Discussions that started late last year culminated March 19 with the announcement that Ben Navarro — a local businessman, entrepreneur and philanthropist — will buy Union Pier in downtown Charleston from the State Ports Authority.

The authority's board of directors unanimously approved the sale of the roughly 65-acre waterfront property after announcing it also will buy the former WestRock paper mill in North Charleston for a major expansion of its container terminal along the Cooper River.

Financial terms of the Union Pier sale won't be released until the deal closes.

But Bill Stern, chairman of the SPA's board, said the deal is the best possible outcome for what he calls "probably the most valuable piece of oceanfront property on the East Coast" and something that will become "the centerpiece of downtown Charleston."

"He has the ability to pull this off," Stern said of Navarro. "He wants to work with the city of Charleston. He wants to work with the mayor. He wants to hear from the citizens of Charleston, and he wants to do what's right for the people of Charleston. He's going to put the resources into doing this right. That's why we made this deal."

Navarro, in an op-ed piece to The Post and Courier, said he wants to be a "long-term steward" of the Union Pier property sandwiched between Concord and Laurens streets along Charleston Harbor and near the city's Historic District.

"I will always have the interests of the residents of Charleston in mind and the humility to be a good listener as we move forward with adding this critical missing piece to the peninsula," he stated.

SECONDARY-Graphic: Union Pier (copy)

UNION PIER: The 65-acre Union Pier property in Charleston's Historic District. (Source: ESRI; city of Charleston)

The sale to Navarro started to take shape last year when the SPA decided it wanted to find someone local to redevelop the site that has been used as a parking lot and cruise terminal for Carnival Cruise Line and others.

Stern said the maritime agency reached out to several Charleston area business leaders with the wherewithal to redevelop the site after its initial plan to let Los Angeles developer Lowe handle the permitting process was met with fierce local opposition last year. Navarro, whose Beemok Hospitality group owns The Charleston Place hotel and other properties, showed interest from the start.

"We met multiple times in the December, January time frame, and we hopped on the phone multiple times," Stern said. "He's excited about this project. He's excited for his family, and he's excited for his legacy."

The sale of the site represents a new transformative opportunity at the core of one of America's oldest cities. 

While the SPA declined to disclose the purchase price, Stern said it sold "above appraised value.” The money will help the authority pay for future infrastructure projects at the port, such as the North Charleston Terminal expansion and future phases of the Leatherman Terminal.

Once the sale is completed, any redevelopment plans will require significant city input regarding zoning and code changes, environmental cleanup and more.

Charleston Mayor William Cogswell last month wrote to Ports Authority CEO Barbara Melvin to offer support for the future of Union Pier and advocating for a local developer to be found.

“Since taking office, I have been clear what the city expects from the development of Union Pier," Cogswell said in a statement after the sale was announced. "I will not be passive or reactive on this critical undertaking and will ensure our residents are put first in the outcome of this project.

Cogswell, in a previous letter to Melvin, said he wants any redevelopment plan to include public access to the water, lower-density development, lower-height buildings, significant green space and a "meaningful component" of affordability.

"I remain committed to these key (tenets) and look forward to proactively working with Mr. Navarro to ensure these conditions are met as he moves forward," Cogswell said in the March 19 statement.

"This is a once-in-a-lifetime opportunity for Charleston," he added. "The city controls much of the process going forward. While this will no doubt be a complicated plan, I’ll ensure it is grounded in reality and is an amenity that every resident in Charleston can enjoy."

INSIDE-Navarro (copy) (copy) (copy)

Ben Navarro

Navarro is the founder of Charleston-based Sherman Financial Group, which owns Credit One Bank, and Beemok Hospitality Collection, a family-owned operation with a portfolio that includes downtown Charleston properties such as The Charleston Place, the Riviera Theater, the Italian bistro Sorelle and The Cooper, a riverfront hotel under construction between Union Pier and the Joe Riley Waterfront Park.

The SPA began working with real estate development firm Lowe about three years ago on plans to redevelop the Union Pier site.

Screenshot 2023-05-05 125659.png (copy) (copy) (copy)

A rendering shows a now-abandoned redevelopment plan for the 65-acre Union Pier Terminal site in downtown Charleston. The redevelopment proposal by Lowe and the State Ports Authority drew criticism from area conservation and historic preservation groups. 

In early 2023, the SPA and Lowe submitted a long-awaited plan to Charleston officials in hopes of getting approval for a planned urban development. The goal was to get development parameters in place and then to sell the property — for as much as $400 million, some real estate experts suggested — by the end of 2023.

The conceptual plans for a high-density mix of condominiums, office space and retail, along with some parks, green space and waterfront access, drew fierce opposition from local residents and conservation groups.

