On Tuesday, January 10^th, South Street Partners (SSP) provided a general update to the Bluffton Town Council at a regular Town Council meeting.  We thought you would be interested know what they said.  Please note that their slides were not part of the normal pre-read, and we will make them available once we receive them from the Town Clerk.

Many of these points will likely be covered in the upcoming SSP Town Hall meeting on Tuesday.

Real Estate Activity.  SSP’s remarks began with an update on real estate sales and development activities:

• While strong, 2022 real estate activity was slightly lower (measured in dollar volume) than 2021, which was characterized as an “anomaly” driven by the pandemic.
• 2022 sales started falling off in the second half.
• Completed homes have reached 902, as measured by issued Cos.
• 283 homes under construction.
• 168 in DRB.
• Resale home inventory is <3 %.

2023 Plans.  In 2023, there will be two releases in the Moreland Forest area.  The first consists of 38 lots and another 81 lots in the second:

• In addition, they plan to build 8 new Montage Branded Residences in the area across the road from the hotel.
• Also, Palmetto Bluff Builders have five homes underway, with two already sold.  More are planned.

Anson Marina.  The marina build out is underway with all the floats installed and pilings driven.  They need to finish additional portions (e.g., the pier head):

• Given that there is no public or resident land access to Anson, there is no timeline for opening.
• Construction timing was driven by the looming expiration of key permits (which had previously been extended a number of times).
• A consultant has been retained to begin design of the Anson dry stack, which was recently authorized by the latest amendment to the Palmetto Bluff Development Agreement.

Road to Anson.  The planned road to Anson is awaiting storm water review and permits, which SSP hopes to have by March 2023:

• The road will be five miles long and will include an extension of the super trail and (we infer) underground utilities.
• Road construction will take two years, so midyear 2025 timing is likely best case for completion.

This new Anson road should not be confused with the existing construction road to Anson, which now has overhead utility lines. 

Golf Courses.  The previously announced nine-hole golf course is projected to be finished by 4Q23

• It is part of a 50-acre parcel, located in an area called Crossroads, adjacent to (or part of) Moreland Forest.
• Will be accessible from the new extension of the inland water trail.
• The required permit(s) is/are in hand, and the designer King Collins will be at PB starting February to begin work.

SSP confirmed that they have retained an architect for the new Anson 18-hole course but were not able to reveal the name of the architect to the Town Council.

Shooting Club.  SSP reported on the new clubhouse as well as additions to the shooting venues.  They are now a Berretta dealer.

Buffalo’s.  The renovation of Buffalo’s has turned out to be a complete “down to the studs” rehab, costing $1m already.  They are planning to reopen in February.  As in the past, Buffalo’s will remain open to the public.

Montage Palmetto Bluff.  Hotel occupancy fell in 2022 vs 2021 but revenue was higher:

• Now in the 8^th year of the relationship with Montage.
• In 2022, Montage hosted 85 weddings.