Sale of SC land in Port Royal to close next month

PORT ROYAL, S.C. (AP) — The sale of 52 acres of land in Port Royal owned by the South Carolina State Ports Authority has been delayed until next month.

The Beaufort Gazette reports (http://bit.ly/KM5k51 ) the $17 million deal was supposed to close in May. But the Port Royal Development Group bought two 30-day extensions as allowed under the purchase agreement.

The $75,000 extensions are nonrefundable if the sale doesn’t close but will be applied to the purchase price when it does.

The group plans to build a commercial and residential development along the waterfront. Officials have said the delay is just to complete paperwork.

The Ports Authority operated the site as a small port from 1958 through 2004 when it decided to sell the property. Two earlier development deals fell through.

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Information from: The Beaufort Gazette, http://www.beaufortgazette.com