What's Happening?
A public-private partnership has initiated the construction of Northpoint on Jarvis Creek, a 157-unit workforce housing development on Hilton Head Island, South Carolina. The collaboration involves the Town of Hilton Head Island, OneStreet Residential,
and RBC Community Investments. The project is the island's first dedicated workforce housing initiative. The Town of Hilton Head Island is contributing a 65-year ground lease, $1 million for site work from the American Rescue Plan Fund, and zoning entitlements. OneStreet Residential is responsible for design, permitting, financing, and management. The development will offer apartments with rental rates for households earning 60 to 150 percent of the area median income. Leasing is expected to begin this summer, with completion anticipated by next summer.
Why It's Important?
This project addresses the critical need for affordable housing on Hilton Head Island, a region where housing costs have been a barrier for many workers. By providing affordable rental options, the development aims to support the local workforce, which is essential for sustaining the island's economy, particularly in the tourism and service sectors. The initiative also demonstrates the effectiveness of public-private partnerships in tackling housing shortages, potentially serving as a model for other communities facing similar challenges.
What's Next?
The development team plans to start leasing the units this summer, with substantial completion expected by next summer. The success of this project could influence future housing policies and encourage similar partnerships in other regions. Stakeholders will likely monitor the project's impact on local housing markets and workforce stability.
