The fourth partner, Will Culp, joined the company a couple of years later after serving as vice president for investments for Crescent Resources, a $1 billion real estate development and investment firm headquartered in Charlotte. South Street Partners is committed to facilitating the accessibility and usability of its website. Chris Randolph is a Partner at South Street Partners based in Charlotte, North Carolina. Bennette assists with day-to-day asset management responsibilities for South Street Partners land holdings. Kiawah Partners a portfolio of real estate and operating assets including much of the remaining residential land on Kiawah Island, a 10,000-acre resort community off the coast of Charleston, SC featuring 10-miles of beachfront, the world class Kiawah Island Club, Kiawah Island Real Estate, the islands dominant residential brokerage, and Two Meeting Street Inn, a 130-year-old bed-and-breakfast located South of Broad in Charleston, SC. Another factor thats driving this for us is that, at Kiawah, we actually see premiums for lots and homes on the parks that weve developed versus golf courses. We all had a familiarity with each other, so it all made sense, Melton said. Copyright 2023 by Pazdur Publishing, Inc. & Executive Golfer Magazine, All Rights Reserved. Anyone can read what you share. South Street Partners started looking at The Cliffs in 2010. When the opportunity to purchase the portfolio came back to us in 2018, we looked at it on a discount to replacement basis, plus the quality of the future real estate offerings, and the deal made sense. Mr. Randolph spoke about his firms investment plans and residential golf developments. South Street Partners looks for opportunities. https://lnkd.in/euxjYdCt, Residences at Salamander, the highly anticipated community rising on the grounds ofSalamander Resort & Spa, has officially held its groundbreaking ceremony to mark the beginning of vertical construction on the first phase of homes. Ashlee Vance explores innovations in new tech, software, engineering, and science in places outside of Silicon Valley. "Wheels Up shares our belief that the most precious . Please be aware that our efforts are ongoing. Patrick graduated from the University of North Carolina at Chapel Hill with a bachelors degree in Business Administration from the Kenan-Flagler Business School. Maybe well scale back a little bit on some of the larger spec homes, but I dont think it changes our business plan much at all, if any. Greenville and Ashevilles growing drive to markets made The Cliffs and its lake and mountain properties the perfect complement to the investment South Street had made on South Carolinas coast. A native South Carolinian, Amy has returned to her roots after 17 years in Colorado. South Street Partners and Salamander Hotels & Resorts have partnered to bring 49 luxury homes to the grounds of the Forbes Five-Star resort in the heart of Middleburg, Virginia. Philips responsibilities at South Street Partners include asset management and acquisitions. Kiawah's overall development plan remains the model for conservation, enhancement of open space, and preservation of the Island's environmental integrity. Access is by boat only to this little island of perfection, scrubbed clean twice daily by Mother Nature. . We find SSP to be excellent developers - innovative and forward thinking. Prospector. Twice a day, the receding tide reveals the silky beach of the May River Sandbar. Ray has overseen the contract administration from construction through project closeout. And, were certainly happy about that. So, we dont concern ourselves too much with slowdowns in the market in terms of our business plan, but we also want to be conscious of overdeveloping during a time when sales might not be there. The South Street team, which grew to four partners when Will Culp joined in August of 2012, initially focused on distressed opportunities across all real estate sectors, and did several one off transactions, but didnt transact on any private golf club communities because the timing wasnt right based on where we were in the cycle, said Randolph. ", Longtime Kiawahresident, Chery Love, said she decided to join theAdvance Kiawah advisory committees because this initiative is "an opportunity to unite as a community to enhance the experience here.". In November 2020, the Kiawah Island Club launched a new employee initiative,Kiawah in the Communityunder the Advance Kiawah umbrellaa program designed to engage their employees in volunteer opportunities in an effort to serve the greater Sea Islands community in a more targeted and effective way than previous employee volunteer programs. "Ultimately, much of the credit is due to the previous ownership. To deliver on that, we need to find the best land for the best golf. Previously, Chris ran acquisitions in the real estate group at Summit Capital Management, a private equity firm with over $300 million of assets under management. Bennette graduated from East Carolina University with a bachelors degree in fine arts. When we entered the Kiawah/Charleston market, we were definitely the new kids on the block. Dixie served as Wyndham Vacation Rentals Regional Human Resources Director across six states, as well as International Human Resources Director for Kiawah Partners, serving the US, St. Kitts, and Ireland. From our perspective, the genuine opportunity was to breathe new life into The Cliffs, similar to what we did at Kiawah. "For generations, families have been drawn to Middleburg's mystique and its renowned equestrian and wine country lifestyle," said Chris Randolph, Partner at South Street. That might have worked in another time, in different cycles. Prior to SECU Crystal Coast Hospice House, Bennette worked in the hospitality space providing office management and bookkeeping services. Chris received a bachelors degree in Economics from The University of North Carolina at Chapel Hill. She was most recently Assistant Director of SECU Crystal Coast Hospice House where she prepared financial reports and managed strategic planning and marketing for