Developer Ben Carter spoke to the Downtown Neighborhood Association Tuesday evening, as the Atlanta-born businessman seeks to make his face and name more familiar to Savannah’s downtown community.
Carter addressed a gathering of about 50 people on his progress on Broughton Street, where he’s investing $75 million to acquire and rehabilitate 25 properties to lease to national retailers, restaurants and boutique stores.
The developer has attended a number of meetings and one-on-ones since launching his project earlier this year. Several projects are under review at the Historic Board of Review and the developer is on track to close on 22 of the 25 properties by the end of April.
Not much new came from the meeting, though Carter said he is buying a house in the area as he oversees both the Broughton project and a 400,000-square-foot outlet mall under construction in Pooler. He also said one of his first retail tenants, J. Crew, will open sometime in July or August at the Silver’s Five and Dime space at 201 W. Broughton.
“In green are the buildings we have under contract, most of which will close this week and next,” Carter told the crowd, pointing to poster boards with his properties highlighted.
“We have $75 million in investment funds committed to execute the project, so it’s not a dream, it’s real. And we would love to buy more buildings,” he said.
Carter is currently considering selling his 50 percent stake of the St. Johns Town Center, a 1.2 million square foot mixed-used development of mostly upscale shops in Jacksonville, Fla.
The developer already has financing in place for the first phase of his Broughton plan, but the additional equity could go toward more downtown acquisitions in the future.
During the question and answer portion, a few downtown residents commended Carter on his investment and said more retail would benefit the corridor.
Another questioner brought up parking concerns, a persistent question that has dogged the developer from forum to forum.
“I’m not adding any square footage, I’m merely occupying spaces already available,” said Carter.
He reiterated that there were five parking garages nearby and that he hoped his project would encourage a more pedestrian friendly climate, one where people come downtown and spend the entire day walking and shopping.
“A lot of the things we’re doing on our streetscape design is to try and quiet the street down and make it more pedestrian friendly,” said Carter.
He later suggested the city look at public trolleys to bring residents downtown and cut down on cars. Fellow panelist Charlie Brazil, general manager of Old Town Trolley Tours, said his company had success with a similar endeavor in San Diego.
Mayor Edna Jackson, who was in attendance, agreed that she liked the idea and pledged to look into it.
One questioner did urge caution when addressing the developer and crowd.
“We talk about economic growth. It’s really exciting — who doesn’t love more money, more business? — yet economic growth is very different from economic development,” said Anne Roise, a professor at Savannah State University and former head of Savannah’s economic development department.
Roise said it was important to remember that projects that were more inclusive were better for the community.
“Development is a broader strategy that looks at all the different strata, it looks at all the different demographics in the community — it looks for a place they can take in development,” said Roise.