Eastern Wharf

Editor’s Note: Signs of optimism amid the chaos?

By  – Reporter; Connect Savannah

FIVE MONTHS AGO this week, part of the new development at Eastern Wharf burned in a massive and horrifying blaze.

Seems more like five years ago, right?

At the time, most of us thought that was probably the weirdest thing we’d see all year. Instead it turned out to be just a harbinger of sorts, a grimly symbolic hint of what the rest of 2020 had in store for us all.

When the fire was still fresh, the most prevalent reaction was that perhaps that site, just to the east of the Historic District, was under some sort of curse – its former incarnation, Savannah River Landing, falling victim to the last national recession.

However, if you drive by Eastern Wharf today, the signs are a bit more sanguine.Restoration has begun on the residential portion destroyed in the fire. I’m no construction expert, but it appears to be at about the same point as before the blaze.

In addition, the new hotel planned for the site – a Hyatt – is rising very quickly.

It might be the height of optimism, pun intended: A new hotel being built, in the middle of all this (gestures around at everything going on).

Perhaps counterintuitively, you can find lots of optimism in Savannah these days.

City finances, of course, look quite different than what we expected a year ago. That said, the forecast is perhaps not as dire as you’d think.

Last week, Savannah City Council was briefed on the potential downturn in tax revenue. The hit to the General Fund is “only” expected to be about $13 million through the end of the year – about a 6.5 percent decrease in revenue.

While I find the figures perhaps a bit optimistic, let’s compare to what we know is going on elsewhere.

Cincinnatti, Ohio, a city roughly twice Savannah’s size, had already temporarily laid off a quarter of its City employees at the start of the pandemic. Savannah hasn’t instituted any employee layoffs.

Cincinnatti will have to close a $70 million hole over the next year, more than five times the size of Savannah’s hole.

Savannah City Manager Pat Monahan has a five-tier plan to address our, much smaller, shortfall. Hopefully, Tier One will be all he has to mobilize: A 1-3 percent cut in operations, combined with eliminating City positions through attrition.

The tiers get more severe of course; the furloughs would come in Tier Four.

Tier Five would involve layoffs, a large tax increase, and privatization of services.

While the national situation seems tenuous at best, the local situation seems to be in better hands, as Savannah strives to rise from the ashes.

Read the full article here: https://www.connectsavannah.com/savannah/editors-note-signs-of-optimism-amid-the-chaos/Content?oid=14903389

Share this post

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on email
Upper East River
Neighborhood Guide

Download this 20-page guide and get the inside story on downtown Savannah’s newest – and last – riverside neighborhood.

  • This field is for validation purposes and should be left unchanged.
Guide to Upper East River in Savannah, GA

©2021, Patrick Malloy Communities, All Rights Reserved.

Read the Property Report before signing any documents. No federal agency has judged the merits or value of this property. This print ad is not an advertisement or solicitation to purchase or sell property in states where prohibited by law. Site plan and descriptions are subject to change without notice. Renderings are for illustration purposes only, not intended to portray exact layouts, dimensions, or details.