Rockbridge Responds to Loud Cry for More in Savannah
- Feb 06, 2015
Rockbridge believes there’s something missing in a certain market of Savannah, and it’s planning to do something about it. The real estate private equity firm has announced that it will develop a 173-room boutique hotel in the city’s Historic District.
There’s no questioning the gap that exists in the submarket. “Despite demand growth over 20 percent in the Historic District since 2009, supply has only grown 4 percent during the same period,” Jim Merkel, Rockbridge president & CEO, told Commercial Property Executive.
Rockbridge’s hotel won’t be just any lodging destination; the company’s vision for the property, which will sprout up on River St., calls for taking hospitality accommodations in the area to a new level. The hotel will feature ground-level restaurant and retail offerings, 4,000 square feet of meeting space, and an experience that evokes the area’s history and culture. Gunn Meyerhoff Shay Architecture & Urban Development is behind the project’s design, which will pay homage to the site’s former use as the home of the oldest bottleworks factory in America with the integration of historic bricks and bottles into the new building.
And Rockbridge expects its new addition to River St. to stand out not just for reflecting the charm of the Historic District, but for, if all goes as planned, providing the first public, ADA-accessible pedestrian stairway and elevator to the river that flows adjacent to the property. The company is presently working with city officials on the design and construction of that project.
Rockbridge expects the new hotel to be ready to swing open its doors to guests for the first time in late 2016.
Just six weeks into 2015 and Rockbridge has revealed more than one construction project. In January, the company announced that it had entered into a joint venture with TPG Hospitality to develop the 210-room AC Hotel in San Jose, Calif. However, Rockbridge isn’t planning a building binge for this year. While the firm has a presence in markets across the country, the goal is not just adding more pins to the map. “We look at a lot and do a little by focusing on the best deal strategy and structure, not target market,” Merkel added.