The fourth attempt to sell the Port Royal has fallen through, according to the buyers and the S.C. State Ports Authority. The authority accepted a $15.42 million offer from The Furman Co. of Greenville on Nov. 19.
According to a statement from authority spokeswoman Erin Dhand, the contract with The Furman Co. was terminated “despite the good efforts of the proposed purchaser” and because the contract would expire with requirements incomplete.The authority intends to seek new purchase offers “without delay,” Dhand said.
Company president Steve Navarro originally hoped to bring documents and information to the public by late February, but that kept being delayed while the developers worked on due diligence. In a statement, Navarro said the developers met with the Ports Authority last week to advise the agency there was not enough time to complete that work before the contract expires.
“We are still very interested in the unique opportunity to re-engage the Town of Port Royal with its waterfront by the development of this property,” he said in the statement. “At such time as the Authority seeks new offers, we intend to pursue a continuation of our efforts.”The Furman Co. has partnered with Chaffin-Light of Beaufort on the project.
The port has been vacant since 2004, when it was deemed too expensive to operate. The authority was ordered to sell the land, but three previous attempts since 2006 have fallen through.
Confusion recently arose about when the sale had to close.Town officials expected it to close by April 17, as is outlined in documents from the Nov. 26 S.C. Budget and Control Board meeting in which the sale was approved.
