The January 6, 2010 edition of The Post and Courier Newspaper reported today that the developer of Carolina Park has missed a mandatory $500,000 payment to the town of Mt. Pleasant, putting it's development agreement in jeopardy. Carolina Park Associates had agreed to pay $500,000 annually to the town and $100,000 to the county for improvements in the nearby Whitehall Terrace community over 12 years as part of it's development agreement, which dictates what can be built on the 1700 acre tract. A lawyer for Carolina Park said that the developer has invested about $50 million in the project and that the value of the unbuilt portion of the tract was appraised a year ago at $150 million.
Posted By Joe Eddleman of Agent Owned Realty
824 Johnnie Dodds Blvd.
Mt. Pleasant, SC. 29464
(843)725-5009
http://www.OurCharlestonHome.Com
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The Moultrie news reports: A bid to construct the beginning phases of the Carolina Park Recreation Complex was awarded to Gulfstream Construction Monday by the Finance Committee. Six bids were received and Gulfstream submitted the lowest base bid of $1,343,000.
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