A developer paid $9.8 million for a slice of land in fast-growing Savannah, Georgia, to expand a master-planned project on a 2,000-acre island overlooking the Savannah River.
Trilogy Investment Co. intends to build 57 more homes on 7 acres at The Isling at Savannah Harbor. At completion in the next four or five years, the Hutchinson Island development is expected to have nearly 200 single-family homes, villas and duplexes.
The 57 homes are part of a second phase at The Isling, according to Trilogy CEO Jason Joseph. About 30 of the 90 homes in the first phase are under construction, with prices starting in the high $800,000s, he said.
Trilogy expects to acquire land for a final batch of 51 more lots at The Isling in the next year, with 11 of those directly on the Savannah River. Homes on the river lots would be priced in the $4 million to $6 million range, according to Joseph.
The seller for all the parcels is a group led by local businessman Richard "Dicky" Mopper, Joseph said.
Alpharetta, Georgia-based Trilogy is partnering with a separate firm, Southern Coastal, to build the homes at The Isling. Daniel Ravenel, of Sotheby’s International Realty, is the exclusive sales broker for the development.
Island was vacant
"To have Lowcountry living water access in a downtown core like Savannah is absolutely unparalleled," Joseph told Homes.com.
Until recently, most of Hutchinson Island was vacant and used for agricultural, industrial and port-related business activities, according to the Hunter Maclean law firm that handled acquisition and zoning for the property. Development of the island is now the largest public-private partnership in the history of coastal Georgia, the law firm said.
Projects on the island include the Westin Savannah Harbor Resort and the Savannah International Maritime Trade and Convention Center, along with retail and residential uses.
Savannah is one of the fastest-growing regions in Georgia, with roughly a 7% growth rate over the past five years, according to Toby Jorgensen, senior director of market analytics for CoStar and Homes.com.
The Port of Savannah had its third-highest annual activity last year after a shift in consumer spending from goods to services led to a sharp slowdown in 2023, he said.
The region's economy benefits from its strategic location near interstates 95 and 16, and it has a robust manufacturing sector that includes aerospace, chemical and automotive companies, Jorgensen added.
"The market's appeal as a place to live, work and retire remains," he said. "Savannah's low cost of living and high quality of life continue to attract people looking for a home in the Sun Belt."
