By Ashley Barker
Published May 12, 2014
Patriots Point Development Authority is planning to lease around 50 acres of waterfront property.
The authority recently published a Request for Proposals and Qualifications (.pdf) with the S.C. Budget and Control Board to find prospective tenants or developers.
Patriots Point Development Authority owns approximately 360 acres of land that is surrounded by Charleston Harbor and its tributaries. (Photo provided by Patriots Point)
The land is not available for ownership, but it may be leased for up to 99 years, according to the request.
“Patriots Point is fortunate to own a considerable amount of real estate on Charleston Harbor. As we move forward with plans and restore the historic aircraft carrier USS Yorktown, revenue generated from the long-term lease of this acreage will be instrumental,” said Mac Burdette, executive director of Patriots Point, in a statement. The restoration may cost as much as $80 million.
The authority owns approximately 360 acres of land that is surrounded by Charleston Harbor and its tributaries within the town of Mount Pleasant.
Last year, the authority approved a $1-per-year lease to the Medal of Honor Museum Foundation for the construction of a $100 million museum on seven acres of land directly in front of the Cold War Memorial. The College of Charleston leases approximately 35 acres of land for a sports complex, and about 200 acres is leased for the Patriots Point Golf Links.
Bennett Hospitality also operates the Cottages, and the Great American Life Insurance Co. runs a hotel, marina, restaurant and event pavilion on property that overlooks Charleston Harbor to the south and west.
“The PPDA board has been diligent in insuring that only the best plan be selected for the development of our most prized property,” Burdette said.
Rent will be determined by the market value, increases in the Consumer Price Index and the length of the lease, according to the authority.
Proposals will be accepted until 5 p.m., July 25 at the office of the South Carolina Budget and Control Board, 1200 Senate St., Columbia.
Reach staff writer Ashley Barker at 843-849-3144 or @AshleyNBarker on Twitter.