Jacoby Closes Mill site deal
Jul 1, 2021, by Jill Helton, Tribune and Georgian.
Developer Jim Jacoby visited St. Marys on Wednesday to accept the keys to the Cumberland Inlet property, formerly known as Gilman Paper Company, and officially open a new chapter for the storied waterfront property.
During a ceremony Wednesday at the old mill property, the Camden County Joint Development Authority announced Jacoby Development had closed on the property.
“The JDA and city officials have invested years working to bring economic stimulus to St. Marys and Camden County while repurposing a site that has sat blighted for almost 20 years. We believe this project will create economic vitality while respecting the natural resources that make this community special, including protection of the famous woodstork rookery,” said James Coughlin, executive director of the JDA.
Coughlin said the JDA originally pursued the marina permit in 2017 and after two years of working with state and federal agencies was finally awarded a permit to construct the marina in 2019. Although the first developer bowed out before closing on the property, the JDA convinced the renowned Atlanta developer to take another look.
They began talks with Jacoby Development Inc. in March of 2019 and after extensive due diligence, JDI, JDA and the City of St. Marys entered into a development agreement July 7, 2020, that would outline the framework for Cumberland Inlet.
“While Jacoby will serve as master developer, he will partner with several sub-developers to construct and/or manage various elements of the project. For example, NASDAQ traded SG Blocks issued a press release Monday indicating their participation and investment in the project,” Coughlin said on Wednesday. “They will be involved with constructing upscale sustainable residential and commercial units. This will include townhomes, condos, cabins and cottages as well as vacation rentals in a phased approach.”
He added that SG has earned a strong reputation for their storm resilient container construction and will apply those techniques to modular construction now being utilized in luxury condo and home construction on both the east and west coasts.
“Modular construction will permit higher quality off-site construction and reduce the amount of dust, noise and other distractions usually associated with large construction projects. JDI has yet to determine the mix of units desired but will do so as the project develops,” said a news release from the JDA.
Source: Tribune and Georgian