Ports authority rejects Daniel Island offer

CHARLESTON — The State Ports Authority has rejected an offer from Daniel Island residents to buy 1,300 acres of agency property on the island for $25 million.

The Daniel Island Property Owners Association had made the offer on the land last week.

The ports authority this week rejected the offer as too low.

The residents said the struggling real estate market and the limited development potential for the soft land justified the sale.

Ports Authority chairman David Posek says the agency is updating an appraisal but doesn’t think the $25 million offer approaches the value of the property.

The ports authority originally wanted to build a terminal on the land but objections led them to the old Charleston Naval Base in North Charleston, instead.

Contributors: Jim DuPlessis and The Associated Press