SAVANNAH, Ga. (July 17, 2014) – Having helped Jamestown make Atlanta's Ponce City Market and Savannah's One West Victory mixed-use projects early successes, Pierce Lancaster and Hank Farmer have formed a new development firm of their own.
Third & Urban LLC already is busy working with Ben Carter, whose $75 million restoration of Savannah's historic Broughton Street is well under way. Lancaster and Farmer also are scouting other cities in the Southeast for additional projects.
Here's the press release The Wilbert Group just issued about Thid & Urban's formation and partnership with Ben Carter Enterprises.
Former Jamestown Colleagues Announce New Adaptive Reuse and Urban Infill Development Firm, Third & Urban
Atlanta Company’s First Project is Partnership with Ben Carter Enterprises in Savannah
ATLANTA (July 16, 2014) – Hank Farmer and Pierce Lancaster, former Jamestown colleagues who built their careers working on high-profile urban infill and adaptive-reuse projects, have formed Third & Urban. The new firm will focus on the development of similar projects in the Southeast, eyeing markets from Virginia to Louisiana that exhibit a high quality of life, a strong workforce and consistent job growth. Third & Urban will also serve as a consultant to other developers.
Third & Urban already is consulting on a major urban redevelopment project: Ben Carter Enterprises’ $75 million redevelopment of Broughton Street, the once-thriving business hub of Savannah, Georgia’s downtown Historic District. A portion of Third & Urban’s scope is the programming of spaces above the street-level retail, which will bring additional energy to the new district Carter is looking to create. Likely uses include a mix of open and loft offices, micro offices, residential, hotel and more. Together, Carter and Third & Urban are working to return Broughton Street to its former glory.
“We see the trend of moving back to urban centers as one that is here to stay,” Farmer said. “Supporting local economies while restoring historic and underutilized buildings is a way to create vibrant places while contributing to the fabric of cities.”
The experience of Farmer and Lancaster lends itself nicely to assist Ben Carter in realizing his vision for Broughton Street.
“Ben and his team have an exciting project underway in Savannah that aligns well with our goals and vision for urban environments,” Lancaster added. “We are excited to work with them on what will be a game-changing project for the City of Savannah. It is a great opportunity.”
“As valued members of the Jamestown team, Pierce and Hank had the great opportunity to learn from a best-in-class real estate and investment company that has been a real leader in urban redevelopment,” Carter said. “As demographics and social trends continue to value and embrace urban spaces for living, working and playing, Third & Urban’s unique experience and expertise will stand out.”
Lancaster, who spent six years at Jamestown most recently as a Vice President, oversaw a range of mixed-use, retail and residential projects from New York to Miami. Farmer, who was a Development Manager at Jamestown, played a vital role in the firm’s landmark Ponce City Market redevelopment in Atlanta and also spearheaded its One West Victory mixed-use development in Savannah.
“Pierce and Hank were key team members on several high-profile deals while at Jamestown,” said Matt M. Bronfman, CEO at Jamestown. “We wish them the best of luck and are confident that they will be successful in their new endeavor.”
About Third & Urban:
Atlanta-based Third & Urban is a new real estate development and advisory firm focused on urban infill and adaptive reuse projects in the Southeastern United States. The firm seeks development opportunities in markets that exhibit a high quality of life, a strong workforce and consistent job growth. Third & Urban also is advising Ben Carter Enterprises on the latter’s Broughton Street redevelopment in downtown Savannah, Georgia, a $75 million project that will create one of the Southeast’s premier urban retail destinations.
Hank Farmer and Pierce Lancaster, both previously with Jamestown, an Atlanta-based private equity firm focused on commercial real estate, are the co-founders of Third & Urban.
Lancaster served as a Vice President at Jamestown, where he managed a range of value-add and opportunistic projects across various product types. Farmer was a Development Manager at the firm and played a vital role in the creation of Ponce City Market, the largest adaptive reuse project in Atlanta history, and One West Victory, a mixed-use development in Savannah.