A sprawling resort community in South Carolina's coastal low country has changed hands, and one of the buyers is a firm with Charlotte roots. South Street Partners and Henderson Park Capital Partners teamed up in a joint venture to acquire Palmetto Bluff, one of the largest remaining contiguous entitled waterfront properties on the East Coast, according to a press release.
South Street got its start in the Queen City in 2009. The firm, which owns the master developer behind Kiawah Island as well as The Cliffs, a collection of communities in the mountains, now considers its headquarters split between Charlotte and Charleston, South Carolina. It specializes in the development and management of luxury resort residential private club communities and has $1.3 billion in assets under management.
Henderson Park, based in London, is a private equity real estate manager with about $10 billion in assets under management.
The firms would not disclose the price they paid for Palmetto Bluff, which spans some 20,000 acres. Situated between Savannah, Georgia, and Hilton Head Island, the property features 32 miles of riverfront, extensive nature trails, village centers and a Jack Nicklaus golf course.
The Island Packet reports the luxury resort is known as a celebrity magnet. It is also one of Bluffton, South Carolina's fastest-growing residential neighborhoods, according to the newspaper.
Patrick Melton, managing partner with South Street, says the transaction is among the largest in the state's history. The seller was “a group of investment funds, with Anchorage Capital being the majority owner,” according to the firm. The sale closed June 9.
South Street and Henderson Park will oversee all aspects of development and management of the single-family residential and resort community, working with Palmetto Bluff's current leadership team and Montage Hotels & Resorts. Through the JV, the firms intend to carry out a development plan to include the construction of high-quality amenities, such as a second golf club.
In other local news:
On the agenda for this evening's Charlotte City Council meeting is a vote on the proposed, $2.7 billion budget for fiscal 2022 as well as a capital investment plan through fiscal 2026. In addition, council will hear a presentation from staff on city-owned sites that could be targeted for affordable housing, and public hearings are set for changes to development-related ordinances and a business investment grant for Robinhood's planned expansion here. Meeting details and agendas can be found online here.
Mecklenburg County and the town of Huntersville reportedly are reviewing their ties to the historic Latta Plantation, which landed at the center of controversy late last week over an event that was briefly advertised on its website. Set for June 19 — Juneteenth, the holiday marking the end of slavery in the U.S. — the event ad said it would tell stories of "white refugees" and was widely condemned as inappropriate and racist. The event was canceled, but the site manager at Latta has defended the concept and blasted its critics, including local media outlets and government officials.
Gov. Roy Cooper on Friday extended North Carolina's state of emergency through July 30, CBJ news partner WSOC-TV reports. That keeps in place a prohibition on evictions, flexibility on unemployment insurance and a requirement for face coverings in a few settings, like health-care facilities and public transportation.
Two investment firms' deal to buy Extended Stay America (NASDAQ: STAY) has cleared a major hurdle, with a majority of the Charlotte-based hotel operator's shareholders voting in favor of the recently amended agreement. Closing is set for June 16, according to a press release.
A report last week from UNC Charlotte's Urban Institute delves into the proliferation of investor-owned, single-family rental properties in Mecklenburg County, a trend that is further squeezing inventory — and thus driving up prices — on the lower end of the local housing market.
The Charlotte Observer reports enrollment at Central Piedmont Community College for the upcoming fall semester is down 30% from where it was at this time last year.
And an upcoming documentary on moonshining, called "The Spirits Still Move Them," will feature a Cleveland County family, the Gaston Gazette reports.
Top-read story on the CBJ website over the weekend: Here's where CLT passengers are flocking to as travel picks up
In the national news:
- ‘The selfie summit’: Why some economists and activists are disappointed with the G-7 — CNBC
- GM, Ford are all-in on EVs. Here’s how their dealers feel about it — CNBC
- Shell considering sale of holdings in largest U.S. oil field, worth up to $10 billion — Reuters
- Mall owner Washington Prime files for chapter 11 bankruptcy protection — Reuters
- American duo plead guilty to helping former Nissan chief Carlos Ghosn flee Japan — Reuters
- Visa backlogs, travel curbs strain businesses in need of workers — The Wall Street Journal
- Economy week ahead: The Fed, factories and consumers — WSJ
- Grocery courier Boxed to go public in SPAC deal — WSJ
- Biden at NATO: Ready to talk China, Russia and soothe allies — Associated Press
- Netanyahu ousted as Israeli Parliament votes in new government — The New York Times
- Apple is said to have turned over data on Trump's White House counsel in 2018 — The Times
- Private inequity: How a powerful industry conquered the tax system — The Times
- Covid-19 updates: Novavax offers a fourth vaccine. But it might be needed more elsewhere — The Times
And among the top-read stories across the bizjournals.com network is this piece by The Business Journals: SBA is working to streamline PPP loan forgiveness — again. Especially for these types of loans.
Sports:
Dave Alpern, president of local NASCAR powerhouse Joe Gibbs Racing, started his career there doing odd jobs from an office in a broom closet, and his path to an executive role included a huge personal loss. Alpern has released a book detailing the lessons he learned along the way — and he recently talked with the CBJ about some of what's in it. Read that interview here.
This week and beyond:
Find details about CBJ's upcoming virtual events at bizjournals.com/charlotte/event.