Salters Haven

Project Description

Acquisition:

• After the extraordinary success of Helms Port, a waterfront community in Wilmington, NC, LDI had a vision to bring to life a sister community in Hampstead, NC. This new community would focus on the same features that made Helms Port so special; a true waterfront lifestyle, a 75 slip marina, resort style pool, clubhouse and island-style living.
• Salters Haven is located on the charming waterfront estate of the Lea Family, who enjoyed this land for generations. The family turned down many offers in the past from other buyers, but LDI’s past successes and experiences from other partners assured the Lea Family that LDI was the right choice. Our team worked many years with the multi-generational land owners, and those efforts helped bring to life Hampstead’s premier new waterfront community.
• LDI joined with the same equity partner who helped bring sister community Helms Port to life. This project was funded with a mix of private equity and institutional debt in the form of a traditional A&D loan.

Entitlement & Permitting:

• LDI was responsible for the 6 month process of forming partnerships, rezoning and taking on the formidable task of permitting an upland marina. LDI’s connections, determination and excellence brought to this development allowed our team to accomplish what most could not.

Horizontal construction:

• LDI Utilities performed all civil contracting and off-site DOT work, managed the marina construction, and brought 308 pad-ready lots to market through a phased approach.

Vertical Construction:

• The LDI team began all amenity and entrance construction at the start of the development, to include the clubhouse, marina, pool, and roads, displaying the coastal vision of the community right from the start.
• The preferred builder team, Logan Homes and Legacy Homes by Bill Clark, began construction of over a dozen one and two story single family spec homes, and were met with immediate demand. Several custom home builders have seen great success on the waterfront lots.

Sales and Marketing:

• The marketing campaign for Salters Haven was led by a local real estate firm, Destination Realty, combined with the support of the builder team; Salters Haven continues to see great success in the sale of the homes and home sites. In the initial release of home sites, the community saw $15M+ in sales within 2 weeks. The tremendous success of this neighborhood continued in the months after the opening, with over $50M in homes and land sales in less than six months.

Disposition of Asset:

• Sales are still ongoing in this new community and tremendously outpacing projections.
• By partnering with LDI, the Lea Family ensured their heritage would be proudly displayed throughout Salters Haven.  LDI has preserved this special piece of generational land with honor and legacy that will endure for many years to come.

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