The City of Savannah (Landlord) and Grp City Market, LLC (Tenant) are parties to a Lease Agreement governing the use and operation of the 200 and 300 Blocks of West St. Julian Street, commonly referred to as a portion of the Old City Market. This Lease Agreement has been in place since 1985 with a current expiration of June 27, 2035. The Tenant plans to invest significant capital improvements on this City property in an effort to increase the safety, security, and appeal of the area, including hardscape enhancements and security infrastructure. The Tenant is also working with the Savannah Police Department and other City departments to coordinate security and maintenance operations to enchance the safety and appeal of the area. The Tenant has requested a 20-year lease extension to amortize the cost of these capital and operational investments. In return, the Tenant has agreed to increase the contract rent ($63,854.98 in 2024) to $75,000 starting in June 2025, and this annual rent will then escalate at a rate of 2.5% during the remaining term of the lease.

Approval