HIC, D.R. Horton partner on 2,600-acre South Carolina development

A prominent Southeastern developer and a national homebuilder have partnered on a massive 20-year live-work-play project on 2,600 acres in South Carolina.

HIC Land bought the Hardeeville property — called the Morgan Tract — from John and Harry Morgan for $36 million, one of the largest land deals ever in the region, according to a press release.

The developer has partnered with D.R. Horton on the project, which will include an array of homes, commercial spaces, parks and nature trails. 

Groundbreaking is scheduled for 2024, with both HIC and D.R. Horton also said they’re committed to investing in local infrastructure, including roads and utilities. 

The project will create hundreds of jobs, and increase the local tax base. The tract is near Hilton Head Island and Savannah, Georgia. The developers also said demand for the project will also be fueled by the Southeast’s population influx, and its proximity to the future Hyundai Giga factory, slated to employ 8,500 people by early 2025.

The land has been pursued by local and national developers for over 25 years, with HIC finally closing the deal. 

HIC says it will deliver over 2,000 lots across the Southeast in 2023, and expects to surpass 2,400 lots in 2024. The company is also set to complete its corporate headquarters in Mount Pleasant, S.C., by early 2024.

D.R. Horton has been very active in the Southeast recently.

In November, it bought a 17.9-acre development site in Palm Beach Gardens, Florida, for $9.4 million, after buying off opposition to its planned project earlier this year.

The Arlington, Texas-based homebuilder is planning a 111-townhome development for the site, according to plans filed with Palm Beach Gardens. D.R. Horton acquired the land from Northlake 20 LLC, a Florida entity managed by Aldo and Carlo Basile, according to records. The entity bought the land for $1 million in 2004.