Henderson Park and South Street Partners acquires Palmetto Bluff
Henderson Park Capital Partners (Henderson Park) and South Street Partners (South Street) have formed a joint venture (JV) to acquire Palmetto Bluff, one of the largest remaining contiguous entitled waterfront properties on the East Coast.
Palmetto Bluff (PalmettoBluff.com) is situated in the Lowcountry of South Carolina between Charleston and Savannah, Georgia. As one of the largest remaining waterfront properties on the East Coast, Palmetto Bluff is evolving as a vibrant residential and recreational preserve enriched by wilderness and wildlife and enhanced by a commitment to conservation.
The 20,000-acre property is surrounded by 32 miles of riverfront and features extensive nature trails; two vibrant village centres complete with river access, boat storage and canoe club; a distinctive food and beverage programme; the Forbes’ Five Star Montage Palmetto Bluff resort; and a Jack Nicklaus Signature Golf Course. An array of southern-style residential neighbourhoods ranging from multi-million-dollar legacy family compounds to more traditionally sized, single-family lots are currently available.
The JV will oversee all aspects of development and management of the single family residential and resort community. Working alongside Palmetto Bluff’s current leadership team and the Montage Hotels & Resorts leadership team, Henderson Park and South Street will bring extensive experience in sales, marketing, club and resort operations.
The JV intends to implement a comprehensive development plan for Palmetto Bluff, including the construction of innovative and high-quality amenities, such as a second golf club. Other near-term real estate development will focus on the construction of Anson Village, which will open up access to a large waterfront space and the southern Intercoastal Waterway. The JV looks forward to sharing more plans and their vision over the next couple of months.
Henderson Park manages an extensive international portfolio of iconic residential communities and hospitality offerings in major destination cities, which it operates both directly and in partnership with premier brands. The firm brings to Palmetto Bluff its substantial experience in development, refurbishment, and operational management across all major real estate asset classes. South Street Partners has a proven track-record of success in the luxury resort residential development world, including the acquisitions in 2013 of Kiawah Partners, the master developer of Kiawah Island, and in 2019 The Cliffs, a collection of seven private residential communities in North and South Carolina. Under South Street’s ownership, median pricing has increased significantly, inventory levels have decreased to the lowest level in over a decade, and a record number of new homes have broken ground. Bolstered by an unprecedented surge in in-migration markets both Kiawah Island and The Cliffs saw record breaking sales in 2020.
Nick Weber, Founding Partner of Henderson Park, says: “Palmetto Bluff is an outstanding drive-to resort and residential destination set in a unique landscape which is set to benefit from the continued resilience of the premium leisure sector and South Carolina’s long- term appeal. The resort offers great potential for further expansion and we are excited to team up with South Street as operating partners to enhance a truly exceptional luxury community for residents, guests and members.”
Patrick Melton, Managing Partner at South Street Partners, says: “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. Palmetto Bluff is a high quality, best in class property which fits seamlessly within our portfolio. The synergies are everywhere.”