Richard Ackerman, chairman, president and CEO of Big Rock Partners, the real estate investment firm behind Seafields at Kiawah Island, a 62+ Life Plan community, presented an update at the August 1 Kiawah Island Town Council meeting. He said, “We are happy to announce that last Thursday, we issued a $215 million municipal bond offering for the construction and permanent financing of the Seafields project. It’s been a long time coming, and this is a very difficult bond market.”
They just signed the notice to proceed for the contractor to start construction. Ackerman said it will start by around the beginning of September. “The foundation will happen first in the fall, and then you’ll see dirt moving.”
He added that steel will start coming onsite around January with “a lot of building happening in the first quarter of next year.” Completion is expected in about 24 months, pending any delays due to hurricanes or other issues. He added that the Town expects occupancy in the Fall of 2025.
Right now, 70 of the 90 units are reserved, and Seafields is expected to be completely sold out within the next six months.
For more information, visit seafields.com.
