A Tennessee-based commercial developer and investment company has secured financing for an $88 million project in Summerville.
GBT Realty Corp. will build the latest housing development in Carnes Crossroads in Summerville. GBT’s The Village at Carnes Crossroads brings 306 multifamily homes and over 11,000 square feet of retail to the heart of the Lowcountry lifestyle community, according to a news release.
GBT acquired the 11.82-acre site earlier this month from Carnes Crossroads Association, the master developer of Carnes Crossroads, according to a news release. JLL Capital Markets arranged construction financing with Bank of America and Meta Real Estate Partners. JLL’s Managing Directors Matt Stewart and Chip Sykes, and Director Wyatt Strahan represented GBT Realty.
“This is a lifestyle community that epitomizes the best of southern living,” Barry Yoeckel, vice president, multifamily development, GBT Realty, said in the release. “The Village adds a living environment that appeals to young professionals, growing families and empty nesters alike. We designed and planned our community to enhance and connect with the surrounding Carnes Crossroads neighborhoods.”
The rental homes are at Highway 17-A and Third Avenue.
The development team includes Atlanta-based Dynamik Design, Thomas & Hutton (civil engineering) and Samet Corporation (general contractor).
“Our plans feature upscale homes and best-in-class amenities that stretch across 11 buildings on the site,” Yoeckel said.
Floor plans offer a mix of studio, one-, two- and three-bedroom units with upscale finishes, the release stated. Community amenities include separate small- and large-breed dog parks, a resort-style saltwater pool with lounge deck, an outdoor kitchen set on a community lawn, a club room with catering kitchen and golf stimulator, a state-of-the-art fitness complex and a co-working center. A coffee purveyor is set to bring classic specialties to The Village as well as the community at large.
The first units are expected to be available in spring 2025.