Jun
07

Charleston Gives Company Extra Time to Buy Land

By

June 7, 2008

By Katy Stech – The Post and Courier

The company behind the Concord Park development — a proposed mix of shops, hotel rooms, residences and open space on one of the largest vacant lots left on the peninsula — needs a little more time before buying the land.

East West Cumberland Park Associates has asked for and received a 30-day extension from the city of Charleston, primarily so the company can complete an environmental cleanup agreement with the state.

The city has owned the vacant nine-acre site near the South Carolina Aquarium since 1998. It picked East West more than two years ago to develop about four acres at the north and south ends of the field.

The company has proposed building apartments and condominiums, with some being rented or sold at below-market rates. Its plan also calls for a hotel at Concord and Calhoun streets, offices and retail space. In the middle, Charleston will maintain a park that’s roughly the size of Marion Square.

The development group finalized an agreement with the city in September to pay $16 million for the property. It has made a $1.75 million down payment.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.charleston.net/news/2008/jun/07/charleston_gives_company_extra_time_buy_43807/

Be Sociable, Share!
    Categories : Charleston

    Comments are closed.