Archive for Hilton Head Island

Feb
28

Hilton Head Luxury Apartments Under Construction

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HHI aptsConstruction of the first of two luxury apartment buildings in a proposed $60 million complex at Shelter Cove Towne Centre is set to start in upcoming weeks, an official with the development company said Monday.

Site work for the first building is nearing completion at the property, which currently holds a recently constructed parking garage for the complex, said John Lee Jr., senior vice president of Southeastern, the Georgia-based company developing the complex, known as Shelter Cove Apartments.

“East 1” — the first apartment building — will house 136 apartments; plans call to start filling 24 units in November, Lee said. He said the four-story building is expected to be completed by March 2018.

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Jan
05

Can You Rent Your House Out and Claim Homestead Exemption?

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taxesShould local homeowners lose their homestead exemption — a property tax break given to seniors and residents with disabilities — if they rent out their homes for a significant portion of the year?

Beaufort County officials have argued yes.

But state courts have said the county is wrong.

A court battle has dragged on for years after the county assessor’s office stripped Hilton Head Island homeowner Frank Mead of his homestead exemption in 2011.

 

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Oct
18

Hilton Head Surgery Center Sold

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medical building clipartCommercial real estate investment services firm Marcus & Millichap has sold the Outpatient Surgery Center of Hilton Head for a record $8 million.

The 19,729-square-foot multi-specialty surgery center was built in 2004. It contains three operating rooms, two procedure rooms and two endoscopy suites. The sale price — $405.49 per square foot — was a record for a Hilton Head medical office building.

Marcus & Millichap arranged the sale of the building for the physician owners. Investment advisers in the Atlanta and Charleston offices brought several offers to the owners. It was sold it to a private investor, who was also located by Marcus & Millichap professionals. A long-term lease is in place.

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Aug
02

Senior Housing is Big Business in Beaufort County

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elderly_peopleIn the next two years, Beaufort County can expect to see a 34 percent increase in its capacity of senior housing.

Most of the construction is happening in Bluffton, Okatie and on Hilton Head Island — adding about 502 new beds in all — but the growth will be just as noticeable in northern Beaufort County.

Port Royal and Beaufort will see 301 new beds, a 58 percent increase from its current capacity for independent and assisted living, skilled nursing and memory care, compared with 27 percent south of the Broad River.

In all, the growth is coming from the recent and planned expansions of three existing senior-living homes — Benton House of Bluffton, Cypress of Hilton Head, and The Palmettos at NHC Bluffton — and the planned addition of 11 new facilities.

The companies are capitalizing on a trend 20 years in the making. The thousands of retirees who first moved into Sun City Hilton Head in the 1990s, and smaller local retirement communities, are starting to age out, and more and more often, the next wave are bringing their elderly parents along with them, local senior housing professionals say.

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May
16

Construction Begins on Hilton Head Apartments

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HiltonHeadSCWork is finally underway on a luxury apartment complex overlooking Broad Creek, the last major step in the redevelopment of the Shelter Cove shopping center on Hilton Head Island.

Crews are already preparing the site of the East 1 Shelter Cove Towne Centre apartment building by installing more than 200 piles in the ground to support its parking deck, which should take about 45 days, said contractor Phil Madhere of Grand Oak Construction.

The second building, East 2, received final design approval on Tuesday and is now in the process of securing building permits, according to town urban designer Jennifer Ray.

Once completed, the development will flank Veterans Memorial Park and add 240 luxury apartments to the Shelter Cove Towne Centre area. The first of five wings of East 1 — each made up of about two dozen units — should be available for rent in November 2017, Mahdere said. Contractors would then finish another wing each month.

Both buildings should be completed and opened by April 2018, he said.

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Mar
21

Graying of Hilton Head Could Drive Housing Costs Higher

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retirement boatState regulators say Beaufort County needs 1,400 nursing home beds to serve its current population. Just 491 beds exist countywide.

That could spell trouble for Hilton Head Island, a rapidly aging town that is expected to continue to “gray.”

“People don’t realize what we’ll be facing in 10, 15 years,” said Edwina Hoyle, the executive director of Memory Matters on Hilton Head, a nonprofit that helps people with dementia. “We need to prepare for it. The active 65-year-old of today will eventually need a level of care and resources that I’m not sure Hilton Head can meet.”

