A North Carolina-based home builder recently bought nearly 900 undeveloped acres in Dorchester County, where more than 1,100 homes could rise south of Ashley Ridge High School.
Affiliates of True Homes of Monroe near Charlotte paid $10 million for about 865 acres along Delemar Highway south of Summerville. An affiliate of paper giant WestRock Co. sold the East Edisto property as it continues to shed its land holdings in the region.
The five parcels in the transaction near Kreuger Road are approved for 1,111 homes as part of an agreement for clustered areas of development to preserve rural density in the large East Edisto tract in southern Dorchester and Charleston counties, according to Dorchester County land records.
“WestRock placed 75 percent of East Edisto or 53,000 acres under a density agreement held by the East Edisto Conservancy,” said Mark Lewis, senior vice president of WestRock Land and Development. “The sale is the last of the clustered development areas.”
A True Homes representative confirmed the company plans to develop about 1,100 homes on the property.
"It will be developed in multiple phases, and we anticipate sales to begin in early 2020," said Ron Bullman, senior manager of land development for the home builder.
True Homes is currently building in two Charleston-area communities: North Creek Village in Nexton near Cane Bay Plantation and Steeplechase off U.S. Highway 52 near Moncks Corner, both in Berkeley County.
The builder's home prices range from the $140,000s to more than $500,000, according to its website.
WestRock has been selling off its land in the region over the past decade as it winds down its Summerville-based real estate development division. The firm was set up in 2007 to divest the company of 1.1 million acres of timberland and other holdings. About half of that was in South Carolina, mostly near Charleston.
Earlier this month, WestRock sold the 6,300-acre Summers Corner tract in Dorchester County for at least $26.1 million to Miami-based Lennar, which claims to be the region's largest home builder.
Only a smattering of WestRock Properties remain in the region, according to a company spokeswoman.