It could be early June before the State Ports Authority can close the on-again off-again sale of its Port of Port Royal property near Beaufort.
At its board meeting last week, the maritime agency announced that the $17 million deal for the 51 acres of high ground on deep water has been extended for another 30 days. Previously, the closing deadline had been pushed back 45 days to May 7, also to give the buyer more time to arrange financing.
Under the terms of the deal between the SPA and Port Royal Development Group, which was first announced in July, the buyer could seek a third 30-day extension. Each time, the size of a non-refundable deposit on the property is increased, though the SPA hasn’t provided specifics.
The authority has been trying to sell the property since 2004, when then-Gov. Mark Sanford ordered the money-losing terminal closed. Two previous agreements to sell the property fell through, most recently in January 2011.
The SPA has not disclosed how much Port Royal Development put down or identified who the company’s organizers are. The business was incorporated last year. The S.C. Secretary of State’s website shows it was registered by Sam Thurman Jr. at 1115 Paris Ave. in Port Royal, which is the address of a local real estate office.
South Carolina’s Freedom of Information Act allows, but does not require, governments to withhold information about real estate deals until a deed has been executed.
The Humanities Foundation, a Mount Pleasant-based developer of affordable housing that’s known locally for building low-income apartment complexes, has expanded into Virginia and is eying other states in the South for expansion.
The 20-year-old nonprofit completed its first development outside of South Carolina last year, and it was just named one of the top 50 affordable housing developers in the nation by Affordable Housing Finance magazine, placing 38th on the list.
“This is a real milestone for us,” said Tracy Doran, president of the foundation.
During its two decades in business, the Humanities Foundation, founded by Doran and her husband, developer Bob Doran, has built nearly 1,400 apartment units.
The fill ’er-up and fly concept has taken hold at Charleston Executive Airport, where pilots can now pump their own fuel.
U-Fuel, a fuel station supplier to the aviation industry, has installed the first self-serve patented “Box” system at the Atlantic Aviation fixed-based operation at the Johns Island airport.
The stations isolate all critical components and the fuel tank within a fire-resistant enclosure. They are pre-engineered and pre-fabricated, can be transported by truck and come as one- or two-product systems with tank capacities from 1,000 to 10,000 gallons.
The Charleston Executive operation picked the system because it costs less than comparable systems, provides an optimal level of safety and is installed quickly with minimal upkeep, said Paul Aiken, operations manager for Atlantic Aviation.
Mike Webb, founder and president of U-Fuel, said many airports need to upgrade antiquated and sometimes unsafe fueling systems as they prepare for a future which will include new, lead-free blends for piston-engine aircraft.
“Self-service fueling lowers the cost of fuel storage and sales for any aviation fuel, including Jet-A, and its availability 24/7 is appreciated by all pilots,” Webb said.