HIC Land Announces Milestone $36M Acquisition of 2,600-Acre Plot in Hardeeville

Staff Report

Wednesday, December 13th, 2023

HIC Land, a premier land investment company and master-planned community developer in the Southeastern United States, has acquired the Morgan Tract, a 2,600-acre property along U.S. Route 278 in Hardeeville, South Carolina. HIC Land privately sourced and managed the due diligence and entitlements for the landmark purchase of $36 million, one of the largest and most desirable land acquisitions in the region. 

In coordination with D.R. Horton, “America’s Builder”, the expansive piece of land is slated to become a multi-use live-work-play project featuring a diverse selection of homes, commercial spaces, first-class amenities, parks, nature trails and sidewalks. The projected 20-year development is expected to break ground in 2024. HIC Land and D.R. Horton are committed to improving the area’s infrastructure, including roads and utilities. The project is expected to also create hundreds of local jobs and significantly increase the tax base.

“This plot of land is ideally located as the last remaining large developable tract in the area, with easy access to many nearby amenities including the beautiful beaches of Hilton Head Island, the Historic City of Savannah and rapidly growing employment opportunities. There is significant demand for more housing,” said HIC Land founder and CEO Stefan Hoyer. The Morgan Tract is extremely well located to supply the increasing demand and HIC is uniquely positioned and very capable to execute and deliver this first-class community. Very few companies are able to execute and close on such large communities.  

“Local and national developers have attempted to purchase this land for over 25 years with no success. HIC took on the challenge, and our team overcame the many obstacles to close on the property. Because we are a privately funded company with no outside investors, we were able to buy the land directly from the Morgan family without red tape or bureaucratic decision-making.” 

“This property has been in our family for over 100 years and while we have contracted multiple times with various buyers, only Stefan Hoyer and HIC were able to perform. We are pleased to know that HIC will write the next chapter of this property which is so dear to our family,”  said John and Harry Morgan.

“We are excited to once again be partnering with HIC Land, a company firmly positioned as one of the premiere land developers in the Southeastern U.S.,” said Brad Brundage, Coastal Carolina Region President for D.R. Horton.  “The Hardeeville/Bluffton/Hilton Head area is difficult to penetrate with a large community, and this tract of land is in the perfect location to achieve our goal. When complete, it will be one of D.R. Horton’s flagship communities in the country.”

The desirability of this coveted location is growing exponentially due to the influx of people moving to the Southeast from other areas of the country. It is also close to the site of a future Hyundai Giga factory, which will employee 8,500 people and is slated for completion in early 2025.

“HIC Land was founded in 2013 on my kitchen table with a $2,000 loan,” said Hoyer. “By working hard and keeping our word, we have developed long standing relationships across the country. This has led to one of the strongest land development pipelines in the country.”

Headquartered in Charleston, South Carolina, the privately owned company has built a reputation for buying large tracts of land, installing infrastructure, and selling to some of the top publicly traded homebuilders in the United States. Its experienced team is deeply rooted in local communities and strives to be an excellent partner for land sellers and builder customers. For more information, visit hicland.com.