$24M Point Hope development deal paves way for 778 homes
Anyone driving along Clements Ferry Road can see Point Hope taking shape as a town center, with homes, schools, shops, restaurants, parks, and trails now part of everyday life on the Cainhoy Peninsula.
But the community is far from done growing, and its next addition will be a big one.
Mount Pleasant-based TBC Development purchased 92 acres in Point Hope for $24 million, with plans to build 778 homes in one of the Charleston region’s fastest-growing corridors.
The project, dubbed “Restore II - A Multi-Generational Community,” will include single-family homes, attached homes, townhomes, and income-restricted housing for workforce and first-time buyers. Plans also call for apartments and cottages for adults 55 and older, along with an assisted-living and memory-care center.
For TBC founder Tony Berry, the deal represents more than just another land acquisition.
“Restore II is going to be a very special neighborhood in one of the region’s last great master-planned communities,” Berry said in a press release.
Three development partners are already attached to the project: David Weekley Homes, Mungo Homes, and Panther Residential Management.
David Weekley Homes, which previously partnered with TBC on the 55-plus Restore at Carolina Park in Mount Pleasant, will construct single-family and attached homes.
Columbia-based Mungo Homes, now part of Clayton Properties Group, will build attached single-family residences intended for workforce buyers and residents 55 and older.
Boston-based Panther Residential will partner with TBC on the active-adult, assisted-living, and memory-care portions of Restore II.
“We’ve been looking for the right opportunity to team up with TBC, and this is it,” Panther Residential principal Eric Wardrop said. “Restore II is the kind of all-ages community the Charleston area wants and needs, and we’re pleased to be part of the team that’ll make it a reality.”
Point Hope is approved for as many as 18,000 homes, although project leaders have said the final total will probably land between 11,000 and 12,000 over the next 15 to 20 years, depending on demand.
The community currently connects neighborhoods with schools, businesses, medical services, parks and trails, and about 60% of the property is expected to remain protected as marshes, wetlands, parks, and open space.
The corridor already includes three Philip Simmons schools, established neighborhoods, and a Publix-anchored commercial center, while additional apartments, townhomes, and active-adult communities continue to rise nearby.
Lifestyle Communities is also developing LC Point Hope, a 450-unit apartment and townhome community with 15,000 square feet of retail. Announced businesses include Code, a wellness studio; Morning Ritual Coffee, and The Goat Point Hope.