$2B Mixed Use Ready to Start Construction

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BRUNSWICK, GA-With demolition of existing structures on the site complete, developers Liberty Harbor LLC is ready to begin construction in the 110-acre, $2 billion development.

Liberty Harbor LLC is a subsidiary of Cleveland-based WW Holdings Inc. Gary Waxman, WW Holdings’ president, tells GlobeSt.com that residential construction is expected to start within 30 to 45 days. Delivery is planned for 2008. Liberty Harbor will consist of 2,200 condominiums, 300,000 sf of retail space, a 400-key hotel and 450-wet slip marina and yacht club. In early 2006, 242 single-family home sites were added to the plan, Waxman says. Higher density and increased construction costs have boosted the development’s value since it was first announced in September 2005.

The site is adjacent to the new Sidney Lanier Bridge over the Brunswick River on US Highway 17, eight miles from Interstate 95, with direct deepwater access to the Atlantic. The site, which underwent environmental remediation, was once home to the Jones Shipyards where the Liberty Ships that helped win World War II were built and launched. The tract is 250 miles southeast of Downtown Atlanta.

At a sales event over the summer, more than 300 condominium and single-family lots were sold. Prices ranged from $275,000 to just under $2 million. Waxman says 40% of the buyers were from Florida. “There’s no question that there is huge pent-up demand in South Georgia,” he says. “Floridians are attracted to the area because of the lack of hurricanes and the lifestyle the development will offer. The land east of the development cannot be developed because it is marshland.”

The developers have signed a letter of intent with Chicago-based Hyatt Corp. to manage the proposed hotel, but it’s uncertain if an agreement will be pursued. “We are in conversations with several five-star hotel operators,” Waxman. “Based on our price point, we feel that a five-star hotel may be more appropriate for the development.”