EXCLUSIVE: Tetra to Develop 300-Acre South Carolina Mixed-Use
- Apr 28, 2008
In an exclusive announcement to CPN today, The Tetra Cos. unveiled plans for the Crescent Centre, a 300-acre mixed-use development in Hardeeville, S.C. The Crescent Centre will be a $300 million dollar retail, commercial and lifestyle center. The site provides 2 million square feet for hotel, retail and commercial parcels, along with 320 multi-family units. Tetra estimates that the construction will be completed by 2014. The 300-acre site, acquired in January 2007, has direct access from Highway 17 and one mile of frontage on I-95. Hardeeville is centrally located fifteen minutes from Hilton Head, S.C. and Savannah Ga. The city has been experiencing growth, producing an increasing demand for high-end retail. Crescent Centre will be the first regional retail center constructed in the area. Gil Holt, principal & co-founder of The Tetra Cos., told CPN , “Crescent Centre is an example of the current ‘flight to quality’ in real estate where there is a heightened focus on growth and fundamentals. While some retailers and financiers are staying on the sidelines in those areas experiencing economic and housing troubles, we are seeing a robust response from the market to Crescent Centre. We attribute this to Hilton Head and Savannah experiencing strong residential and economic growth fueled by jobs, tourism and this area being a preeminent relocation destination for retiring Baby Boomers.” Ted Felder, economic development director for the City of Hardeeville, commented on the project. “Crescent Centre will bring economic development, tax base expansion, job creation and improve the quality of life for the existing citizens here in Hardeeville. We have been anticipating this growth.”In May 2007 Tetra joined with NFL hall-of-fame wide receiver and television personality Michael Irvin to form TMI Group, a private equity fund to finance and develop Tetra’s mixed-use real estate development.