The State Ports Authority rejected a $25 million offer for 1,300 acres on Daniel Island, saying that the land is worth "significantly" more than that. The Daniel Island Property Owners Association had submitted the offer, with the goal of creating a nonprofit group to manage the land, and possibly develop it to include a golf course, hiking and biking trails, camping, and more.
The SPA bought the land in the 1990s as part of its Global Gateway port expansion project, but the project was shifted to the former Navy base in North Charleston after heavy opposition.
From the Charleston Regional Business Journal:
Bernard Groseclose Jr., the SPA’s chief executive, said he welcomed the group’s interest but thinks the association missed the mark on the price. Though he would not specify the value, Groseclose said it is “significantly higher” than what the residential group offered to pay.
“I would tell you I have no impression that the value will be anything less than what it was previously, regardless of what today’s market might be,” he said, adding that a competitive bid is the only responsible way to sell the property.
In defending its price, the residential association noted several of the property’s challenges, including a lack of vehicular access and the dredge spoil that covers the parcel’s southern tip.
From The Post and Courier:
(Groseclose) said the land was appraised last year but that the figure is confidential. He would say only that the $25 million offer is "nowhere near the appraised value."
He and Posek said the SPA would be required by its bondholders and bond underwriters to sell the property for no less than fair market value.
Groseclose said the SPA's time-consuming and ultimately unsuccessful efforts to sell its Port Royal property took priority over the Daniel Island deal. Now, he said, "it is something of interest to the board to move ahead on."