An Atlanta-based investment management group has proposed to add 30 residential units in a well-known office building on Hilton Head Island.
Cygnus Capital Real Estate Advisors has their eyes on the Courtyard Building located at 32 Office Park Road, directly across from Park Plaza. The Atlanta-based investment management group is proposing to convert the 35 office condos into 30 residential apartments. The first level will remain office/retail space with the second and third floors solely residential.
The plans are preliminary and pre-applications have been submitted to the Town of Hilton Head. With over 35,000 square feet, the management group proposes refitting the properties to create two and three-bedroom units. Their anticipated cost to renovate is approximately $1.5 million. Estimated rents indicate a range of $1,100 - $1,890. Floor plans and layouts still being considered, but Cygnus projects that the condos will be ready for lease in the spring of 2017.
As Hilton Head Island continues to grow, the need for rental properties increases. The location is ideal, being on the south end of the island and within walking distance to shops and restaurants. We look forward to hearing more on this project in the near future.