Release Date: July 15, 2014
Stephen G. Riley, ICAM-CM , Town Manager, (843)341-4700, Fax: (843)842-7728
The Town of Hilton Head Island today announced the acquisition of two commercial lots totaling 1.04 acres, improved with a 5,800 square foot office building (Time Warner Cable Office Building) from Time Warner Cable Southeast, LLC for a total expenditure of $680,000.00. The Town will use proceeds from the Tax Increment Finance account.
The parcel is located along Office Park Road and is adjacent to the other three buildings and land the Town recently acquired in the Carolina Office Park development.
Town Manager Steve Riley stated, "This purchase will provide the Town with the final building targeted for our joint development project with the University of South Carolina - Beaufort (USCB) in the Office Park Road area. Time Warner Cable will relocate its office to another island location by April 30, 2015 at which time, the Town plans to demolish the Time Warner Cable Office building to clear the land for the construction of the USCB project."
Today's acquisition pushed the program inventory to 144 parcels totaling 1,321.36 acres, with a total expenditure of $171.8 million.