WASHINGTON: The State Ports Authority’s $38 million sale of its headquarters building overlooking Charleston Harbor will rank among the top prices ever fetched for an office building on Charleston’s peninsula. Nearly a year after announcing plans to sell its waterfront headquarters, the SPA is expected to close the deal Wednesday with Los Angeles-based hotel developer Lowe Enterprises.
The transaction received final approval last week from the state’s Fiscal Accountability Authority, which disclosed the sale price that until now had been a closely held secret. Lowe is buying the SPA’s building at 176 Concord Street and an adjoining parcel where the Fleet Landing Restaurant now operates. Lowe plans to tear down the existing office structure and build a luxury resort on the property. Fleet Landing will continue to operate until its lease expires in 2024. The SPA, meanwhile, is moving ahead with plans to build a new headquarters at its Wando Welch Terminal in Mount Pleasant. The authority has filed a permit application with the Army Corps of Engineers showing a four-story building with room for 424 parking spaces on a 19.4-acre parcel at the container terminal. the new offices will have more conference rooms and meeting spaces than the SPA’s current location. The town of Mount Pleasant last month reviewed a conceptual plan for the new building.
Lowe, which also owns the Wild Dunes resort on Isle of Palms, is planning a 225-room hotel with indoor and outdoor dining options. a full-service spa, a rooftop bar and lounge, and a continuation of the city’s walking path along Charleston Harbor. Architect renderings submitted to the city also show a pool, fitness center, ballroom, meeting rooms and ground-floor retail space. After the sale is finalized, the SPA plans to lease back the Concord Street property for up to two years while the new headquarters complex is built. Lowe plans to have the hotel ready for operation by 2020. The SPA announced plans to sell its Concord Street site last January, drawing 12 potential bidders with a variety of plans to reuse the property. The SPA said Lowe “submitted the best financial offer for the property.”
