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Jack Fisher, founder and former CEO of Preserve Communities, the real estate company responsible for Hardeeville’s East Argent development, was convicted Friday of fraudulently selling over $1.3 billion in tax deductions meant to help protect the environment, making millions from the scheme.

A federal jury sitting in Atlanta convicted Fisher and James Sinnott, former Preserve Communities president and chief operating officer, of conspiracy to commit wire fraud, aiding and assisting the filing of false tax returns, and subscribing to false tax returns Friday. Fisher also was convicted of money laundering.

Fisher and Sinnott have since been removed from Preserve Communities’ leadership team page.

The City of Hardeeville approved Preserve Communities’ East Argent Planned Direct Development in 2005 for over 12,500 residential units across 7,350 acres, according to its website. It is the largest development in Hardeeville’s history and sits between U.S. 278 and S.C. 170. Since its inception, the project received mixed reviews from officials and residents who worry about potential environmental and traffic impacts.

Fisher used the money to purchase a Mercedes Benz, a private jet, and an RV and trailer. He also used the money to buy homes in the United States and Caribbean.

The scheme the jury convicted Fisher and Sinnott of dated back nearly two decades and involved “syndicated conservation easements.”

Under standard conservation easements, landowners get charitable deductions for giving up their land’s development rights, normally by donating them to a nonprofit land trust. Many local plantations in the ACE Basin Watershed have entered these conservation easements in the past. It’s a legal agreement that protects the land from being used for commercial or residential development. The Ashepoo, Combahee and Edisto Basin is one of the largest undeveloped estuaries located primarily in Colleton, Charleston and Beaufort counties.

According to Propublica, with syndicated versions, bad actors:

1) Buy vacant land, like abandoned golf courses, that aren’t worth much.

2) Hire an appraiser willing to wrongly declare the land is worth much more than it actually is. In Fisher and Sinnott’s case, they often appraised the land 10 times higher than what they originally paid to acquire the property.

3) Sell stakes in the donation. Fisher and Sinnott sold stakes in the donation to wealthy individuals, promising them deductions 4.5 times the amount they originally paid.

4) Donate the land to a nonprofit land trust and receive charitable deductions much more than they should actually be. Fisher, Sinnott and others received more than $41 million in payments that were backdated or late for false and inflated tax deductions.

Fisher and Sinnott face a maximum of between three and 20 years in prison for each count. The government is also seeking the forfeiture of money and properties purchased by Fisher and Sinnott in connection with their fraudulent scheme. A federal district court judge will determine their sentence.

Preserve Communities was unavailable for immediate comment about how this would impact Hardeeville’s East Argent development.

Jack Fisher’s voicemail was full, and Jennifer Fisher-Buntin, the vice president of marketing for Preserve Communities, didn’t immediately respond to a voicemail.

This story was originally published September 25, 2023, 5:18 PM.

Council approves nine month moratorium in Euhaw Planning Area, pumps breaks on certain types of development

Bluffton Today

The Jasper County Council voted unanimously during its May 15 meeting to "pump the brakes" on certain kinds of development within a certain area in the county.

By ''pumping the brakes,'' in this case, council voted to approve first reading of an ordinance that establishes a 270-day development moratorium in the Euhaw Broad River Planning Area within Jasper County.

"Other readings and a public hearing will take place just as with any ordinance; however, upon first reading, the County Council invoked the pending ordinance doctrine, which makes the temporary moratorium effective upon first reading," Jasper County Administrator Andy Fulghum said.

The action came about after the council's May 1 meeting, at which it appointed a group of stakeholders, known as the Broad River Task Force, to gather information on development pressures, opportunities for conservation and environmental protection.

The group, led by Smittie Cooler, a Tickton Hall resident for the past 33 years, brought its ideas to council, stating the group requested the council "temporarily pump the brakes on high-density development proposals and upzoning requests to allow for a proper study period."

Council also approved retaining Denise Grabowski, principal of Symbioscity, a Savannah-based planning firm, to form a comprehensive, five-year plan, year-to-date, at a cost not to exceed $75,000. The first update would be for the land use plan and the comprehensive plan for the moratorium area.

