Florida-based developer Advenir Oakley Capital has purchased 49 acres of farmland off Spring Street (Highway C) near Mount Pleasant’s exit to I-94 with plans to construct 370 cottage-like rental condos on the property.
The company, which has completed similar developments in the south, bought the land from a California investor late last month for $4.1 million.
According to a principal with the company, an affiliate of Advenir, LLC
, a real estate firm based in Adventura, Fla., the development would be dubbed The Leo at Mount Pleasant and consist of side-by-side duplexes or standalone condos with driveways and garages. The development would also include a number of amenities, including a pool, a leasing center, pocket parks and fitness center.
The company is still studying the financial feasibility of the project, the principal said, noting that the development could be worth $100 million. The company has completed three “Leo” developments, according to its website. They are located near Savanah and Augusta Georgia, and near Augusta, South Carolina.