KIAWAH ISLAND, SC (WCSC) - Kiawah Partners, the master developer of Kiawah Island, has been sold to Charlotte-based real estate company.
The developer of the 10,000-acre barrier island outside Charleston announced Monday it had been sold to South Street Partners, "a real estate investment, management and development company focused on acquiring and managing opportunistic and value added real estate assets with a focus on high-end residential projects."
According to a source close to the situation, South Street Partners paid between $350 million and $400 million for Kiawah Partners. It is not known if that includes the assumption of debt.
The acquired properties include the remaining developable residential inventory on South Carolina's Kiawah Island, a premier master-planned luxury resort residential development, as well as the Kiawah Island Club, an exclusive private membership club, Kiawah Island Real Estate and other related assets including Kiawah Island Utility and Freshfields Village. The portfolio also includes the Lodge at Doonbeg, County Clare, Ireland ("Doonbeg") and Christophe Harbour located in St. Kitts. South Street will oversee day-to-day management of the properties going forward, including all sales, development and operations.
"We are excited to be involved with the most distinguished residential community on the East Coast. Kiawah combines world-class golf and resort service, oceanfront, marsh, golf and riverfront living, outdoors-oriented lifestyles and ecologically sound development," said Patrick Melton, Managing Partner of South Street Partners. "Our team at South Street has a proven track record at some of the finest oceanfront golf resort communities throughout North America. It is our mission to continue to build upon Kiawah's sterling reputation, create value and enhance the existing experience for its many property owners and preserve the overall quality of life on this special island."
"We thank Buddy Darby, Leonard Long Jr., Pat McKinney and the rest of the Kiawah team for their pioneering vision and tremendous leadership of this community over the past 25 years. We are proud to be involved in such a special project and look forward to working with the dedicated employees of Kiawah to create many successful years ahead."
"It's rare that a developer like Kiawah Partners remains with a project for 25 years. It's been a unique opportunity and I am very proud to have been at the helm of an outstanding team which has made Kiawah what it is today as well as two other resort destinations," said Charles P. "Buddy" Darby III, Chairman and Chief Executive Officer, Kiawah Partners.
"Overall, we have created communities that have resulted in tremendous value for our property owners, employees and partners. In Kiawah we have a mature community in a beautiful natural setting for young and old to enjoy. In Doonbeg, Ireland we have one of the top resorts in Europe. In Christophe Harbour, St. Kitts we have a developing marina resort with a great deal of potential. I want to thank all of our employees and property owners for their support and wish South Street Partners continued success."
South Street's principals have significant past experience in high-end residential resort golf projects located throughout North America including oceanfront projects in Cabo San Lucas, Hawaii, and The Bahamas, according to the company.