A Colorado real estate company paid nearly $24 million this week for 14 oceanfront acres on Kiawah Island where it plans to build a luxury condominium development.
An affiliate of Denver-based East West Partners paid $23.97 million for the land in the gated resort community. It plans to develop the site in 2021 in collaboration with Kiawah Partners, the master developer of the residential portion of the 10,000-acre barrier island.
The proposed site of the project is off Southern Pines Lane on the south end of the island, not far from Timbers Kiawah Ocean Club and Residences.
The units will be the island's first beachfront condos in more than 30 years that buyers can purchase outright and use as their full-time residences, said Chris Randolph, partner at Kiawah Partners.
The number of total living units hasn't been finalized, but East West is looking at spreading about 70 dwellings over six three- and four-story buildings, said Miller Harper, the firm's Charleston-based managing partner.
The development also will include a private club for owners and members of the Kiawah Island Club.
"East West Partners has deep roots in the Charleston region, and we believe this will continue our longstanding tradition of building terrific communities in world-class destinations,” Harper said.
He called the 14-acre site "a stunning stretch of oceanfront property."
East West has worked on several high-end real estate projects in the Charleston area over the years.
With an office on East Bay Street, it is behind the development of 71 Wentworth in the downtown area and The Waterfront on Daniel Island.
Its previous Charleston projects include One Vendue Range and City Gallery and The Gadsden at Gadsdenboro Park. Across the harbor in Mount Pleasant, East West developed the Tides IV condominiums at the base of the Ravenel Bridge.