Another reason for the ordinance as stated within it: ''County Council is concerned over the impact new subdivisions, commercial and residential development will have on road infrastructure, evacuation routes, streetscapes, traffic congestion, stormwater, open space, natural habitats and the quality of life in this area of Jasper County."

"Moratoriums are a mechanism used by cities and counties to call a temporary 'time out,' ceasing development while elected leaders, key staff and consultants determine the proper path forward, a path that generally seeks to manage growth while protecting sensitive Lowcountry ecosystems," Danny Lucas, Jasper County Development Services Division director, said.

Lucas said the moratorium affects the parts of the county where the most intense development has occurred or is likely to occur, with the most potential infrastructure impact.

The approved moratorium includes a temporary pause on new commercial and residential development in areas along the Broad River, S.C. Highways 170 and 462, Bees Creek Road, and the area known as the Okeetee Club, according to the ordinance.

This area also includes within the ordinance the S.C. 170 corridor to the municipal boundaries of Hardeeville on S.C. 170, and north along S.C. 462 (Lowcountry Drive), turning west along the northern boundary of the Okeetee Club property to the municipal limits of the Town of Ridgeland.

It also includes the area north along the I-95 right-of-way to the four headwaters/watershed of the Coosawhatchie River across I-95; the area south along the Coosawhatchie River headwaters/watershed to the marshes of the Broad River back to the County boundary line at S.C. 170, including lots or parcels lying wholly are partially within 660 feet of the center line of S.C. 170 and S.C. 462, and the area known as the Okeetee Club.

The moratorium includes, as stated in the ordinance, "all activities by the county, including county staff and any of the county’s agents or boards or commissions, in connection with the acceptance, review, processing and granting of applications for approvals, permits or permissions related to the development, subdivision or construction of residential subdivisions of four lots or four multi-family units or more, commercial developments, or signage within the unincorporated areas of Jasper County generally described as the Euhaw Broad River Planning Area.''

"There are some who are exempt from this moratorium; if you already had an application approved or pending, or vested right under the state law, they are not included in that," Jasper County Attorney David Tedder said.

Tedder also explained the moratorium does not ''impose any burden on a single-family dwelling.''

"If you have a lot, you can build a house on it; we are not going to stop that," he said. "You can't do major subdivisions, and you can't do commercial developments until we figure this out. You can't do (place) any signs while we try and preserve the corridor out there."

Tedder said in the ordinance there is a request that local municipalities honor the planning effort by not entertaining any annexations within the Euhaw Broad River Planning Area while the county moves forward.

The approval provides Jasper County Council, county staff, and the public with an opportunity to study the multitude of issues attached to growth and development in the area; updates the County Comprehensive Plan Future Land Use Element for this area; and looks for improvements to County regulations for adoption that will assist the County in integrating future growth in the area.

Jasper County Council Chairman Marty Sauls thanked staff members for the work they've done in a short period time on the ordinance, as well as Cooler and his group for the time they've invested in the process.

"There has been a lot of community input," Sauls said. "It is rejuvenating; it is something that all of us on council are passionate about. Our home is Jasper County and we love it and want to do everything we can to preserve it and to make sure our kids and grandkids and on down the line can enjoy parts of it that we have had the opportunity to do as well."

Sauls thanked the community for taking a stance and helping council with the issue.

"It takes everybody to make something like this work," he said.

HARDEEVILLE — The sale of a 2,600-acre parcel in Hardeeville is expected to lead to a large-scale development effort that could take two decades to complete.

Charleston-based Hoyer Investment Company Land, LLC paid $36 million for the property known as the Morgan Tract, which was described as the last large developable tract in the region.

Prior to its sale, it had been owned by the Morgan family for more than 100 years.

“Local and national developers have attempted to purchase this land for over 25 years with no success,” said HIC Land founder and CEO Stefan Hoyer in a press release. “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.”

The parcel is located between U.S. Route 278 and Interstate 95 and is adjacent to Latitude Margaritaville Hilton Head.

