The city has found a new potential buyer for the Gamble building. On Thursday, the Savannah City Council voted to sell the building to Gamble Partners, LLC for $7.05 million.
Aldermen Van Johnson, Tony Thomas and Estella Shabazz voted against the sale and Alderman John Hall had left before the vote.
The buyer plans to develop the building for use as a multi-story guesthouse complex, with shared office space, and other amenities. The city says hotel/motel sales tax revenue would be generated from hotel guests, in addition to property tax and sales tax revenue.
See the full staff report here: Gamble building
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The city is making a second attempt to sell a six-story, 19th-century building next to City Hall. In June, the city issued a request for purchase proposals for the waterfront building along Bay Street. Proposals are being accepted until Sept. 2.
The sales attempt comes after a developer pulled out of a previous agreement to purchase the property for $8.5 million and convert the building into a condo complex. Foram Development notified the city in March that they were terminating the agreement ahead of the end of the due diligence period, after determining they would not be able to close on the agreed upon price.
On Aug. 29, the Savannah City Council voted unanimously to extend the lease of one of the building’s River Street tenants, Olympia Cafe, for another five years ahead of the lease’s Dec. 31, 2020 expiration.