Port of Port Royal bid accepted by SPA

The State Ports Authority accepted a nearly $26 million bid from an unidentified buyer Thursday for its Port of Port Royal property, clearing the way for the sale to close within about five months.

The SPA board voted to approve the signed contract it received late Monday for $25.975 million. The offer was cleared earlier this week by the state Budget and Control Board.

After various expenses are paid, the sale proceeds will go to SPA coffers. The buyer is expected to be identified after the sale closes.

The 50-acre waterfront property is expected to be developed into a mix of uses, including housing, commercial space and a marina.

"I think we're very close to actually making this happen," said Port Royal Town Manager Van Willis.

The Beaufort County port was the SPA's smallest cargo facility. It was ordered closed in 2003.

Also on Thursday, the SPA took its first steps toward financing a $600 million three-berth cargo terminal the south end of the former Navy base in North Charleston.

The board authorized port staff to begin a process that will culminate in a $180 million to $200 million bond issue to help pay for the project. No bonds were approved Thursday.

The board also approved the creation of an escrow fund that will pay for projects to help offset the environmental impact of the North Charleston expansion.

The new port terminal will affect about 10 acres of tidal marsh, two acres of freshwater wetlands and 57 acres of underwater fill.

To offset that, the SPA has agreed to spend $10 million restoring tidal marsh and oyster reefs in and around Charleston Harbor, among other measures.

The mitigation is a condition for obtaining permits for the project.