Imperial Sugar project delayed
In a sign of the times in the real estate business, the developer of the Imperial Sugar redevelopment project has put the project on hold until the end of first quarter 2009.
Sugar Factory
Southern Land Co., the developer of the project, states that its investment partner is reviewing all of its projects nationwide. The investment partner, Cherokee Investment Partners of Raleigh, N.C., has a nationwide portfolio of projects - many located in regions affected by turmoil roiling the country’s economy.
The developer reportedly believes that the residential aspect of the Imperial project will eventually proceed as planned in the form of a 234-acre development of 1,600 homes set in green space and parks. Strong residential growth occurring in the nearby Telfair and Riverstone developments indicates that the residential component of the project can do well even in the face of a national residential real estate market that is experiencing deepening record-setting weakness.
The commercial phase of the project however, faces higher hurdles due to the deteriorating commercial real estate market. The commercial component calls for 27 acres of commercial retail space, 36 acres of office/light industrial space and 46 acres of mixed use space.
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