[DetroitMan]

The Foram Group has pulled out of buying the Gamble Building. They were going to convert it to luxury condos..

A developer has terminated an $8.5 million sales agreement with the city to purchase the historic Gamble building located along the Savannah Riverwalk next to City Hall.

Foram Development notified the city March 15 that they would like to end the agreement ahead of the expiration of the due diligence period.

“After months of due diligence exploring the building and analyzing market conditions, it has been determined that we will not be able to close on the property at our originally agreed upon offer price,” Foram’s President Travis Stringer said in the letter.

Foram’s proposal to purchase the six-story, 19th-century building and convert it into a condo complex with a rooftop garden had been approved by the Savannah City Council on Aug. 30.

Savannah Alderman Bill Durrence said he was disappointed because he had favored the proposal to add more residential development downtown.

https://www.savannahnow.com/news/201...annah-building