested into the city’s affordable housing fund, city spokesman Nick Zoller said Monday.
The council previously declared Munster Street surplus in 2017, but the approved sale never closed. At the time, city staff reported that a May 2016 appraisal found Munster Street’s market value was $382,000. King Street, south of Kerry Street, was not included in that petition.
The market value is less this time because the city is retaining the most valuable portion of Munster, the northern portion that serves commercial properties along Victory Drive, Zoller said. Previously, the value was for all of Munster, he said.
The developer purchased the commercial properties along Victory Drive and the residential properties to the south for about $5.8 million, according to property records. Only two parcels along Munster, directly south of the developer’s commercial property abutting Victory Drive, were not purchased by the developer. The owner, Viet Hoang, said on Monday he is in the process of selling the parcels to a buyer who plans to open a cafe/bakery there. Hoang’s property does not adjoin the section of Munster being proposed for sale.
Thursday’s meeting will actually be the third time a petition to declare Munster surplus has come before the city council. The city council had also declared Munster surplus on March 3, 2016, but the transaction never closed, according to the 2017 staff report. The 2016 surplus designation was on behalf of a different petitioner, ARS Ventures, LLC, who planned to develop the site south of Victory Drive for new retail and commercial use.
As proposed, the sale would be subject to some conditions, including a requirement that an archeological assessment be conducted prior to the sale. The developer will also be responsible for all costs associated with the proposed real estate transaction. In addition, VDI must also develop a turn-around at the dead-end that will result from the severance of Munster.
The proposed sale comes after the city council approved the rezoning of the site for multifamily use on Dec. 21, 2021.
The northern portion of the site is proposed to include 124 dwelling units, while the portion south of Kerry Street is proposed to include 156 units, according to the staff report presented to the council in December.
The full agenda for the 6:30 p.m. p.m. meeting on Sept. 22 is now available to view. A 4:30 p.m. workshop will be held prior to the meeting.
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