We purchased the Broughton Street property last May with the goal of redeveloping the 2nd and 3rd floors into an 8-unit boutique hotel — resort-style suites with 5 to 7 bedrooms each — in historic downtown Savannah.
Our team is currently working with the architect to refine the bid set and incorporate value engineering found during our first round of pricing. The building permit is close to being issued.
Looking ahead, we expect the refined plans to be completed in early June, with a general contractor selected later this summer to begin the renovation.
As we develop this property, it is designed to generate development fees for the fund. As fund manager and developer, we have chosen to share that income with investors through quarterly distributions.
