The long-awaited redevelopment of 50 +/- acres of waterfront property in Port Royal took a step forward Wednesday, as the South Carolina Budget and Control Board voted 3-2 to approve the sale to a Charleston-based developer, reported the Beaufort Gazette Thursday morning.
Gov. Mark Sanford voted against the sale, citing the developer's plans to eliminate a 10-acre passive park on the property. State and Port Royal officials had included the park as part of their development requirements.
The development will be split into two phases, the first involving the deep-water section of the property, and the second on the interior and marsh section of the property. The developer, the Gramling Brothers, will be responsible for infrastructure in both phases. And, if the developer opts out of the second phase, they will also lose their $250,000 earnest money deposit.
There is still much to do. The due diligence, according to developer Ben Gramling, will take months, as reported in the Gazette.
State Sen. Tom Davis warned against changing the approved plans, saying that this could lead to lawsuits from other developers, who could claim they would have bid on the property if they had known they could alter those plans. Sanford even suggested re-opening the bidding to other developers for 30 days, with the new stipulation that homes could be built on the site of the proposed park.
An attorney for the South Carolina Ports Authority said that would not be an option.
The property has been dormant now for several years. After the port was closed, in 2004, the Port Royal real estate market grew white hot, ad investors and speculators flocked to the little town. Prices initially soared, but a lull developed because of the delay in selling the property. It will be interesting to see how this project approval will affect the area real estate market.
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