In a recent government meeting, city officials discussed the termination of a problematic master lease associated with a city-owned property, previously occupied by the establishment Deco, which had been linked to numerous police reports. The special licensing committee voted to revoke Deco's license, prompting the city to seek a new tenant for the space.

The city has reached a settlement to buy out the remaining balance of the lease at a net present value, allowing them to move forward with a new lease agreement with the Charleston Area Convention and Visitors Bureau (CVB). The CVB plans to utilize the space as a test kitchen and for other tourism-related amenities, which city officials believe will enhance the area significantly.

Financially, the new lease is expected to be a substantial improvement, with the CVB agreeing to pay approximately $40 per square foot, compared to the previous rate of around $7 to $8. The CVB will also take the property in its current condition, which requires significant cleanup, and will fund the buyout of the lease.

City officials expressed optimism about the deal, highlighting its potential benefits for both the community's livability and the city's finances. Additionally, the city will assume two existing leases with the Cooley Group, which operates a bridal shop and coffee shop in the same area, ensuring continued market-rate payments until their lease terms expire in 2026.

The council is set to vote on a nonbinding term sheet with the CVB, with plans to present a master lease for formal approval at the upcoming October 8 meeting. Council members emphasized the importance of the partnership with the CVB, noting past investments and improvements made to the reception center that have enhanced operational efficiencies.