fundraising events. He resides in Charleston, SC with his wife. Chris Randolph is the Partner at South Street Partners based in United States. Learn more in our Cookie Policy. As the largest remaining entitled waterfront property on the East Coast, with proper planning, the opportunity for success is profound, stated Randolph. This article is part of our latest special report on International Golf Homes. The Cliffs was almost like a sanctuary for those who were living here. When you talk about giving the architects the best land, how much of that is member/customer-driven, and how much of that might be attributed to the average golfers growing understanding of what a good golf experience entails? Patrick is also a member of South Streets Investment Committee. Ultimately, Advance Kiawah has put forward a four-part initiative based on four foundational pillars: Staff and Culture (creating greater opportunities for employment for people of color, a speaker series program and changing golf, hospitality and culinary internship programs to focus on recruiting from HBCU's in the hope of fostering diverse talent within the organization at every level), Home Ownership (aiming to attract a more diverse homeowner and club member demographic to Kiawah), Supplier Diversity (expansion of supplier and vendor relationships to include more Black-owned businesses and institutions while helping to equip and educate these vendors on how to do business on Kiawah), Community Outreach (connecting Kiawah Island with the greater Lowcountry community focusing on outreach, service, and philanthropy). South Street Partners was founded in 2009. Charlotte, NC and Charleston, SC July 27, 2022 South Street Partners(South Street) a leading private equity real estate investment firm headquartered out of Charlotte, NC and Charleston, SC, announced the final close of SSP GP Fund I(the Fund) yesterday. It would be great if SSP would actually ask their members what they want and share their plans, it could be great. Chris Randolph's colleagues are Philip Weaver, Jordan Phillips, Gillian Welch, Gillian Welch. As a former fund-less sponsor raising capital on a deal-by-deal basis, reaching the closing of our inaugural U.S. discretionary commingled fund is a major achievement, said Chris Randolph, Partner. CHARLOTTE, NC 28209, 345 FRESHFIELDS DRIVE, SUITE 210 We will be updating our website over time to implement the relevant portions of the World Wide Web Consortiums Web Content Accessibility Guidelines 2.0 Level AA (WCAG 2.0 AA), which will also bring our website into further conformance with the Section 508 Web Accessibility Standards developed by the United States Access Board (Section 508). As a subscriber, you have 10 gift articles to give each month. "This was a once-in-a-lifetime opportunity," says Chris Randolph, one of South Street's four principals. Since their 2013 acquisition, Kiawah has seen over $3.5 billion in sales and recently hired Beau Welling to design a third private golf course for the Kiawah Island Club. "Residences at Salamander is a low-density, protected community in a beautiful, natural setting with a temperate climate," said Chris Randolph, a partner at South Street Partners. Any furniture, appliances or decorator ready items depicted herein are shown for artistic and illustrative purposes only and are not included in the purchase and sale of the residence. Most recently, Chris was a Director with Heritage Golf Group, a boutique owner and operator of private and daily fee golf clubs throughout the Southeast. SouthStreetPartners.com, Cision Distribution 888-776-0942 First, Patrick and Jordans experience with Discovery Land Company provided great insight and institutional knowledge of the space. About South Street Partners South Street Partners is a private equity real estate investment firm headquartered in Charlotte, NC, and Charleston, SC and the largest owner of private residential club and resort communities in the Southeast including Kiawah Island Club and Kiawah Island Real Estate, Palmetto Bluff, The Cliffs, and the Residences at Salamander. Will received a bachelors degree in Economics from the University of North Carolina at Chapel Hill and currently resides in Charlotte, North Carolina with his wife, son and two daughters. He lives in Charleston, SC, with his wife, daughter and two sons. We are so glad they follow their strategy and ignore all the noise. Henry is a native of Statesville, North Carolina. Wills responsibilities included debt and equity capital raising and structuring as well as asset management for Hillwoods luxury residential investments. He has done an incredible job in a very short amount of time., Palmetto Bluff, a 20,000-acre community located in Bluffton, South Carolina, is the latest addition to South Street Partners continued push into luxury private residential club communities and resorts in the Southeast. Prior to joining Discovery, he worked for Inter-Asia Venture Management in Hong Kong, China. That changed the week before Christmas almost a decade ago. To date, the South Street Partners' leadership teams have been professionally trained on diversity, equity and inclusion and this training will soon be rolled out to all 500 employees. Melton, Phillips, Randolph, and Culp all attended the University of North Carolina Chapel Hill, although not at the same time. Culp said, Anyone can start a company and have colleagues, but the four of us are really good friends, and we have a unique communication style because of that. South Street Partners is a private equity real estate investment firm headquartered in Charlotte, NC, and Charleston, SC and the largest owner of private residential club and resort. . We will soon be the largest at Palmetto Bluff, because we believe fully in that strategy of delivering a finished product and doing so with scale and efficiency. As stewards of three iconic golf destinations, our timeline is much longer than a lot of our competition, and we plan for the impact of economic cycles during these longer holds.
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