|By Eric Frazier, The Charlotte
ObserverMcClatchy-Tribune Regional News
June 03, 2013--A Charlotte real estate investment firm has bought out the longtime developer of Kiawah Island, giving it control of future development in one of the Carolinas' premier luxury resort destinations.
South Street Partners, a boutique investment and management firm based in Charlotte's Dilworth neighborhood, on Monday acquired Kiawah Partners, the Charleston-based firm that has spent the past 25 years as Kiawah Island's master developer.
Kiawah, a 10,000-acre island community with more than 10 miles of ocean frontage, is located just south of Charleston.
Terms of the deal weren't announced. It gives South Street control of the remaining developable residential inventory on Kiawah, as well as the members-only Kiawah Island Club, a real estate company, a utility company, a shopping center and resorts in Ireland and the Caribbean.
"We are excited to be involved with the most distinguished residential community on the East Coast," said Patrick Melton, managing partner of South Street Partners.
Charles P. "Buddy" Darby III, chairman and CEO of Kiawah Partners, wished the new owners well.
"It's rare that a developer like Kiawah Partners remains with a project for 25 years," he said. "It's been a unique opportunity and I am very proud to have been at the helm of an outstanding team which has made Kiawah what it is today."
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