Florida firm purchases The Ponds development in Summerville
The Ponds, a massive planned community near Summerville, is being sold to a Florida real estate developer.
Kolter Acquisitions LLC, an affiliate of Kolter Homes LLC, purchased the 1,950-acre community from Greenwood Communities and Resorts, the seller announced Wednesday
The price was not disclosed.
Greenwood officials said the sale will allow their firm to focus on a 2,000-acre resort development it runs near Hilton Head Island.
“We are ready to get back to the business we know best: resort management,” said Bubba Self, president of Greenwood Communities and member of the Self family, who founded the company. “Our core business began as resorts with Palmetto Dunes Oceanfront Resort, and we are glad to get back to our roots and focus on this popular and beautiful oceanfront property.”
A spokeswoman for the firm said the price Kolter is paying will not be disclosed until the deal is finalized in December.
The buyer is involved in more than half dozen developments between North Carolina and Florida, according to its website. Officials at its Tampa, Fla., headquarters were not available for comment Wednesday.
Dorchester County Councilman George Bailey, who met with representatives from The Ponds on Wednesday, said he’s confident that new ownership will not change the vision of the development.
“My eyes and ears will be open to any changes they want to do,” he said. “I don’t know of any changes of what they will do with the project.”
Bailey, who represents the district that includes The Ponds property, also said he was “glad to see the development is moving forward, and Dorchester County can also get more revenue from the new residential housing.”
The Ponds is near the headwaters of the Ashley River, a few miles from the convergence of U.S. Highway 17A and Dorchester Road.
Upstate-based Greenwood Communities bought the property in 2005. At the time, it was considered the biggest residential real estate development in the county’s history. It’s approved for 1,950 residences.
The Pond features new homes generally priced from about $250,000 to the $400,000-range. It also includes amenities like a pool, pavilion, 11-acre multipurpose field and a restored historic farmhouse. The development also includes an outdoor waterfront amphitheater and parks.
The Ponds had 57 home sales that sold for an average of $339,592 between January and Oct. 23, up from the 43 sales at an average of $302,414 for the same span in 2012, officials said.
The Ponds is one of several large-scale developments in the Summerville area. Others include Carnes Crossroads, a development by Daniel Island Co., and Nexton, a mixed-use community being built by MeadWestvaco Corp’s real estate arm.
Reach Tyrone Richardson at 937-5550 and follow him on Twitter @tyrichardsonPC.