Release Date: July 21, 2015
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 5 parcels of land totaling approximately 4.30 acres. Four of the parcels, improved with 21,042 square feet of commercial buildings (The Bridge Shops, etc.) and warehouses, were acquired from Palmetto Bay Holdings, LLC and The De Vries Building Horizontal Property Regime for $1,930,000.00, and the fifth parcel was acquired from Caheti 3-Dry, LLC for $550,000.00. The Town will use proceeds from its resell of property account.
In total, the parcels have 487 feet of frontage along Palmetto Bay Road, and are located in the Sea Pines Circle Zoning District. Approximately, 2.65 acres of the property are commercially developed. The remaining property is currently undeveloped land. The tenants in the Bridge Shops and various other buildings will be allowed to remain until Town Council decides in the future what the Town will utilize the property for, including possible resale in conjunction with the Circle to Circle results.
”These are strategic parcels on the perimeter of the focus area for the Circle to Circle Committee," said Mayor David Bennett. "The opportunity to control these parcels and potentially guide their future may well prove to be significant in improving the functionality of the area from a traffic and quality of life perspective for local residents as well as visitors.
"Pending the Committee's best practices recommendation, Town Council believes this is a prudent step to take at this point in time," Bennett said.
Today’s acquisition pushed the program inventory to 148 parcels totaling 1,322.19 acres, with a total expenditure of $174.3 million.