Hardeeville Mayor Harry Williams said the property is a planned development district, and the city has anticipated its eventual development for years.

The property is slated to include a diverse selection of homes, commercial spaces, amenities, parks, nature trails and sidewalks.

The planned development district dates to 2006 and allows for the construction of 6,700 residential dwelling units. Up to 1,000 multifamily units are allowed. The conceptual master plan for the tract sets aside 1,467 acres for residential use, 969 acres for commercial use and 116 acres for light industry.

Working with builder D.R. Horton, HIC Land expects to break ground on the project next year. They forecast it will take 20 years to complete the full build out. When complete, the project could dwarf neighboring Latitude Margaritaville, which, according to a December 2022 press release, will consist of 3,000 homes.

“We are very pleased that it has been purchased by HIC and will be built by D.R. Horton for several reasons. They have several projects in Hardeeville, and they have proven to be reliable partners. They deliver what they promise,” Williams said.

Hardeeville City Manager Michael Czymbor acknowledged that much has changed in the Highway 278 corridor since the current development agreement was inked 17 years ago. Hoyer concurred, saying that it was too early in the process to know how closely the planned development district will be followed.

“I would say this is yet another example of how development agreements can tie the hands of future councils,” said Grant McClure project manager for the Coastal Conservation League. “The reality is that whole area lacks the infrastructure needed to handle all the development that has been entitled.”

Any proposed changes to the Morgan Tract development agreement or master plan will need to be approved by the city. Some of those requests have already been files and are in various stages of review, said Czymbor.

Several other large development efforts are currently in various stages of development in the immediate vicinity of the Morgan Tract. The city’s challenges, said Czymbor, are to coordinate those efforts efficiently and to balance economic development with quality of life concerns and environmental impact.

“There’s going to be a lot of activity in that area,” he said.

Real estate experts often advise that buying property requires time and patience. The sale of this 2,600-acre Hardeeville property required over two decades of it. But not anymore.

Hoyer Investment Company Land purchased the Morgan Tract along U.S. Route 278 for $36 million after local and national developers attempted to purchase it unsuccessfully for more than 25 years, according to a press release Monday. It was purchased directly from the Morgan family, who have had the tract for over 100 years.

The land neighbors Latitude Margaritaville and is between U.S. Route 278 and Interstate 95. HIC Land plans to build homes, commercial spaces, amenities, parks, nature trails and sidewalks, according to the press release. It expects to break ground in 2024 and complete the project in 2044.

The tract’s development follows recent growth and development in Hardeeville, showing that homeowners aren’t just purchasing near the beach as developments pop up and pending sales stay high in areas farther from Hilton Head and the coast, like Okatie and Hardeeville. Housing and traffic impacts are unclear as the city and last owner created the most recent Planned Development District and Master Plan for the tract in 2006.

Those plans allow for 6,700 residential units and 969 acres of commercial and industrial use. In comparison, Latitude Margaritaville is able to develop up to 3,888 units. At that time, the city and developer also did environmental and cultural impact studies. The new owner is legally bound to the plan according to Hardeeville City Manager Michael Czymbor, but is in the process of proposing plan amendments to the city.

“Things have changed (since 2006),” he said. “The economy has changed, the development environment has changed.”

The city’s population increased 248% from 2,952 in 2020 to 10,283 in 2022, according to the U.S. Census Bureau. Developments such as West Argent and Lattitude Margaritaville continue to add homes to the area. In 2022, Hardeeville had a record year for building and planning permits with 1,800 permits, according to their website.

Czymbor said the proposed amendments span from zoning, which shows where each of the uses is going to go, to the development agreement, which decides whether the city or the owner is responsible for public improvements and infrastructure. Czymbor predicts they’ll be submitted to the planning commission and then City Council for approval during the first quarter of next year.

He said traffic improvements will be an especially important piece of the amendments. The 2006 agreement contains millions of dollars in road improvements the developer would be responsible for.

“Two or three of the major tracks surrounding them are in various phases of development, which is going to necessitate significant improvements to the roads,” he said. “They’re going to have some obligations paying for traffic improvements as well.”

