Jul
22

Mount Pleasant Park West Land Sold For $9.3M

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Health care rehab center planned for part of site

July 22, 2008

By Katy Stech – The Post and Courier

A tract of land in Mount Pleasant’s Park West subdivision that was supposed to be the site of a thriving commercial center for the neighborhood has changed hands from one California developer to another.

Charleston County property records show that Aldo J. Baccala, whose Petaluma, Calif.-based Baccala Realty Inc. bought an East Cooper retirement community several years ago, and other investors paid $9.3 million for the 17-acre undeveloped property earlier this month. The site surrounds a heavily traveled traffic circle that connects Park West Boulevard with Greymarsh Road.

The new owners plan to build a health care rehabilitation center on about one-third of the land and sell the rest to other investors who might follow the original development plan, which called for shops, restaurants and residences, Baccala said Monday.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.charleston.net/news/2008/jul/22/park_west_land_sold_m48289/
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BLOG NOTE:
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In case you don’t have your calculator handy, that price equals $12.56 per square foot for 17 acres – a pretty hefty price for that sized tract.
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MBD
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