Charleston legislators are asking the State Ports Authority to
allow Berkeley County landowners to repurchase 280 acres acquired
for a rail project later abandoned.
Republican Sen. Arthur Ravenel said former landowners should be
allowed to buy back their properties at original selling prices,
rather than current market values. The Ports Authority will consider
the request today.
Ravenel said the offer would compensate sellers who lived in the
historically black Cainhoy community north of Daniel Island. Many
reluctantly sold land for the proposed rail corridor that would have
served the Global Gateway port expansion.
However, most of the land was owned by The Beach Co., a large
Charleston real estate company whose chairman is Charlie Way, former
state commerce secretary.
The Ports Authority paid the Beach Co. $1.9 million, or $11,816
per acre, in December 1998 for 163 acres appraised at $2.5 million.
The agency paid other landowners about $26,000 per acre.
Altogether, it spent $5 million from 1997 through 1999 buying
land in an 11-mile road and rail corridor, according to records.
Beach Co. president John Darby said company officials haven't
discussed the proposal with legislators or ports officials. Darby
said he isn't sure if the company would want to repurchase the land,
even though he said its value has increased.
The tract borders the Charleston Regional Business Park. The
Beach Co. still owns about two-thirds of the 261-acre park, which
now sells for about $75,000 to $150,000 per acre, Darby
said.