Noisette's lenders plan to split land, sell parts

Image by Noisette

North Charleston's Noisette project, which was supposed to be "a model city where sustainability and quality of life are the top priorities" is going under. Hard.

Noisette's lenders, whose 240 acres have been in foreclosure since 2009, are now planning to break up the land and sell it for parts. The development's top investor is in survival mode and hopes that selling off segments of the land will help pay back part of Noisette's $23.8 million debt. The idea is that smaller parcels that are suitable for development could draw higher bids than a single sale.

If and when purchased, owners of the new land will be able to develop it as they wish. Up for major debate is whether or not the existing rail line that stretches to the southern end of the base will be revived to serve the State Ports Authority's $600 million shipping terminal.

However, the Noisette company has been talking with an investor since the beginning of the year and are still hoping that they'll be able to bring new money into the redevelopment project.

Both The Post and Courier and the Charleston Regional Business Journal have articles on Noisette's future.