Once financed at $40 million, Liberty Harbor development now for sale for $15 million

PR Newswire

BRUNSWICK, Ga., May 6, 2014 /PRNewswire/ -- In the spring of 2008, hopes were high for the Liberty Harbor development, a 136-acre project on the deep waters of the Brunswick River, with plans for 1,800 residences, a 400-room hotel, 300,000 square feet of commercial space, a marina and more.

But the timing couldn't have been worse, with the economy already starting to deteriorate leading up to the financial crash that would accelerate in the months ahead. Now -- with an expanding economy, brisk local real estate sales and rising real estate prices – the current owners are seeking to sell the property for $15 million.

"It was a great idea and still is, but nothing on that scale could swim against the tide of the financial and credit meltdown. Now we're in a favorable environment in which the right investors can fulfill their own vision for a fraction of the investment the original developers had in it," said broker Stephen Karbelk, who has been retained to market the property, now owned by Harbor Lenders Holding Company LLC, a consortium of lenders.

"The developers had secured $40 million to make Liberty Harbor a reality, but we all know what happened next. Credit dried up, and in the next few months, we saw one financial giant after another fall, and the stock markets collapsed," said Karbelk. "Meanwhile, the land hasn't lost a bit of its beauty, and the time is right for someone to realize the property's full potential."

A key economic element of the originally planned development was the use of Brownfield incentive credits and ad valorem tax reductions, and the Georgia Environmental Protection Division of the Department of Natural Resources has notified Liberty Harbor that it is eligible for these incentives for the future. 

The property overlooks the Sydney Lanier Bridge in the center of the Golden Isles of Georgia.

Detailed information is available for prospective buyers. Those seeking additional information may call Karbelk at 571-481-1037 or by emailing info@liberty-harbor.com.  

For more information:
Carl Carter, 205-823-3273

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