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|November 9, 2017 City Council Regular Meeting|
Motion to Award Sale of Real Property Located at 2115 Bull Street - Event #5481
The City-owned real property located at 2115 Bull Street includes three adjacent parcels facing Bull Street between West 37th and West 38th streets. The 3,185-square-foot one-story office building on site currently houses Savannah Chatham Metropolitan Police Department’s Traffic Enforcement Division, and the two additional parcels serve as parking for the facility.
This property was declared surplus and available for sale during the City Council Meeting of March 2, 2017. A request for proposals (Event #5481) was issued on August 25, 2017 and closed on September 19, 2017. Five qualified proposals were received and evaluated by a five-person inter-disciplinary committee.
Foram Development, LLC, a well-qualified and experienced real estate development company based in Savannah, was the highest rated proposal. That proposal included a plan to redevelop the property with a multi-story apartment complex and parking garage. The proposer has agreed to pay a price of $687,000 to acquire the property. The appraised market value of the property is $625,000.
David Keating, Director of Real Property Services
$687,000 in revenue
2115 Bull Street Exhibit.pdf
2115 Bull Street Funding Verification.pdf
2115 Bull Street Purchasing Summary.pdf
2115 Bull Street Scope.pdf