Community Development Committee Meeting Minutes Feb 2026
City Discusses $25M WestEdge Property Deal with MUSC Foundation
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Description
The City discussed with MUSC Foundation the purchase of the WestEdge property for $25 million, including $10 million paid from an existing foundation account and $15 million in notes at 7% interest, with the aim for future campus-adjacent housing development.
Contract Details
Contract Amount
$25 million ($10 million initial, $15 million financed via notes at 7% interest payable by March 31, 2031)
Vendor
MUSC FOUNDATION
Agency
City of Charleston city, SC
Contract Type
OTHER
Document Date
February 5, 2026
Contract Term
Notes due no later than March 31, 2031; quarterly installment payments
Renewal Date
2031-03-31
Renewal Info
Notes are to be paid off in quarterly installments; potential delay of payments if private buyer not secured. Term ends March 31, 2031 or sooner if $15 million paid early.
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