Baldwin County, Milledgeville
GCSU opened 150,000 sq ft Library and Information Center
GCSU opened another 300+ beds in a new residence hall to keep up with enrollment
Barberitos and Velvet Elvis Restaurants opened downtown
Pizza Hut, Wing Street, Long Johns Silver’s and A&W Rootbeer will open in December
International House of Pancackes opened at the Super Walmart Center
DOT update:
The bypass that was scheduled to link Hwy 441 N to Hwy 49 has been dropped
The median for Hwy 441 north from downtown as been put on hold
Water & Sewer continue to move out Hwy 441 North
Greene County, Lake Oconee Area
During the past two years the Lake Oconee area, as well as the rest of the country, the commercial market has seen phenomenal growth in inventory of both office and retail properties. This boom in the market created high levels of construction activity and high levels of vacancy in both retail and office. The new construction of affordable and permanent housing in the Lake Oconee area will allow the commercial market to mature. The more permanent residents you have to support the service providers, the more success the retailers and businesses will have. This should lower vacancies, firm up rental rates and increase absorption. The newer properties continue to perform better than the second generation space.
Greene County opened many new businesses and services this year. To name a few:
Home Depot is now open at Hwy 44 at I-20
Charles Miller & Co (landscape design) Lake Oconee
The Lodge at Lake Oconee (formerly HI exp) Lake Oconee
Blinds are Us Lake Oconee
Merle Norman Cosmetic Studio Salon & Spa @ Lake Oconee
Big Catch Lakeside Grill Lake Oconee
Shane’s Rib Shack –Harmony Crossing Lake Oconee
Oconee Marine Harmony Rd. Lake Oconee
Historic Mill Studio scheduled to open in February will host art workshops
Planning & Zoning recently approved:
58 acre site for a retirement center and nursing home along Hwy 44 adjacent to Reynold’s Landing
407 ac tract at Carey Station Rd for 850 homes to begin construction in early 2007. This is part of a large planed delelopment consisting of 1700+ acres.
Putnam County- Eatonton area
The Welcome Center opened to service the Baldwin, Greene, Putnam & Morgan counties
Port Armor was aquired by Reynold’s Plantation
Lake Oconee Pharmacy at Lake Oconee located next to the Magnolia Market
Gary’s Garden Center at Lake Oconee
BB&T opened a new Financial Center across from Lake Oconee Village- Publix
Crooked Creek Marina & Restaurant on Lake Sinclair
Provision Audio and Accessories @ 300 S. Jefferson Eatonton
Fleur De Lys Restaurant (Southern Cooking ) in historic home in Eatonton
Oconee Fast Lube located next to Walmart in Eatonton
Maggie Lane @ 103 Jefferson Ave Eatonton
Bernard’s Family Funeral Care in Eatonton
Addison’s Lakeview Plaza just completed construction (ready for tenants) on Hwy 441 Eatonton
Morgan County
Many new residential and mixed use developments are underway
CR Bard Sterilization Plant is new to the county, employing 30
In summary and looking into 2007, in these areas, as well as the rest of the country, retail owners have benefited from American’s buying passion. Vacancy rates are still there. Developers will need to plan for the fact that construction costs will drive retail and office rental rates as well as the fact that e retail sales continue to explode. As fuel costs increase, the consumer will stay closer to their home/office base and will use the internet to do more of their shopping. Growth in E retail sales will eventually transfer into less retail space needed. The retail market is soft in this four county area; however the uniqueness and settings of some of these shops will allow the market to remain more stable. The influx of more permanent residents and housing vs vacation/weekend neighborhoods will bring more people to the area to support the goods and services available. Both retailers and landlords will benefit forthcoming.
Patty Burns
Commercial Real Estate Agent
Macon Commercial Office
487-746-9421
Trip Wilhoit
Commercial Real Estate Agent
Macon Office
478-746-9421