Cliffs, Kiawah developer acquires 20,000-acre coastal property.

By Molly Hulseyand Ross Norton

Master developer ofThe Cliffsand Kiawah IslandSouth Street Partnersand private equity real estate manager Henderson Park Capital Partners have grand plans for what the companies call one of the largest contiguous waterfront properties on the East Coast.

Followinga year ofrecord breaking salesat the Cliffs and Kiawah Island, the two firmsrecently acquired Bluffton's 20,000-acrePalmetto Bluffcommunitywith a goal of developing a second golf club, waterfront village and additional amenities on the property, according to a news release.

The existing community features 32 miles of riverfront access, nature trails, village centers with a food and beverage program, the Forbes' Five Star Montage Palmetto Bluff Resort and a Jack Nicklaus Signature Golf Course. Other assets include residential neighborhoods with homes ranging from multi-million-dollar legacy family compounds to smaller single-family lots, according to the release.

"This is a generational buy which perfectly aligns with our other assets, including Kiawah Partners, Kiawah Island Club & Real Estate, The Cliffs and The Residences at Salamander," Patrick Melton, managing partner at South Street Partners, said in the release. "Palmetto Bluff is a high quality, best-in-class property which fits seamlessly within our portfolio. The synergies are everywhere."

South Street Partners, headquartered in both Charleston and Charlotte, manages $1.3 billion in residential private club and resort assets. Through the third quarter of 2020, the company's The Cliffs community saw a 153% increase in closed sales from 2019, while Kiawah Island Club reported a 633% increase in contracts and 1,400% increase in volume in July 2020 over July 2019.

"People are not traveling, you know, and we offer a product that is like vacation at home,"Rob Duckett, president of The Cliffs told GSA Business Report...

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