Port Royal port land sale falls through, again
The South Carolina State Ports Authority’s repeated attempts to sell 51 acres of waterfront land in Port Royal near Beaufort have fallen through again.
The state General Assembly ordered the former port sold in 2004, and the SPA put it up for sale in 2006 only to watch one deal after another fail. Port Royal town officials have been keen on getting a sale completed in order to kick off redevelopment of the area.
The latest purchaser, Port Royal Redevelopment Group, received four extensions to close on the $17 million deal and the last extension expired at 5 p.m. today.
The SPA issued a brief statement saying that the group “was unable to complete a complex financial transaction that was to fund the acquisition of the property.”
The property had been under contract since July 2011. Last month the SPA said it was willing to talk to other potential buyers because the would-be purchaser was having financing troubles.
The property will be immediately prepared for re-marketing, and an updated appraisal, according to the SPA.
Reach David Slade at 937-5552 or Twitter @DSladeNews.
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