Last June, authority officials announced they were abandoning the plan developed by Lowe. By November, the SPA had agreed to pay Lowe nearly $10 million to end their relationship.

As part of hitting the pause button on the future of Union Pier, the SPA agreed to let an advisory group of business, political and preservation leaders — under the guidance of the Riley Center for Livable Communities at the College of Charleston — create an alternate vision for the development. 

A plan from that effort was expected to be presented by this summer.

With news of Navarro’s anticipated purchase and ultimate redevelopment of the Union Pier site, it is unclear where those efforts and plans now stand. Stern said the second phase of that effort will end March 31 and "maybe the city will want to pick that up — the mayor and the city may want to continue that dialogue."

A Riley Center spokeswoman said the group has held more than 200 meetings and engaged directly with more than 1,000 Charleston residents and heard from thousands more since last summer.

"We look forward to supporting the transition and next steps in the process," she said. 

In addition to Sherman Financial and Beemok Hospitality, Navarro also is the founder of Meeting Street Schools, a nonprofit network of public/private partnership schools. His company owns Credit One Stadium on Daniel Island, which is the home of the Credit One Charleston Open, a women’s-only professional tennis tournament.

In 2018, Navarro tried to buy the NFL franchise Carolina Panthers.

City Hall reporter Ali Rockett contributed.

John McDermott and Ali Rockett contributed to this report.

Resolution on sale of Union Pier

RESOLUTION OF THE SOUTH CAROLINA STATE PORTS AUTHORITY AUTHORIZING THE SALE OF UNION PIER TERMINAL AND ASSOCIATED PROPERTIES

WHEREAS, the South Carolina State Ports Authority has, as its mission and purposes, among others, to contribute to the economic development of South Carolina by fostering and stimulating waterborne commerce, including both cargo and passengers, to develop and improve the harbors or seaports of the State and to construct, equip, maintain, develop and improve such harbors or seaports and their port facilities, to the increase of waterborne commerce, foreign and domestic, through such harbors and seaports;

WHEREAS, the South Carolina State Ports Authority has the power to do all things necessary to accomplish these purposes;

WHEREAS, the sale of certain maritime assets, including but not limited to the Union Pier Terminal and associated properties on Washington and Chapel Streets, for redevelopment into public, retail, commercial, and such other space as may be approved will enhance the City of Charleston and the Charleston community;

WHEREAS, the properties are no longer needed or necessary for maritime purposes and are surplus to the South Carolina State Ports Authority’s needs;

WHEREAS, the South Carolina State Ports Authority, in consultation with and at the behest of the City of Charleston, sought a Charleston-based and Charleston-centric owner for the sale of the entire property, rather than a “piecemeal” sale of the properties, as that would aid in a coherent vision and development to ensure the proper and appropriate redevelopment of the Union Pier Terminal and associated property for what will be a generational project; and

WHEREAS, the South Carolina State Ports Authority has discussed the potential development of Union Pier Terminal and associated properties with multiple Charleston-based and Charleston-centric potential owners and developers, and has consulted with the City of Charleston regarding same, and has determined in its best judgment that Marti Holdings LLC, an affiliate of Beemok Capital, LLC, the family office of Charleston resident Benjamin W. Navarro, is the best candidate to purchase and pursue redevelopment of Union Pier Terminal and its associated properties.

NOW THEREFORE BE IT RESOLVED, that the South Carolina State Ports Authority may sell, lease, or otherwise dispose of any part of its properties on such terms and conditions as agreed upon, although it shall not take any such action unless, in the judgment of the South Carolina State Ports Authority, such action is desirable in the conduct of the South Carolina State Ports Authority’s business and does not materially impair the South Carolina State Ports Authority’s ability to comply with its obligations for any outstanding bonds; and

AND BE IT FURTHER RESOLVED, that the Board of the South Carolina State Ports Authority, in a meeting duly assembled, affirms and ratifies all actions taken and agreements executed to-date and further authorizes the South Carolina State Ports Authority’s President and Chief Executive Officer, Barbara Melvin, the Chief Financial Officer, Phil Padgett, the Chief Legal Officer and General Counsel, Randolph Lowell, or their designees to take all steps necessary to accomplish the sale of Union Pier Terminal and associated properties on Washington and Chapel Streets with Marti Holdings LLC, on the terms agreed upon and to enter into any and all such further and additional agreements as required to effectuate the transaction in accordance with applicable law, as in the judgment of the South Carolina State Ports Authority, such action is desirable in the conduct of its business and does not materially impair the South Carolina State Ports Authority’s ability to comply with its obligations for any outstanding bonds.

ADOPTED at the regular meeting of Board of Directors of the South Carolina State Ports Authority held March 19, 2024.

WITNESS the hand and seal of the Secretary of the South Carolina State Ports Authority.

— State Ports Authority

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