Hoyle, who works with people everyday who are struggling to find the support they need for themselves or a senior they love, calls it Hilton Head’s “silver tsunami.” New admissions to her daycare program for residents with dementia have nearly doubled from 24 to 49 participants in the past five years.

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Mar
15

Daufuskie Resort Owner Buys Palmetto Bay Marina

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palmetto bay marinaThe Palmetto Bay Marina on Hilton Head Island has been sold to a Daufuskie Island resort owner in a deal totaling $10.5 million, according to Beaufort County deed records.

Palmetto Bay Partners purchased the property Feb. 1 on Helmsman Way along Broad Creek for $6.27 million and assumed $4.2 million in mortgage indebtedness, records show. The buyer is an entity of The Pelorus Group of Utah, which also owns Melrose on the Beach resort and golf course on Daufuskie, according to Pelorus owner J.T. Bramlette.

Bramlette said the deal will expand ferry service to Daufuskie but also lead to big improvements for the Hilton Head marina and for Daufuskie Island. He said he planned to make an announcement this month about changes for the marina and the reopening of the former Melrose Landing ferry-embarkation point on Hilton Head’s Broad Creek. He said the ferry launch’s new name would be the Daufuskie Landing.

“There’s a lot of good news to come,” Bramlette said. “This will really help progress the movement of Daufuskie Island.”

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Feb
17

Hilton Head Office Condos to be Converted

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32 Office Park RdAn Atlanta-based investment-management group wants to add 30 residential units in an office building on Hilton Head Island. Cygnus Capital Real Estate Advisors plans to convert 35 office condos into apartments on the second and third floors of the Courtyard Building, at 32 Office Park Road, according to Matthew Sherman, vice president of investments at Cygnus.

Plans are preliminary, Sherman said, but pre-application materials submitted to the Town of Hilton Head indicate the group plans to add 30, two- and three-bedroom units that total 35,500 square feet. The anticipated cost to renovate the building’s interior is $1.5 million.

“We typically look for distressed opportunities and clean up any litigation and legal situations that need attention,” Sherman said. “We reposition the asset as needed.”  The proposed Courtyard Building project matches the company’s model of refitting properties and their uses for the local market. “Our thought is that there is an oversupply of office units,” Sherman said. He added there is more significant demand in the local market for residential uses.

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Feb
16

Study: Would $30M Arts Center Affect Hilton Head Home Values?

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home-prices-riseA study to determine what effect a $30 million arts center would have on Hilton Head Island property values is up for consideration today by Town Council.

The study, which is scheduled for a vote at the council meeting that begins at 4 p.m. at Town Hall, would cost $35,000 and be conducted by researchers from the University of South Carolina Beaufort and Clemson University.

Town Council has put a new arts center at the top of its list of projects for a proposed 1 percent sales tax being considered by Beaufort County to go before voters in November. Council is also scheduled today to form the Venue Committee, which would have nine to 12 members and be made up of representatives from various arts, cultural and historical groups and real estate, financial and hospitality industries.

Members should be “familiar with the future wave of arts and culture as desired by the younger generations,” according to a town memo. The committee would recommend the types of venues and programs needed for the arts, as well as determine the costs and to what extent town government and other entities should finance it, the memo says.

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Feb
02

Beaufort County Examines Affordable Housing

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affordable housingA 36-year-old single mother of two with a $15-an-hour retail job and no health insurance has only $137 per month after paying for rent, bills and groceries she picks up at a food bank.

A 48-year-old, HIV-positive single woman, attending college and looking for permanent housing, cannot afford to pay all of her bills and prescriptions, even after receiving a Social Security disability check and help from an organization with her rent.

And four first-year teachers at the same school, whose average salaries are $34,400, have to work second and third jobs to get by. Statistically, two of them won’t return to teach in Beaufort County next year.

Those are three real-life examples of the need for more affordable housing, representatives from the Lowcountry Affordable Housing Coalition told Beaufort County Council last week. Coalition members said they hope to partner with council to create affordable housing opportunities throughout the county.

