Port of Port Royal deal has a new closing date

A long-awaited real estate deal that would eventually open much of Port Royal’s waterfront to the public could be done within a month.

The sale of the Port of Port Royal is scheduled to close Sept. 19, a little more than a month behind the initial timeline. The deal was delayed by someone who exercised their right of first refusal and bought a tiny piece of the 317-acre property, said Chris Butler. who is part of the effort to buy the entire property from the state Department of Administration.

“We have to wait to close until they close,” Butler said. “That is what we are prepping for, and I see no issue on why we cannot close on Sept. 19.”

Butler said everything is in order for the sale to go through.

Town officials approved changes to the property’s development agreements earlier this month. Town Council voted to allow an existing boat storage building to remain and to use $200,000 from fire insurance proceeds to help restore and bring back a longtime Port Royal restaurant that moved out in 2015.

The potential buyers, Gray Ghost Properties LLC, were awarded the contract earlier this year after a closed bidding process. If the sale doesn’t close, the state would go on to the next highest bidder.

This story was originally published August 25, 2017 at 11:47 AM with the headline "Port of Port Royal deal has a new closing date."