Port of Port Royal sale price raised to $22.5 million

Port of Port Royal sale price raised to $22.5 million

emoody@beaufortgazette.comMarch 19, 2013 

The price to buy the shuttered Port of Port Royal from the S.C. State Ports Authority has risen to $22.5 million.

STAFF, FILE PHOTO Buy Photo

The asking price for the Port of Port Royal has increased several million dollars after an appraisal by the S.C. State Ports Authority, which owns the land.

The new price for the 317-acre property -- which has 52 acres that can be built upon -- is $22.5 million.

Port Royal Mayor Sam Murray said he was disappointed the appraisal wasn't lower, and hopes it will be adjusted if the property does not sell soon.

"I told them, we really need to get this thing sold," Murray said.

Real estate firm NAI Avant previously listed it for $20.4 million, and the most recent sale attempt was for $17 million. That deal fell through in September because the Port Royal Redevelopment Group had trouble securing financing, town and company officials have said.

The Ports Authority commissioned the appraisal in the fall and hired The Greenery to clean up the property.

The port has been closed since 2004, when the Ports Authority deemed it too expensive to continue operating. Since 2006, three different developers have tried unsuccessfully to buy it for residential and commercial development.

In December, the town of Port Royal approved a new development agreement with the Ports Authority that outlines potential building density, infrastructure improvements, removal of dry stack boat storage and transfer of parks to the town.

Rob Lapin of NAI Avant said the price increase reflects findings by Charleston Appraisal Services Inc. that development costs for the land will go down in the long term. He said the new agreement with the town allows more of the land to be developed and that the economy is improving.

The price could be reconsidered if necessary, but the price tag should not deter potential buyers, Lapin said.

"Usually when we have gone back to the market after something has fallen through, we usually have someone pretty quickly," he said.

The company is gearing up marketing efforts online and through direct mailing, and Lapin said discussions with prospective buyers are under way.

Steven Giese of Millenarian Trading Co. wants to start a jellyfish business with boats that would bring their catches into the Port Royal shrimp docks. Giese intends to work with potential developers to ensure his company can operate there.

Related content

  1. For the third time since 2006, plans to purchase Port of Port Royal property fall through, Sept. 12, 2012
  2. Overgrown Port of Port Royal gets cleaned up, Oct. 2, 2012
  3. Port of Port Royal development agreement approved, Jan. 9, 2013

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