The Charleston Urban Renewal Authority voted Wednesday to begin negotiations with a Virginia-based company for a development at the vacant site of the former Holley Hotel, in the 1000 block of Quarrier Street.
Board members chose from two proposals for the land, which recently was appraised for $990,000, according to Jim Edwards, CURA’s executive director.
The winning developer, KM Hotels, has plans that “most likely” would include a hotel on the site, Edwards said.
He said KM Hotels outlined a more specific timeline than MountainShore Properties, the other company that was vying for the land.
“One developer was specific about their plans and their schedule, and the other developer was very general,” Edwards said, “and I think that was the major distinction between the two proposals.”
KM Hotels is based in Henrico, Virginia, a suburb of Richmond, according to the Virginia State Corporation Commission’s website.
Board members voted 4-2 to start negotiations with KM Hotels, with member Andrew Jordon abstaining.
Rusty Webb and Karen Haddad voted against the proposal. When asked why he opposed the KM Hotels bid, Webb said that he simply preferred Mountainshore’s proposal.
“There were two [proposals], and I felt that MountainShore was the better way to go,” Webb said.
Haddad could not be reached for comment after the meeting.
Board members Jack Cavender, Diane Strong-Triester, Lew Tyree and John Wells III voted for the KM Hotels proposal.
MountainShore’s proposal would have included tracts of nearby land, other than only the lot CURA owns.
Although Edwards wouldn’t give details on any proposed development of the site, he said negotiations for the sale of the land between CURA and KM Hotels would now start, with the goal of finishing them before the end of the year.
“We don’t have the specifics of the project, and the terms, but we are going to be negotiating with the developer,” Edwards said. “At the end of the negotiations, [the plan] will be very specific.”
CURA has talked primarily with Mayur Patel, of KM Hotels, but he was not available to comment on the negotiations Wednesday.
Edwards said KM Hotels is a 35-year-old family-owned business with properties in West Virginia, Maryland, Ohio, Kentucky, Alabama and Texas. The company does not appear on the West Virginia Secretary of State’s online listing of businesses registered in the state.
Reach Jack Suntrup at email@example.com or 304-348-5100.