ATLANTA—Developer Ben Carter has high hopes for Savannah, GA. He's also putting his money where his hope is.
Carter, chairman and founder of Ben Carter Enterprises, isbuilding two massive projects there and has high praise for the southern city. GlobeSt.com caught up with developer Ben Carter to talk with his $100 million investment in historic renovations on Broughton Street in part two of this exclusive interview. You can still read part one: Is Savannah the Next Atlanta?
GlobeSt.com: You've invested more than $100 million to the historic renovations of 37 properties on Broughton Street. Tell me about your vision for The Broughton Street Collection.
Carter: Broughton Street buildings are 100 to 150 years old. The Broughton Street district was not only the fashion and entertainment center of Savannah in its day, but also, retailers had offices and living spaces above their stores and restaurants.
In addition to attracting successful urban retailers, we are now offering loft offices and loft apartments above our retail. This comes as part of our overall vision of returning Broughton Street to a vibrant community with art, music, cultural events and enlightening experiences. This is a very unique opportunity to restore what was a historically mixed-use environment to today's current mixed-use urban trends of live, work and shop.
GlobeSt.com: You recently announced four new retailers coming to Broughton Street, calling it a sign that the historic shopping district is remerging as Savannah's “Main Street.” Tell me about the history of Broughton Street and how you're harnessing it to shape the future.
Carter: In Broughton Street's heyday, it was home to retailers and anchors such as J.C. Penny, Sears and Belk Department stores. When they left to go to the suburban mall, it drew customers and visitors away from the street.
We're adding a 30,000-square-foot department store with H&M, which we believe will anchor this urban environment, similar to the former department stores. H&M will be joining Urban Outfitters and Anthropologie, which are additional lifestyle, anchor-size stores.
The new boutiques of J. Crew, L'Occitane, lululemon and Goorin Bros. Hat Shop have already opened and are experiencing great success. As an example, L'Occitane is currently the top performing new store in the nation and has outpaced sales projections by 20 percent. We have also been working with the city of Savannah and the community on the revitalization and enhancement of the sidewalks, street lighting, signage and planters for an improved quality pedestrian experience.
GlobeSt.com: In addition to street-level retail restorations, construction recently began on 20 residential lofts over retail. What's the plan for those?
Carter: Downtown Savannah, with its restaurants, arts, music and cultural experiences, has already been appealing to urban dwellers and Millennials. Our lofts are contemporary interiors set within the historic framework of the buildings, which include hard pine floors, 12-foot ceilings, exposed brick walls, and are sized between 400 and 800 square feet to provide efficient and attractive living and working options for the market and the street. We believe that the students from the Savannah College of Art and Design (SCAD) and young professionals are seeking this type of residential living space in the historic district.
GlobeSt.com: In addition to street-level retail restorations, construction recently began on 20 residential lofts over retail. What's the plan for those?
Carter: Downtown Savannah, with its restaurants, arts, music and cultural experiences, has already been appealing to urban dwellers and Millennials. Our lofts are contemporary interiors set within the historic framework of the buildings, which include hard pine floors, 12-foot ceilings, exposed brick walls, and are sized between 400 and 800 square feet to provide efficient and attractive living and working options for the market and the street. We believe that the students from the Savannah College of Art and Design (SCAD) and young professionals are seeking this type of residential living space in the historic district.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.