- The former Grand Hotel at 3640 Dorchester Road was pulled from a foreclosure auction less than 24 hours before bidding.
- Brick Lane plans to convert the 134-unit hotel into apartments with 75% of the units designated as affordable housing.
- Charleston County has committed $1.6 million to the redevelopment through its Affordable Housing Land Acquisition Grant Program.
- Brick Lane expects to close on the property Aug. 14 and begin renovations within about 30 days.
A shuttered North Charleston hotel slated for affordable housing was pulled from a foreclosure auction less than 24 hours before bidding was set to begin, potentially creating a roadblock in a redevelopment deal backed by $1.6 million in Charleston County funding.
The timing could have created a problem for Brick Lane development group, which is under contract to purchase the property and convert it into apartments with a 75 percent affordable housing component — but had not yet closed on the deal when the foreclosure sale appeared on the docket.
The former Grand Hotel, at 3640 Dorchester Road, was on the Charleston County Master-in-Equity sale schedule for Aug. 4, where lender Loan Funder LLC was seeking a judgment of more than $4.3 million against CG21 LLC for the shuttered 134-unit property. The sale could have opened ownership to the highest bidder…