Southstreet Partners Assume Control of Palmetto Bluff Club

PALMETTO BLUFF, S.C., February 2022 – Southstreet Partners (“Southstreet”), the largest developer and operator of private residential club communities in the Southeast – owners of the Kiawah Island Club and Kiawah Island Real Estate, The Cliffs, Residences at Salamander and Palmetto Bluff – are excited to announce they have assumed control of the Palmetto Bluff Club. Southstreet purchased the storied 20,000-acre property in June 2021 in a joint venture with Henderson Park Capital.

Southstreet’s investment and development experience, especially in the luxury marketplace, provides the opportunity to impact and improve every aspect of a project from concept, through to execution and operations. Retaining much of the existing Palmetto Bluff operations team and complemented by key new hires, Southstreet will integrate a slate of unique, high-level programs and amenities to augment the incredible Club, lifestyle, and real estate offerings Palmetto Bluff is known for. By delivering exceptional operating results, the enhanced member experience will drive value across the real estate spectrum.

To oversee the next phase of this growth, experienced club executive Jeff Dekruif has been hired as the Palmetto Bluff Club’s General Manager. With many years of experience in General Management, Golf Operations, Food & Beverage, and Finance at notable club communities – including Berkeley Hall Club in Bluffton and Blackhawk Country Club in Danville, California – Jeff is known as an influential and mindful leader with a servant’s heart for hospitality, a passion for the golf industry, and a commitment to making a difference in the lives of others.

Chef Rhy Waddington has been named new Culinary Director of the Palmetto Bluff Club, coming from the Winged Foot Golf Club, where he was the first chef from a private club to be invited to cook for the membership of the renowned James Beard Foundation. Known for his devotion to the freshest ingredients from local purveyors, Rhy is thrilled to begin exploring the natural bounty of Palmetto Bluff’s vast property and the surrounding Lowcountry.

This incredible team at Palmetto Bluff Club will help shepherd in an exciting new slate of amenity additions and enhancements while ensuring Southstreet’s capital investment demonstrably raises the membership experience for all stakeholders. One of the first projects, in partnership with Rhy Waddington – an early innovator of the farm to table philosophy – will be the expansion of Palmetto Bluff’s Farm, which will include the creation of a mixed-use retail and office building, a covered pavilion, an expanded fenced garden section and a reimagined greenhouse structure with a kitchen to facilitate culinary and beverage opportunities. Along with expanding the existing farm, there are also plans for a Community Supported Agriculture box for members as well as a local philanthropic aspect. A new Clubhouse and storage barn will be built to bolster the venerated Shooting Club along with overall facility, grounds, and site improvements.

Palmetto Bluff saw another record-breaking sales year in 2021, with a $391M in closed sales versus $257M for 2020, representing a 52% increase in sales volume YOY and a staggering 372 transactions. Palmetto Bluff is also carrying over 119 transactions totaling $161M into 2022 – from contracts written in 2021 – which, combined with their closed sales, totals over a half billion dollars in executed contracts overall for Palmetto Bluff in 2021. Moreland Forest, the first developer release by Southstreet, debuted in November 2021 and sold an unprecedented 13 homesites for $12.8M on the first day of pre-release sales.

There are currently 431 homes under construction or in the Design Review Board approval process at Palmetto Bluff which represents close to $800M in residential construction investment. To support the incredible demand, and accelerate land sales while ensuring customer satisfaction, Southstreet has named Will Howard as Senior Director of Development. Currently overseeing all aspects of land development and horizontal construction for Palmetto Bluff, Will brings an unparalleled knowledge of the property into his new role along with over 25 years of experience in landscape design, construction, project management,

golf course construction, renovation, and management. For the past five years, Will has served as the Principal Planner for Land Development for the Town of Bluffton. Jason Kimes has also been hired to oversee the formation of Palmetto Bluff Builders, a home building program that will envision, entitle, and realize developments that make a lasting contribution to the Palmetto Bluff community. The first residential release of homes is slated for early summer.

About Palmetto Bluff

Palmetto Bluff is situated in the Lowcountry of South Carolina between Charleston and Savannah, Georgia. As the largest remaining waterfront property on the East Coast, Palmetto Bluff is evolving as a vibrant residential and recreational preserve enriched by wilderness and wildlife and enhanced by a commitment to conservation. The 20,000-acre property is surrounded by 32 miles of riverfront and features extensive nature trails; two vibrant Village centers complete with river access, boat storage and canoe club; a distinctive food and beverage program; the Forbes’ Five Star Montage Palmetto Bluff resort; and a Jack Nicklaus Signature Golf Course. An array of southern-style residential neighborhoods ranging from multi-million-dollar legacy family compounds to more traditionally sized, single-family lots are currently available. PalmettoBluff.com

About Southstreet Partners

Southstreet Partners is a private equity real estate investment firm headquartered in Charlotte, NC and Charleston, SC specializing in the development and management of luxury private residential club communities. Founded in 2009, Southstreet has deployed over $500 million of equity across resort, residential and commercial properties and has over $1.3 billion of assets under management. Southstreet acts as a principal investment platform as well as an operating partner and co-investor for institutional partners interested in special situations, opportunistic and value add real estate investments in the Southeastern United States as well as select continental US and international markets. SouthstreetPartners.com