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Kiawah Island's Only Luxury 62+ Life Plan Community To Break Ground

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#realestate #privateresidential #property #luxury
Published
09/30/2021 by

Kiawah Life Plan Village Inc. (KLPV), a newly formed not-for-profit, has closed and purchased a 9-acre site from Kiawah Partners, a subsidiary of South Street Partners -- for Seafields at Kiawah Island ("Seafields"), the first 62+ luxury life plan community at the exclusive Kiawah Island. Conceived in response to fill a void in the market, and at the request of Kiawah and Seabrook property owners as a way to age in place, the property will feature a first of its kind in-house medical clinic operated by the Medical University of South Carolina ("MUSC Health"). The $180M project will be built and operated to meet the demand of today's seniors for a new generation of luxury housing and healthcare. KLPV also closed on the initial round of bond financing to enable construction to begin on the property. Big Rock Partners, a nationally known developer of luxury senior living, is acting as developer of the property.

Kiawah Island Real Estate, the sole real estate brokerage firm with offices on Kiawah Island exclusively focused on selling Kiawah properties, is managing sales and marketing for Seafields. The 98 luxury one-, two-, and three-bedroom residences, as well as 16 assisted living and continuing care services, will be complemented by best-in-class amenities and services. Seafields residents have the option to purchase contracts with a 90% return of equity or a 0% return of equity. Reservations for all units are now available through Kiawah Island Real Estate and the project is slated to break ground early this fall.

"Over the next five years, it is anticipated that there will be ~31,000 additional 65+ residents in the Sea Islands (Johns, Kiawah and Seabrook) area. This project was initiated to meet an identified need for a world-class residential facility promoting an active lifestyle, focused on health and wellness," said Richard Ackerman, Managing Partner, Big Rock Partners.

"We have worked hand-in-hand with Big Rock and MUSC Health to bring this concept to fruition. We heard the needs of our Kiawah residents, and those of the neighboring communities, and there was no question that Big Rock and MUSC Health were the natural fit -- given our historical ties and the fact that they are the best in their class," said Chris Randolph, Partner, Kiawah Partners.

As one of the leading telehealth providers in the United States, the MUSC Health clinic at Seafields will utilize the most advanced current technologies as well as offering medical and therapeutic services. In the fall of 2023, the Sea Islands Freestanding Emergency Department, the result of a 5+ year venture between Kiawah Partners and MUSC Health, will open within walking distance of Seafields. This facility will provide 24/7 lifesaving care in its emergency department with trauma rooms, an onsite lab, four exam rooms, imaging technology, and a helipad for the fastest possible transfers. Primary and specialty care will also be offered, for those residents who are looking for more convenient alternatives to their current providers. 

Big Rock has decades of experience in acquiring, building, and operating healthcare real estate. Following clearly defined and disciplined processes to identify accretive investment opportunities, their focus is on developing and operating Class A, private pay seniors housing communities that produce attractive risk-adjusted returns located in sought-after areas with high barriers to entry and strong demand. Kiawah Partners, owner of the residential development of Kiawah Island which includes Kiawah Island Real Estate and Kiawah Island Club, has a proven track-record of success in the luxury resort residential development world.

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