Pensam Development successfully closed on the purchase of Palmetto Fort, a +/- 206 acre single family home development site within Charleston county, South Carolina. This is one of the last large waterfront tracts of undeveloped land in the area.
The city has benefited from significant employment growth in and around the region. Volvo and Mercedes-Benz each recently broke ground on $500 million facilities just outside of Charleston, Boeing produces its 787 Dreamliner at its North Charleston factory, and the Port of Charleston projects to continue an expansion that will allow it to accept the largest containerized ships that can pass through the soon-to-be widened Panama Canal.
Pensam has partnered with Hoyer Investment Corporation to acquire this land, which is one of the last large waterfronts tracts of undeveloped land in Charleston. This transaction is the third project that Pensam and Hoyer have co-sponsored, strengthening the partnership between the two and exemplifying the continued expansion of Pensam’s businesses.