Czymbor declined to say what the actual proposed amendments were. He said there will be new environmental and cultural studies as part of the amendments.

HIC Land is a Charleston-based real estate investment company and land developer that focuses on land throughout the Southeastern U.S. This will be its first project in Jasper County, though many of its current projects are in South Carolina including Myrtle Beach and Berkeley County. It is are partnering with Texas-based builder D.R. Horton to develop the land.

HIC Land representatives weren’t immediately available for comment.

This story was originally published December 13, 2023, 11:47 AM.

Coastal Carolina Hospital in Hardeeville and Hilton Head Hospital will soon have new owners, once an acquisition is completed, according to a press release from their current owner, Tenet Healthcare.

Tenet Healthcare Corp., based in Dallas, Texas, has entered into a definitive agreement with Novant Health for the sale of three Tenet hospitals and related operations in South Carolina for approximately $2.4 billion in cash, according to a Nov. 17 Tenet press release. The release said after-tax proceeds would be approximately $1.750 billion.

The transaction, Tenet said, is expected to be completed in the first quarter of 2024, subject to customary regulatory approvals, clearances, and closing conditions.

"Our care delivery network includes United Surgical Partners International (USPI), the largest ambulatory platform in the country, which operates or has ownership interests in more than 480 ambulatory surgery centers and surgical hospitals," the Tenet release said. "We also operate 61 acute care and specialty hospitals, approximately 110 other outpatient facilities, a network of leading employed physicians, and a global business center in Manila, Philippines."

Novant Health is based in Winston-Salem, N.C., and is a part of a four-state integrated network of physician clinics, outpatients centers and hospitals, according to the company's website. The network has more than 1,600 physicians and 29,000 employees at more than 640 locations.

Along with Coastal Carolina Hospital and Hilton Head Hospital, the sale also includes East Cooper Medical Center in Charleston County, affiliated physician practices and other related hospital operations, the release said. Tenet’s ambulatory facilities operated by USPI in these markets will remain with Tenet, the Tenet release said.

“Our three hospitals on the coast in South Carolina are well-regarded by the communities they serve for the high-quality specialty services they deliver,” Saum Sutaria, M.D., chairman and CEO of Tenet Healthcare said. “Novant is an innovative healthcare organization with a deep commitment to patient-centric care. Integration of these three hospitals into their network will bring benefits for generations to come. Our new partnership in revenue cycle management and expanded collaboration in ambulatory surgical services will support consumer-centric healthcare.”

Revenue cycle management in healthcare involves a financial process that helps healthcare facilities such as Tenet and others manage tasks such as billing and scheduling.

Hardeeville Mayor Harry Williams, recently learning of the news, said, "Coastal Carolina Hospital and Tidewatch Emergency Center have been a valuable part of our city and county and wonderful community partners."

Williams added, "The hospital's service during the pandemic providing testing and vaccines is a testament to their everyday commitment and importance to our region."

Coastal Carolina Hospital is also located in Jasper County, and county leaders said they were looking forward to the future as Novant Healthcare becomes the new owner.

“Novant brings tremendous healthcare experience and resources enabling Hilton Head Hospital and Coastal Carolina to continue providing our community with best-in-class health care our community deserves,” Jasper County Council Chairman Marty Sauls said.

The purchase agreement also includes Tenet's Conifer Health Solutions subsidiary, entering into a new and expanded 15-year contract to provide revenue cycle management services for the South Carolina hospitals and related operations, according to the release. Tenet also said Novant Health and USPI will also be enhancing their ambulatory surgery partnership.

"For the last 12 months ended Sept. 30, 2023, the three hospitals and related operations included in the sale generated revenues of approximately $552 million, pre-tax income of approximately $126 million and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of approximately $150 million, excluding interest expense of approximately $1 million, litigation and investigation costs of approximately $3 million, and depreciation and amortization expense of approximately $20 million," Tenet said.

Tenet added, "The company estimates recording a pre-tax book gain of approximately $1.6 billion as a result of this anticipated transaction. Tenet anticipates utilizing the proceeds from the transaction primarily for debt retirement."