Previous Page  121 / 178 Next Page
Information
Show Menu
Previous Page 121 / 178 Next Page
Page Background

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

www.MPBusinessMag.com

|

www.MountPleasantMagazine.com

|

www.ReadMPM.com

843.352.7331

viviandkate.com

423

Hibben Street

Mt. Pleasant

South Carolina