- Associated Press - Sunday, April 7, 2019

SAVANNAH, Ga. (AP) - A developer is backing out of plans to buy a city-owned building on Savannah’s historic riverfront for $8.5 million.

The Savannah Morning News reports Foram Development planned to convert the six-story, 19th-century building into condominiums. The building sits next to City Hall in downtown Savannah and was previously used as office space for city workers. The Savannah City Council approved the developer’s condo plan in August.

But Foram terminated the sales agreement. Company president Travis Stringer said in a letter last month the developer “will not be able to close on the property at our originally agreed upon offer price.”

City officials plan to market the building to other potential buyers. But councilman Bill Durrence said he questions whether anyone else will match Foram’s $8.5 million offer.

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Information from: Savannah Morning News, http://www.savannahnow.com

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