Release Date: May 29, 2014
Stephen G. Riley, ICMA-CM , Town Manager, (843)341-4700, Fax: (843)842-7728
The Town of Hilton Head Island today announced the acquisition of an 18,500 square foot office building (Kiawah Office Building) from James Kokinda for a total expenditure of $1,210,000.00. The Town will use proceeds from the Tax Increment Finance account.
The parcel is located along Office Park Road and is part of the three-building Carolina Office Park development. The Town previously announced the acquisition of the other two buildings in this complex.
Town Manager Steve Riley stated, "This purchase will provide the Town with the third of four buildings targeted for our joint development project with the University of South Carolina - Beaufort (USCB) in the Office Park Road area." The Town plans to demolish the Kiawah Office building to clear the land for the construction of the USCB project.
Today's acquisition pushed the program inventory to 143 parcels totaling 1,320.32 acres, with a total expenditure of $171.1 million.