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Celadon

Beaufort, South Carolina

Name of Project:
Celadon
Community details:

Homesites from: $70,000

Homes from: $350,000

Community highlights:

Classic lowcountry architecture

State-of-the-art wellness center

Preferred builder program

Designed in a walkable scale

Parks and walking trails

Destination:
Beaufort, South Carolina
Overview
Celadon is a traditional neighborhood designed community located on beautiful Lady’s Island. This community is located only three miles from Beaufort, South Carolina’s historic waterfront downtown. Majestic live oaks impart a sense of serenity to the community’s parks, walking trails, and green spaces. The first-class wellness center and spa work hand in hand with the natural beauty of the property to center the community’s feel around health and overall well-being.
The Challenges
Celadon’s original lack of success was primarily due to a developer’s vision not being supported by proper market research. The product concept was better suited for an urban environment, which Lady’s Island lacks. Meanwhile, the product designs were both cost prohibitive and restrictive compared to several other options available in the same marketplace. As such, all unfinished prior development plans had been terminated; the community had come to a standstill and had been left unmanaged, with no homeowner support system for years. One of the greatest challenges facing Celadon in 2015 was the need to overcome the stigma and distrust associated with being a previously foreclosed development in both the eyes of the local realtor community and the greater marketplace.
Enter Catalyst

Catalyst realized Celadon’s potential and partnered with Bixby Bridge Capital to purchase and develop the foreclosed community, underwriting the investment for a strong risk-related return. Catalyst’s decades of experience with the local market, residential and commercial real estate sales, and club operations allowed it to truly understand the extent of the management Celadon would need to reach its potential, as well as to recognize what changes would be necessary to ensure success the second time around. Catalyst introduced timeless Lowcountry architectural design guidelines, and put an experienced Community Design Review Board into place to ensure the redesigned vision would be carried out flawlessly. In addition to the design reposition, which made Celadon better suited for Lady’s Island, plans included refurbishment of existing infrastructure, creation of a top-tier club and wellness center, and implementation of an aggressive development and sales program, all of which made use of local resources.

Results

Catalyst’s understanding of the local market allowed it to tweak the original developer’s vision to create a product that would sell in Beaufort, South Carolina. Celadon has surpassed all goals during Phase I of the development, and with over 190 memberships sold in under a year’s time, the reenvisioned wellness center has reached financial stability and independence, becoming an integral part of the Lady’s Island community. Surrounding properties have been acquired and seamlessly folded into the development’s master plan. Additionally, a preferred builder program has been created, which has given the development significant new construction and added homes to the product offerings. In just the first 18 months of Catalyst management, more real estate sold in the project than in the past 10 years combined, and real estate values have already exceeded pre-recession pricing values. Previously unutilized commercial spaces have been leased to thriving local businesses, and financial plans have been put in place for the neighborhood associations that have made each of them sustainable. There is no doubt that Phase II of the Celadon Project will continue to bring exceptional results.

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