Is McLeod worth its price?

McLeod Plantation would bring the landlocked College of Charleston something it really needs -- more space for intramural sports fields, President George Benson says.

That might not seem like a good reason to buy a $4 million plantation, but the college has no space for such fields, and students complain about that, he said. He also said there are many academic uses for the property, including historic preservation programs, science projects and the arts.

And most important, Benson said, is that McLeod Plantation is uniquely Charleston. One of the things the College of Charleston has going for it is its location, he said. McLeod will "make us a special and unique place to go to school."

"If you're on Wall Street, you want to teach finance. If you're in Charleston, you want to teach historic preservation and the arts," Benson said.

But questions have swirled around campus and the community since the college announced in September that it was seriously considering purchasing the 40-acre plantation. Some wondered about the huge gap between the $4 million price tag and the $850,000 a previous owner paid. Others questioned why the college was considering spending up to $4 million on the James Island plantation when the college has other pressing financial needs.

The American College of the Building Arts purchased the property for $850,000 in December 2004 and sold it back to the Historic Charleston Foundation for the same amount in January.

Katherine Robinson, executive director of the Historic Charleston Foundation, said the price the American College of the Building Arts paid reflected how much the foundation had invested in the property since it inherited it from the estate of William McLeod.

The foundation took a different approach in reaching its deal with the College of Charleston, she said. The current $4 million price tag was based on an appraisal.

The college is in the middle of a 90-day due diligence period and is exploring whether to buy the property and how much to pay for it, Benson said. The college is getting an independent appraisal, inspecting the structures, conducting an environmental study and having other tests done, he said. The period ends Jan. 13.

If everything checks out, the College of Charleston Foundation will pay

the Historic Charleston Foundation $1 million up front. It then will pay $500,000 per year for six years at 3 percent interest, said George Watt, executive vice president for institutional advancement.

The $1 million will come from a $3 million fund held by the foundation for discretionary use by the college's leaders, Watt said. The college foundation's total portfolio is about $50 million in more than 400 funds. Of that, about $5 million is discretionary, he said.

College leaders said they also are looking for donors to help cover the plantation's cost.

Joe Kelly, speaker of the faculty, described the overall faculty reaction to the pending purchase as "cautious."

"Anytime you're looking at spending $4 million, it's going to be controversial," he said.

He knows of between eight and 10 academic areas that might have uses for the property, he said. But there also are faculty members who are against it. They are concerned about other needs on campus that they think are more pressing, Kelly said.

One such campus need is completing interior work on the second floor of the college's new science center. Another is the overhaul of the Rita Liddy Hollings science building. According to faculty members, the Hollings complex has a serious mold problem that's making them and their students sick.

Jim Carew, a geology professor, said his initial reaction to the news about the college possibly purchasing the plantation was negative. But, he said, he learned that the college is not putting out $4 million in one lump sum.

The college isn't deciding between McLeod Plantation and science facilities, he said. "I ended up accepting it's a reasonable thing to do," he said.

Steve Osborne, the college's vice president for business affairs, said that the college is applying for money from the federal stimulus program to complete the new building.

Phil Dustan, a biology professor, said the college has to be careful about how it acquires and uses the historic property. "Unless it's done with the greatest of dignity, it will ignite a firestorm of protest," he said.

And John Capelle, president of the Student Government Association, said students really want the intramural sports fields. "I can't tell you how important that is for everyone," he said.

Now, students use the fields at James Island County Park, he said. But those fields don't have lights, so students can't play at night. He would like to see the college purchase portable lights for McLeod. Students could play night games, then put the lights away so they don't disturb nearby neighbors.

Benson said the college recently adopted a new strategic plan. The purchase of McLeod Plantation is consistent with the plan's three values: educational excellence, a student-centered community and a focus on the traditions and environment of the Lowcountry.

And the plantation is available now, he said.

"My job is to handle day-to-day operations, but it is also to look deep out into the future. The choice for me was strategic," he said. "There's a window open for a brief amount of time, and it's going to close."

Robert Behre contributed to this report. Reach Diane Knich at 937-5491 or dknich@postandcourier.com.