Recommend approval to award the sale of surplus property located at 2-10 East Bay Street to Foram Development, LLC. in the amount of $8,500,000.00. This property will serve as a residential condo development with shared and private rooftop gardens. The added enhancements will be improvements to engaging arts and cultural uses showcasing Savannah’s unique history.

The method of procurement used was the request for proposal (RFP), which evaluates criteria in addition to cost. The criteria evaluated for this RFP were qualifications of the development team, quality of the design proposal, schedule of performance, financial return and economic impact, and commitment to the City’s hiring programs. The financial return and economic impact of this property sale was determined to have a net present value of $9,157,536.00, which includes sale proceeds and incremental tax revenues. 

Approval