By admin 
A lot on the shores of Lake Murray selling for a multi-million-dollar asking price could form part of a connected development of new housing on the lake.
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The 6.5-acre wooded lot with more than 900 square feet of Lake Murray shoreline off of River Road is currently listed for sale for $6.5 million. But the realtor listing the property says it could form the first part of a string of new developments along the lake that would be united under the name Almost Heaven Estates.
The property, located next to 630 River Road, is the largest shoreline currently available on the market, according to Southern Visions Realty. Valued at $6,560,000, the site is about three miles north of the Lake Murray Dam off of North Lake Drive, and about half a mile from Pine Island State Park.
The six acres are also adjacent to the current owner’s lakeside home, and the listing makes clear the goal is to build a similar “legacy estate” on the site that could be likened to a “private compound.”
“The overall picture is the owner wants an enclave of beautiful houses around his, with the right architectural restrictions,” said Gregory Wilkins, the agent handling the listing.
But Wilkins said the site could also be subdivided into two or three smaller lots, which could then be sold for around $1 million per acre.
“The goal is to sell it as a whole,” he said, as a complement to the seller’s existing home next door. “But in the real estate world, it’s unlikely you’ll find a singular buyer.”
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The property would form part of a larger planned development called Almost Heaven Estates, linked to another property not yet listed in the same area of the lake. The current plan is to divide that property into four or five lots for new houses along the lake shore, Wilkins said. The lots will be one to two acres each, with an expected sales price of around $1.5 million per acre. But that kind of development will likely require county approval and thus a longer timeframe to build out.
“It would probably take a year and a half to do the roads, the infrastructure,” he said, but the end result would mimic the same architectural plans. “Not to say they couldn’t do something different, but generally speaking it’ll keep all that uniform.”
Any development would be governed by strict covenants in the sales documents that would tie the different properties together aesthetically.
“The property will be governed by architectural and deed restrictions to ensure that every residence within Almost Heaven Estates reflects exceptional design and enduring value,” the listing for the River Road property says. “Homes must meet a minimum of 4,000 heated square feet with architectural review standards designed to preserve the estate character of the community.”
The seller has even spoken to developers of the neighboring 70-acre Waterside development about connecting the two with a walking trail, the agent said.
“He said to tell them, ‘Make sure they know I want to give something back to the community,’” Wilkins said.
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