A developer is offering $4 million for part of a former state-owned port in Beaufort County that has sat vacant for more than a decade.
The Beaufort Gazette reports that developer Richard Stewart submitted his offer to the State Ports Authority last week to buy roughly a third of the 317-acre Port Royal property.
The state legislature closed the small port back in 2004. Since then, the Ports Authority has struggled to sell the property, with at least three deals falling through in the last ten years.
Gov. Nikki Haley recently signed legislation that made it easier for the Ports Authority to sell the property, for the first time allowing the agency to break it into parcels.
The new law also requires the State Ports Authority to sell the land by the end of June 2015. If a buyer cannot be found by then, the property must be turned over to the state Department of Administration to be auctioned to the highest bidder, so long as the bid is worth 80 percent or more of the property’s appraised value. An appraisal last year valued the land at $22.5 million.
Stewart told the paper that the price is based on the full appraisal price.