Park West land sold for $9.3M

A tract of land in Mount Pleasant's Park West subdivision that was supposed to be the site of a thriving commercial center for the neighborhood has changed hands from one California developer to another.

Charleston County property records show that Aldo J. Baccala, whose Petaluma, Calif.-based Baccala Realty Inc. bought an East Cooper retirement community several years ago, and other investors paid $9.3 million for the 17-acre undeveloped property earlier this month. The site surrounds a heavily traveled traffic circle that connects Park West Boulevard with Greymarsh Road.

The new owners plan to build a health care rehabilitation center on about one-third of the land and sell the rest to other investors who might follow the original development plan, which called for shops, restaurants and residences, Baccala said Monday.

The site's previous owner, Centrium Associates of Santa Monica, Calif., announced plans in 2005 to build a mixed-use development of more than 100,000 square feet of commercial space. The proposed Cambridge Square project also was to feature loft-style housing units on the upper floors of the buildings.

But Centrium fell into financial hardship, and the Park West property went into foreclosure. The privately negotiated sale to Baccala's group closed July 1.

The land deal also marked the end of a long struggle for the adjacent Cambridge Commons townhouse development. The 18-unit residential project was completed in January, but the developer could not obtain certificates of occupancy through the town because some of its underground utilities were on Centrium's foreclosed property.

After the recent transaction with Baccala, the liens on the adjacent site were lifted, allowing the builder of Cambridge Commons to sell its units.

Since 2004, Baccala's company has owned Sandpiper Retirement Community in Mount Pleasant, which includes a nursing home and independent- and assisted-living facilities.

His partners in the Park West deal include his wife Karen, Lawrence W. Lipman, Robert A. Piconi and Barbara J. Tilley, documents show.

Reach Katy Stech at 937-5549 or kstech@postandcourier.com.