Broadstreet, Inc. has continued its strong growth in the Carolinas by providing private equity backing to the first state of the art Crystal Lagoons® amenity in South Carolina through Broadstreet’s exclusive funding relationship with Blue Lagoon Development LLC, whose principals are Ford Elliott and Josh Howard. The first project is expected to be in Columbia, South Carolina and more will follow across the state.
“We continue to work exclusively with Broadstreet as our valued private equity institution which has allowed us to continue to undertake exciting development projects and continue our massive footprint of projects in the Carolinas,” commented Ford Elliot, Chief Executive Officer of Contender Development and Blue Lagoon Development, LLC.
Through a unique and patented concept and technology that allows developers to build and maintain crystalline lagoons of unlimited size at very low cost, Crystal Lagoons® technology has the ability to create an idyllic beach lifestyle anywhere in the world. The technology has been implemented in more countries around the world and cities in the United States than any other lagoon developer. As one of the top five fastest-growing state populations between 2020-2021, South Carolina is well positioned for its first of these exceptional properties.
“Imagine living near a beautiful, crystal-clear water lagoon surrounded by white sandy beaches without actually having to travel to the beach,” said David Feingold, Chief Executive Officer of Broadstreet, Inc. “We are excited to bring this innovative amenity to South Carolina.”
Broadstreet and its development partners plan to locate the first lagoon in Columbia, South Carolina near a residential housing development. Many of the other similar projects around the United States offer more than just sunbathing and swimming, with the opportunity for shopping, entertainment, restaurants and hotels around the lagoon. The team has the option to develop three of these lagoon projects within the state.
“The options are endless to make this a destination everyone can enjoy,” said Joseph Baldassarra, President of Broadstreet, Inc. “It’s a tremendous opportunity to be a part of something very special.”
“I am thrilled with this unique project. I’m not aware of any other private equity firm doing similar deals like this. This is an incredible opportunity to help create a distinctive destination for residents and tourists to enjoy,” added Akhil Morada, Senior Managing Director of Broadstreet, Inc.
Crystal Lagoons ® amenities are sustainable and eco-friendly using a minimum number of additives and energy. They use up to 100 times fewer chemicals and only consume 2% of the energy needed by a conventional swimming pool. Additionally, the lagoons can use any type of water and are only filled once, and they operate in a closed circuit. By bringing beach life, water sports and entertainment close to home, Crystal Lagoons® amenities also lower the human impact on biodiversity and reduce CO2 emissions associated with car and plane travel to natural beach destinations. It is a U.S. based company with locations around the world and was recognized as the Champion of Champions in the 2022 Green World Awards for winning the carbon reduction category, beating 200 winners across all other categories including climate change, water and energy efficiency and innovation.
Broadstreet, Inc. is a private equity firm based in Greenville, S.C. with an impressive track record of identifying promising growth sectors for capital investments. The company has achieved approximately $3 billion in transactions and more than 600 people are employed in the businesses in which Broadstreet is the lead equity provider. Broadstreet is also the equity provider for the largest land infrastructure developer in the Carolinas with more than 40 projects that cover approximately 30,000 home sites. The firm’s significant development business has allowed expansion to ancillary real-estate based opportunities that include home development, land banking, and hotel lodging. For more information, visit broadstreetprivateequity.com.