Beaufort, South Carolina
Name of Project:
Homesites from: $70,000
Homes from: $350,000
Classic lowcountry architecture
State-of-the-art wellness center
Preferred builder program
Designed in a walkable scale
Parks and walking trails
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.
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.