May 12 2022

Isle Of Palms May Transfer Leases To Crosstown Marinas

By Brian Sherman for The Island Connection

Marina Joint Ventures, the company that currently holds the leases at the Isle of Palms Marina, has asked the city to transfer those leases to the company that owns Bohicket Marina on Johns Island and Seabreeze Marina in downtown Charleston. At the end of the IOP Council’s April 26 meeting, Mayor Phillip Pounds announced that the city had received a letter requesting that the leases be re-assigned. “Any assignment of the leases would require the city’s prior consent,” Pounds said. 

“Since we just received this request, we will start a due diligence process immediately.” 

Pounds said representatives of the company met separately with three different groups of Council members on April 28 and April 29. “Right now, we’re going through the details of new potential corporate ownership and financial records,” Pounds added. “It’s going to be a twoto-three-month process.” 

Pounds reiterated that the city has the final say on whether the leases are transferred. 

Council will hold a special meeting between May 2 and May 6 to discuss the future of the leases.

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