It’s hardly a new concept, coalition facilitator Deborah Johnson said. In the county’s 2010 Comprehensive Plan, one of the key priorities is ensuring affordable housing for all residents.

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Jan
04

Hilton Head Fresh Market Center Sold

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fresh market shoppesHolliday Fenoglio Fowler, L.P. (HFF) has announced that it has secured $13.437 in acquisition financing for Fresh Market Shoppes, an 86,694-square-foot retail center anchored by The Fresh Market in Hilton Head, South Carolina.

HFF worked on behalf of the borrower, Ferncroft Capital, to secure the loan through Synovus Bank.

Redeveloped in 2004, Fresh Market Shoppes is 91.2 percent leased and home to 16 tenants, including The Fresh Market, Bonefish Grill, Dollar Tree, Massage Envy and West Marine. Situated on 9.73 acres at 890 William Hilton Parkway, the center is located on Hilton Head Island, an affluent resort community with more than 37,000 year-round residents. The center’s location along Hilton Head’s main street has a traffic count of more than 33,900 vehicles per day, and the site is bound by two golf clubs, Long Cove Golf Club to the northwest and the Shipyard Plantation Golf Course to the southeast. Additionally, Fresh Market Shoppes is positioned near multiple upscale residential neighborhoods.

The HFF debt placement team representing the borrower was led by senior managing director Travis Anderson and associate director Cory Fowler.

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Dec
16

Beaufort County Considers Increasing Impact Fees

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cash in airThe impact fees Beaufort County charges on new development could be changing next year as the economy rebounds and building resumes, county officials said Monday.

The fees are collected on new commercial and residential development to help pay for the roads, fire service, libraries and parks the new shoppers and residents add to their area of the county.

But the fees have not been adjusted in nearly 10 years — before the county’s building boom was crushed by the economic recession and its population grew by more than 40,000, county administrator Gary Kubic said.

“It’s cause and effect,” County Councilman Jerry Stewart said Monday. “It’s very important to understand what it is we’re trying to accomplish in the county, and is this an impediment or does it accomplish what we want it to? I think we’re sort of out of sync on those things.”

In 1999, the county was behind on the road, park, fire protection and sometimes the school infrastructure it needed to keep up with blooming development along US 278, SC 170 and throughout northern Beaufort County, county officials said. To compensate, the county asked developers to help cover the costs and have been setting aside the money in funds dedicated to particular geographic areas and needs ever since.

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Nov
16

Algorithm Software Creates Wild Fluctuations in Rental Rates

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flow chart diagramMany Lowcountry renters now must let a computer determine what their new or renewed leases will cost them.

And there’s usually no way of telling what the outcome will be.

That’s because many local apartment offices are following an industry trend by switching to algorithm-based leasing software that calculates the price of a unit based on a number of factors — and the rate can unexpectedly peak and valley, particularly in southern Beaufort County.

“Prices change daily,” said Dorna Davani, leasing consultant with Chartwell-owned The Lakes at Myrtle Park in Bluffton. Chartwell also owns The Lakes at Edgewater.

Both apartment complexes recently started using YieldStar, a popular revenue management software by Texas-based RealPage that calculates the rate of an apartment based on a number of factors, most significantly supply and demand in the local market and current and future occupancy rates.

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Sep
24

Hilton Head – Bluffton Market “Booming”

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Sep
16

Two New Hotels Planned for Hilton Head

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HiltonHeadSCAlmost 200 new hotel rooms may soon be added to Hilton Head Island.

A proposed project would add a 99-room, four-story Hilton Home2 Suites and a 96-room, four-story Marriott SpringHill Suites to the former Motel 6 site at 1 Marina Side Drive, which is mid-island, according to Mark Tate, president of North Augusta-based Tate Design Group. A proposed restaurant will also be constructed in the development.

Home2 Suites, a 2009 addition to the Hilton hotel portfolio, offers a mid-tier, extended-stay experience, and SpringHill Suites is Marriott’s upper-moderate-priced hotel. The hotels are expected to be about 56,000 square feet each, and the restaurant is proposed to be 2,000 square feet. Each hotel will have an outdoor swimming pool.

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