HIC Land, a master-planned community developer based in South Carolina announced today that it has acquired the Morgan Tract, a 2,600-acre property located along U.S. 278 in Hardeeville, South Carolina.
The price tag? A cool $36 million.
In partnership with D.R. Horton, HIC Land plans to transform the expansive tract into a multiuse master-planned community. Plans for the new community feature a diverse collection of residential and commercial space, amenities, parks, nature trails and sidewalks.
“This plot of land is ideally located as the last remaining large developable tract in the area, with easy access to many nearby amenities including the beautiful beaches of Hilton Head Island, the historic city of Savannah and rapidly growing employment opportunities,” HIC Land founder and CEO Stefan Hoyer said in a statement.
The project, set to break ground in 2024, is expected to improve the area’s existing infrastructure and create hundreds of local jobs over the course of its 20-year development. So far, D.R. Horton and HIC Land haven’t shared the exact number of homes planned for the area.
“We are excited to once again be partnering with HIC Land, a company firmly positioned as one of the premiere land developers in the Southeastern U.S.,” Brad Brundage, Coastal Carolina Region president for D.R. Horton said.
“The Hardeeville/Bluffton/Hilton Head area is difficult to penetrate with a large community, and this tract of land is the perfect location to achieve our goal. When complete, it will be one of D.R. Horton’s flagship communities in the country.”
HIC Land wasn’t the first to bid on The Morgan Tract, which has been notoriously sought-after for its desirable location over the last 25 years.
“Local and national developers have attempted to purchase this land for over 25 years with no success,” Hoyer said. “HIC took on the challenge, and our team overcame the many obstacles to close on the property. Because we are a privately funded company with no outside investors, we were able to buy the land directly from the Morgan family without red tape or bureaucratic decision-making.”
