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Greenville Business Magazine

The Business Narrative: Patriots Point Economic Impact

Oct 22, 2024 09:35AM ● By Donna Walker

(Logo courtesy of Patriots Point)

New Study Reveals Patriots Point Generates $205 Million Economic Impact In Charleston Region

The total annual economic impact of Patriots Point on the Charleston tri-county region is estimated to be $205 million, according to a new study published by the University of South Carolina’s Darla Moore School of Business.

 

This level of economic activity also supports approximately 1,756 jobs along with $71 million in labor income for local residents each year, according to Joseph Von Nessen, a research economist who presented the results of this analysis at the Patriots Point Development Authority’s October board meeting.

 

“Patriots Point is a major historical site of significance for both South Carolina and the United States that generates a significant local economic footprint through its ongoing operations, the operations of its business tenants, and the spending by local visitors,” Von Nessen said.

 

Patriots Point is the home of the historic warships USS Yorktown and USS Laffey, the Patriots Point Naval and Maritime Museum, a Cold War Memorial, and the only Vietnam Support Base Camp in the United States.

 

Patriots Point also serves as the headquarters for the Congressional Medal of Honor Society and the agency’s official Medal of Honor Museum.

 

To support the significant costs of maintenance, especially those associated with ship upkeep and repair, Patriots Point has leased 61 acres of its property – known as the Patriots Annex project – for a new mixed-use development that will include a variety of office, retail, vacation, and residential spaces.

 

Officials said Patriots Annex will not only generate the required revenue to ensure proper ship preservation, it will also significantly increase its economic footprint within the Charleston area and the surrounding communities.

 

“Charleston’s strong population growth is expected to continue into the coming decades, which will generate high levels of demand and thus maximize the likelihood of success of this new development,” Von Nessen said.

 

He added, “This growth, combined with Charleston’s standing as a top tourist destination, implies that there will be a growing need for the types of office, retail, vacation, and residential spaces that will be available at Patriots Annex.”

 

The development of Patriots Annex has begun and will take place in three phases that will include more than 331,000 square feet of commercial and residential space with projected operations to begin in 2025 (Phase I), 2027 (Phase II), and 2030 (Phase III).

 

Following the relatively smaller development of Phase I (roughly 59,000 square feet), Patriots Annex will expand significantly with Phases II and III (218,000 square feet and 54,500 square feet, respectively).

 

“Patriots Point is not only a vital educational resource that honors the legacy of our nation’s heroes, but it is also a significant economic engine for the Charleston region and state of South Carolina,” said Patriots Point Development Authority’s Acting Chairman Wayne Adams.

 

Adams added, “The continued growth at Patriots Point, including projects like the Patriots Annex, ensures that we can fulfill our mission of preserving our historic warships while expanding our role as a premier destination for patriotism, education, and tourism. Our current and future development projects will allow us to support our state’s economy for generations to come.”

 

The total economic impact of Patriots Point on the Charleston tri-county region is expected to increase to $393 million upon completion of Phase III, which will support approximately 2,997 permanent jobs and $128.8 million in labor income.

 

Officials said this represents a 92 percent increase in the local economic footprint of Patriots Point following the development of Patriots Annex.

Logisticus Acquires KingSize Rail & Logistics to Bolster Rail Logistics Offerings

Logisticus (LG), a Greenville, South Carolina-based transportation logistics, project management and technology company, has acquired rail logistics leader KingSize Rail and Logistics.

 

Officials said the acquisition enhances LG’s capabilities in project logistics and shows its continued commitment to their customers.

 

Financial terms weren’t disclosed.

 

Officials said the strategic move is set to significantly expand LG’s presence in the renewable energy space, enabling the company to offer a more comprehensive suite of services to its growing customer base.

 

“We are thrilled to welcome KingSize Rail and Logistics to the Logisticus family,” said Vikash Patel, co-founder of LG. “This acquisition aligns with our long-term strategy to enhance our capabilities in the project logistics space and provide innovative solutions for our clients.”

 

Patel added, “KingSize brings a wealth of expertise and a strong track record in rail logistics, which will greatly complement our current offerings.”

 

Founded in 2019, KingSize has built a reputation for creating tools that allow the wind energy industry to move their large components via rail.

 

Founder Chris King has nine patents related to wind energy component transport on rail.

 

Officials said the patents help to increase the number of components transported by rail and paved the way for wind distribution centers that could handle multiple customer’s products.

 

“Logisticus’ vision for growth and its commitment to customer service made this a perfect fit,” said Chris King, founder of KingSize Rail and Logistics. “I am excited to join forces and leverage our combined expertise to create even more value for our customers.”

 

Officials said the acquisition marks a key milestone in LG’s plan to offer its customers an all-in-one solution to their project cargo.

 

The integration process is expected to begin immediately, with both companies working closely to ensure a seamless transition for customers.

 

Founded in November 2012, Logisticus Group (LLC), a certified Minority Business Enterprise (MBE), specializes in transportation logistics, project management and technology solutions serving projects throughout North and South America.

Farmland Partners Completes $289 Million Farmland Sale

Farmland Partners Inc. (NYSE: FPI) confirmed Oct. 21, 2024, that the recently announced sale of a portfolio of farmland to Farmland Reserve, Inc. closed as scheduled on Oct. 16, 2024.

 

The portfolio sold to Farmland Reserve consisted of 46 farms, comprising 41,554 acres of farmland in Arkansas, Florida, Louisiana, Mississippi, Nebraska, Oklahoma, and the Carolinas.

 

Officials said the $289 million all-cash transaction generated a total gain for FPI of approximately $50 million, or approximately 21 percent over the aggregate net book value of the farms within the portfolio.

 

Officials said FPI has used $146.6 million of the proceeds from the transaction to reduce its debt, and further debt reductions are being considered.

 

In addition, remaining capital may be deployed for stock buybacks, new farmland acquisitions, and other corporate purposes, the officials said.

 

They also said FPI also expects that the proceeds from the transaction will put FPI in a position to make a significant special dividend to its stockholders at the end of the year.

Greenville Technical College Begins Search to Identify Next President

The Greenville Technical College Area Commission has begun a search to identify the college’s next president, with current president, Dr. Keith Miller, planning to retire in July 2025.

 

“President Miller has prepared Greenville Technical College for an amazing future. As he departs, we are confident that our next leader will build on that strong foundation and continue to meet workforce needs as they emerge,” said Ray Lattimore, chair of the Greenville Technical College Area Commission. 

 

The Association of Community College Trustees (ACCT) has been selected by the Area Commission to assist with the process. ACCT, experienced in conducting over 750 community college leadership searches, will work to recruit highly qualified candidates. 

 

Barbara Jones, Ph.D., who retired as president of South Arkansas Community College in 2020, is serving as the search consultant.

 

Jones has conducted public forums to gather information from students, employees, and the community on challenges and opportunities facing the college in the years to come, qualities desired in a new leader, and qualifications sought.

 

From this input, she has worked with the search committee and Area Commission to develop a Presidential Profile.

 

To learn more about the process and the search committee, go to: https://www.gvltec.edu/presidential-search.html

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