The Town of Hilton Head Island has finalized a lease on an 11-acre tract at Northpointe Circle to 1 Street Residential LLC for a town-brokered public-private partnership to develop a 157-unit workforce housing neighborhood, the county bulletin reported.

The announcement said 1 Street Residential LLC will provide design oversight, permitting, financing, project management, construction and property management for the project. The bulletin also named the Royal Bank of Canada Community Investments Bank as the financing partner for what it described as the bank’s first non–tax-credit workforce housing initiative.

The bulletin did not provide the lease terms, a project timeline, financing amounts tied to the development, or a construction start date; those details were not specified. The town’s news release was cited for additional information.