The College of Charleston Foundation announced today that it is withdrawing from the proposed purchase of McLeod Plantation from the Historic Charleston Foundation.
The College of Charleston Foundation and the Historic Charleston Foundation in October 2009 signed an Agreement of Purchase and Sale that was subject to a due diligence period, during which the College and its Foundation assessed the potential uses of the property.
The College had proposed using the property for academic programs in historic preservation, African-American studies, archeology, and other fields. In addition, the College proposed establishing a “college green” on the property that would be used by its students and the local community for recreation, relaxation, and special events.
But after scaling back its proposed use of the property in response to community input, the College decided it could no longer justify the costs associated with purchasing, preserving, and maintaining McLeod Plantation.
“While we are disappointed with this outcome, we are also energized and inspired by the important lessons we have learned and by the exciting new opportunities that have arisen between the College and the African-American community of South Carolina,” said College President P. George Benson.
The College stands ready to offer its academic expertise to any future purchaser of the property, Benson added.
During the due diligence process, the College reached out to a variety of interested parties, including residents in the surrounding community, preservation and cultural heritage groups, government officials, and business leaders.
“Based on these conversations and our own careful assessment of the property, it became clear that some in the community felt a recreation field was inappropriate,” said George Watt, Executive Director of the College of Charleston Foundation and the College’s Executive Vice President for Institutional Advancement.
