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, S.C. 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.