Financing for Parking Garage on Savannah’s River Street

The City of Savannah will consider whether to enter into a deal with developer Richard Kessler regarding financing of a parking garage for his new $255 million dollar development project along the west end of River Street. City spokesman Bret Bell says it appears to be a “win” for both sides.  He says the city desperately needs parking on River Street and by offering to finance the $33 million dollar garage through bonds, the city would get half the parking spaces in the garage (about 250 spaces.)  But he says Kessler would pay back the bonds along with a $100,000 fee per year.  Bell says that the developer would operate the garage but again that there would be public spaces available in the facility.

See more comments from Bell as well as Richard Kessler in the news report above.

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