Aiken Council approves sale of downtown parcels to Oliver Hospitality Group, sets terms for redevelopment

The Aiken City Council on Oct. 13 approved a purchase-and-sale agreement to sell several downtown parcels connected to the Hotel Aiken redevelopment to Oliver Hospitality Group for a negotiated price of $2,500,000.

City staff told the council the agreement includes a $50,000 earnest-money deposit, a 120-day inspection period (subject to a 60-day extension), and a closing deadline no later than 30 days after the inspection period ends. The city will pay up to $200,000 in design fees to the buyer at closing; the buyer may terminate the agreement for any reason during the inspection period.

The sale is the first major contractual step toward a larger development process that will include a separate development agreement and design-review approvals. City staff said the purchase-and-sale agreement also conditions closing on negotiation of a final development contract for a parking garage and on the buyer obtaining any incentives it deems necessary to complete the project.

"The buyer may determine to terminate the agreement for any…