The S.C. Budget and Control Board on Tuesday unanimously approved the sale of the Port of Port Royal to Port Royal Redevelopment Group LLC, clearing the way for the redevelopment of the 52-acre waterfront property.
Port Royal Redevelopment Group, whose principals have more than 30 years of real estate and development experience, including the development of Fripp Island from 1990 through 2001, have up to 120 days to complete the closing on the property.
Over that time the developers and Port Royal will work through amending the town’s planned unit development ordinance for the property and drafting a new development agreement. A previous development agreement established between the town and the S.C. State Ports Authority is set to expire in the next calendar year.
Development of the waterfront acreage is expected to be a mix of residential and commercial uses, while providing the public with access to park space and the waterfront.
“This has been a long time coming,” said Port Royal Town Manager Van Willis. “We believe Port Royal Redevelopment Group will be good stewards of this property, and we’re excited to see what this will mean for the Town of Port Royal, its residents and businesses.”
Discussions regarding the sale of the Port of Port Royal began in earnest In 2004 when the General Assembly enacted a bill that directed the Ports Authority to stop operating the Port Royal terminal and to sell the property.
“Our residents, property owners and business owners have been waiting for this,” Willis said. “This is a great opportunity for all of Port Royal.”