HILTON HEAD ISLAND, SC (WTOC) - A Hilton Head Island development that was stalled because of the 2008 recession, is finally seeing the light of day.
Developers plan on building 48 upscale homes on the north end of the island.
As popular as Hilton Head is, it didn't escape the 2008 crash that devastated the housing market.
"We've been working on this since 2006, and when the market crashed we had to stop. We just came out of the ground about six months ago," said David Brown, Southern Lifestyle Properties.
Southern Lifestyle Properties began building Silver Moss' first house a month ago. They plan to build 48 custom homes that will cost around $400,000 to $500,000.
"The market is just ready for this. There's just no new market for new homes on Hilton Head so we've been waiting a while, but we're perfectly timed now," said Robert Denckoff, Silver Moss Development.
The developers say there's not much available land on Hilton Head, and the opportunity to build more homes is rare. They hope to bring more homeowners to the island, a move they believe will benefit everyone.
"It increases the property value of everybody in the area. For Hilton Head, it's a permanent resident spot. It's not something that we're going to come in and do short term rentals or anything like that," said Brown.
"Hilton Head needs more of the single family residential, permanent resident. The hospitality industry is huge but to add a new homeowner here permanently is great for everybody, including the tax base," said Denckhoff.
Developers hope to have their first home sold by the end of the week. They plan on having all the construction done within the next three years.