Updated: Wed, 01/16/2013 - 11:38

Georgia Power closes River Street HQ deal

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The sale of the Georgia Power headquarters site on East River Street closed late Tuesday.

Hotelier North Point Hospitality plans to develop the four-plus acre site as a hotel/retail complex. The development will include two hotels, a parking garage and several retail and restaurant spaces. The project received the first of several necessary approvals from the Savannah Historic District Board of Review last week.

The sale price on the property was not disclosed.

The sale is the second in three weeks for Georgia Power. The utility sold the Plant Riverside power station site on River Street’s west end on New Year’s Eve. The buyer, a group that includes Savannah native and boutique hotel developer Richard Kessler, has yet to detail its redevelopment plans for the site.

The sale of the two properties ends Georgia Power’s century-long presence on River St. The utility’s predecessor, Savannah Electric and Power Co., opened Plant Riverside in 1913.

“With this sale, our transition off River Street is complete,” said Cathy Hill, Georgia Power Coastal Region vice president. “We look forward to a new chapter in their history and the economic vitality and growth predicted from these developments.”

BREAKOUT

ON THE WEB

Developers faced a deadline in getting East River Street deal done. Adam Van Brimmer shares details of the backstory on the Daddy Warbucks blog at savannahnow.com/exchange.

 

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