CHARLESTON, S.C. — After eight years and three failed attempts to sell, the South Carolina Ports Authority has finally reached an agreement to sell its old port in Port Royal.
The authority board on Tuesday approved the sale to Furman Investment Advisory Services of Greenville for $15.4 million. The deal still must be approved by the state Budget and Control Board.
The old terminal comprises 317 acres with 51 acres on high ground. The previous asking price, based on an appraisal last year, was $22.5 million.
The property was once the site of a small port that began operation back in 1958. But it has sat vacant for a decade, and the General Assembly ordered its sale back in 2006.
Three previous attempts to sell fell through, and Gov. Nikki Haley signed legislation earlier this year that required the property to be auctioned unless it was sold by next June.
Port Royal officials and residents have been pushing to have the property redeveloped to help the local economy.
Earlier this month, a group of local businesspeople sued the Ports Authority, claiming the agency had mismanaged the sale of the property.
The lawsuit alleged that Beaufort County and the town of Port Royal lost more than $7 million in property taxes while the land remained in state hands. The lawsuit also alleged the failure to sell the property hurt the town’s economy.