Developers purchase sprawling 20,000-acre Palmetto Bluff, Bluffton’s largest property
BY KACEN BAYLESS
JUNE 10, 2021 12:39 PM, UPDATED JUNE 10, 2021 12:51 PM
The 20,000-acre Palmetto Bluff property in Bluffton, known as a celebrity magnet for its luxury resort, changed hands Wednesday.
A Charleston- and Charlotte-based development company, together with a private equity firm, purchased the 20,000-acre property.
South Street Partners, the owner of the company that developed Kiawah Island, and Henderson Park Capital Partners, a London-based private equity real estate company, closed on the sprawling property along the banks of the May River, according to a news release and a spokesperson.
The terms and details of the purchase were not available Thursday, the spokesperson for South Street told The Island Packet and Beaufort Gazette. Montage Palmetto Bluff spokesperson Christine Wrobel did not immediately return a call for comment Thursday.
The expansive property, surrounded by 32 miles touching the May River, is the town of Bluffton’s largest development agreement. It’s also one of the town’s fastest growing neighborhoods, with 971 new residential building permits approved over the last 10 years.
The Palmetto Bluff community is also known for its luxury Montage Palmetto Bluff resort. In 2018, Forbes named the resort one of “5 luxury resorts that might just save your marriage.” The resort recently caught national attention for hosting the weddings of pop star Justin Bieber in 2019 and projected No. 1 overall draft pick Trevor Lawrence this year.
The Palmetto Bluff community is also known for its luxury Montage Palmetto Bluff resort. In 2018, Forbes named the resort one of “5 luxury resorts that might just save your marriage.” The resort recently caught national attention for hosting the weddings of pop star Justin Bieber in 2019 and projected No. 1 overall draft pick Trevor Lawrence this year.
South Street Partner and Henderson Park plan to construct a second golf club at the property as part of a “comprehensive development plan,” a news release said. The companies will continue work on Anson Village, the fourth neighborhood located within Palmetto Bluff, which will open waterfront access, the release said.
Crescent Communities, a Charlotte-based development company, purchased Palmetto Bluff in 2000.
Since then, the property has grown to become the town of Bluffton’s largest tract, with space for 4,000 residential dwelling units and 180 acres of commercial development.
In April, developers were focused on building the River Road neighborhood — a sprawling community of 330 homes along an inland waterway across from River Road Preserve.
Tucked away in the gated community, River Road is adjacent to Palmetto Bluff’s two largest neighborhoods — Wilson Village and Moreland Village. The River Road neighborhood is already home to The Lodge, which opened in 2016 with a fitness center, playground, dog park and lounge area.
The new owners, South Street Partners, own over $1.3 billion in assets under management, according to the release. In 2013, the company acquired Kiawah Partners, the master developer of Kiawah Island.
https://www.islandpacket.com/news/bu...252023393.html
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