Mount Pleasant Business Magazine 2016

33 / 48

Construction is expected to begin
in January 2019 and will probably
take 10 to 15 years to complete.
“That will be determined by what
the market will support,” said Bennett.
When the project is finished, it
will be well worth the wait for area
residents and visitors, he pointed out.
“This is one of the most significant
Photo by Jenn Cady.
pieces of land on the East Coast,” said
Bennett. “It’s 50 acres on one of the
greatest harbors and communities.”
The lease agreement will give
Patriots Point the money it needs
to completely renovate the USS
Yorktown. According to Executive
Director Mac Burdette, that project
could cost as much as $60 million.
He said Patriots Point currently takes
in around $1.5 million annually in
lease payments from the College
of Charleston, the golf course, the
marina, restaurants, hotels and the
Cottages on Charleston Harbor. That
figure will rise to $6 million a year or
more when Bennett Hospitality starts
making lease payments.
Burdette explained that the state
will sell bonds to pay for the necessary
work on the Yorktown, and the bonds
will be paid off with the lease income.
According to Bennett, under the
lease agreement, Patriots Point will
receive a percentage of the revenue
from the hotels, office buildings and
restaurants he intends to build on the
50-acre property.
“It’s a great structure for the
landlord – Patriots Point – and it’s fair
for the tenant,” Bennett commented.
“Patriots Point will reap the benefits
as the value of the land goes up. As
business grows, the revenue will grow
for Patriots Point.”
Bennett, a self-described “long-
term owner of real estate,” said his
passion is to design and own buildings
that future generations will be able to
enjoy. He pointed out that timeless
architecture, quality materials and
quality design are the hallmarks of the
many projects he has completed and
is still working on in the Charleston
area and elsewhere.
“I love classic architecture, and
that site deserves something special,”
he commented, adding that he
learned a valuable lesson from former
Michael Bennett’s
mantra is to
make it beautiful
and make it last.
That’s what he
intends to do at
Patriots Point.
MPBM | |
843.352.7331
423
Hibben Street
Mt. Pleasant
South Carolina