Friday, August 15, 2014
PPDA will immediately begin negotiating a 99-year lease
The Patriots Point Development Authority (PPDA) Board of Directors selected Bennett Hospitality as developer for approximately 50 acres of highland property owned by the PPDA. The decision is subject to the approval of a 99-year lease.
Bennett Hospitality is one of the largest locally owned development and real estate companies in Charleston. In addition, the company also offers hospitality and asset management services.
“Bennett Hospitality was the most qualified respondent to our request for proposals,” Patriots Point Naval & Maritime Museum Executive Director Mac Burdette said. “Our next step will be to start the negotiation process, which may take up to 30 days.”
The objective of the lease is to create a long-term stream of revenue that will ensure the restoration and maintenance of the Patriots Point Naval & Maritime Museum’s ships and piers.
The PPDA Board will immediately begin negotiating the lease with Bennett Hospitality. Once the lease is approved by the Board, it will be presented to the South Carolina Budget and Control Board for final approval.
The estimated $300 million development project is expected to take seven to ten years to complete.
Patriots Point, on the Charleston Harbor in Mount Pleasant, SC, is home of Patriots Point Naval & Maritime Museum and a fleet of National Historic Landmark ships, and the only Vietnam Support Base Camp in the U.S. Patriots Point is also headquarters to the Congressional Medal of Honor Society and the agency’s official Medal of Honor Museum. Visit www.patriotspoint.org for more details, or find us at @patriots_point on Twitter and Instagram, and Facebook at www.facebook.com/PatriotsPoint.org.
Established in 2013, the Yorktown Foundation was formed as a 501(c)(3) with the purpose of raising funds for renovating exhibits and maintaining the ships at Patriots Point Naval & Maritime Museum. The Yorktown Foundation’s mission is to cultivate a unique learning environment that connects generations by celebrating America’s history and its heroes, inspiring freedom, patriotism, leadership and service. For more information, visit www.USSYorktownFoundation.org.