Apr
20

Sale of Port of Port Royal Falls Through Again

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Cancelled_stampThe fourth attempt to sell the Port of 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.

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Categories : Beaufort

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