State Port Authority Approves Sale of Union Pier, One of the Most Sought-after Redevelopment Properties on the East Coast and Plans to Purchase Paper Mill.

On March 19 2024, the State Ports Authority board approved the sale of Union Pier to a local billionaire businessman, Ben Navarro, The site is roughly 65-acres of waterfront property and is one of the most sought-after redevelopment properties on the East Coast.

Financial terms of the Union Pier Sale won’t be released until the deal closes. But Bill Stern, chairman of the SPA;s board, said the deal is the best possible outcome for what he calls “probably the most valuable piece of oceanfront property on the East Coast” and something that will be “the center piece of downtown Charleston.” – reports the Post and Courier

Bill Stern also stated, about Ben Navarro, that “He has the ability to pull this off” and that “He wants to work with the city of Charleston. He wants to work with the Mayor. He wants to do what’s right for the people of Charleston. He’s going to put the resources into doing this right. That’s why we made this deal.”

Ben Navarro is the founder of Charleston-based Sherman Financial Group — which owns Credit One Bank — and Beemok Hospitality Collection — a family-owned operation with a portfolio that includes downtown Charleston properties such as The Charleston Place, the Riviera Theater, the Italian bistro Sorelle and The Cooper, a riverfront hotel under construction between Union Pier and the Joe Riley Waterfront Park.

Once the sale is completed, proposed plans could include high-density mix of condominiums, office space and retail, along with some parks, green space and waterfront access, but any redevelopment plans will require significant city input regarding zoning and code changes, environmental cleanup and more. The site will continue to serve as the port of embarkation for Carnival Cruise Line until the end of the year.

Additionally, The State Ports Authority will more than double the size of its North Charleston Terminal by purchasing the neighboring former WestRock paper mill property, giving the Port of Charleston enough room to grow through at least the middle of this century, the maritime agency said March 19.

The 280-acre WestRock property will give the terminal a 481-acre footprint and the capacity to handle 5 million shipping containers per year. That’s more than twice the capacity of the Wando Welch Terminal in Mount Pleasant, currently the SPA’s largest

The purchase price is $105 million, which also includes additional acreage WestRock owns in Berkeley County that is not waterfront.

Read More at Post and Courier, Union Pier, Paper Mill Site

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