$300M development expected at SC's Patriots Point
Sat, 16 Aug 2014 00:50:12 GMT —
MOUNT PLEASANT, S.C. (AP) -- A Charleston developer has been selected to develop 50 acres of high ground property at the Patriots Point Naval and Maritime Museum in what is expected to be a $300 million investment over a decade.
The museum announced Friday that the board of directors of the Patriots Point Development Authority has selected Bennett Hospitality to develop the tract. Details of the project were not immediately released.
The board must first negotiate a 99-year lease with the developer and the lease also must be approved by the state Budget and Control Board.
The authority earlier sought proposals for developing the property. Ongoing revenue from the leased property will allow restoration and maintenance of the ships and piers at the museum located on Charleston Harbor.