The S.C. State Ports Authority received two more offers to purchase the Port of Port Royal before Tuesday's bid deadline in the long-suffering process.
Interested parties had until Tuesday at 5 p.m. to submit offers on all or part of the property. Ports Authority spokeswoman Erin Dhand said the two offers have begun an internal review process, but that she couldn't say more.
The Furman Co., which was under contract for $15.4 million before the deal fell through, has again made an offer, company president Steve Navarro said Wednesday. He declined to comment further.
Per state law enacted last year, if the property is not under contract by June 30, ownership would be transferred to the state's General Services Division and the property put up for auction. However, if a legitimate offer is received before June 30, the deal has until Dec. 31 to close before a forced transfer and auction.
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The legislation said the property has to sell for at least 80 percent of the appraised value.
The Ports Authority has not made public the property's appraisal, but minimum bid requirements from the most recent real estate posting were $14.8 million, which is 80 percent of $18.5 million.
Whit Suber, a broker representing Lowcountry Investments LLC, said his group remains interested in the property but not at the asking price.
"And I don't think anybody is," Suber said Wednesday. "If I get proven wrong, great. I've been in touch with just about everybody, and we've all got opposite interests; ... a common denominator among the whole group is none of us believe it's worth what the port board thinks it's worth."
The 317-acre property -- 52 acres of which are suitable for building -- has been closed since 2004, when the Ports Authority deemed it too expensive to continue operating. Since 2006, four different developers have tried unsuccessfully to buy it for residential and commercial development.
In March 2013, the asking price for the property was increased from $20.4 million to $22.5 million.
The price dropped with the most recent posting in April from real estate agency NAI Avant, which listed the $14.825 million minimum bid requirement for the whole property.
The Furman Co.'s offer went under contract in November. The contract was terminated last month due to not enough time for the Greenville firm to complete due diligence.
Follow reporter Stephen Fastenau at twitter.com/IPBG_Stephen.
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