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Coastal Educational Foundation terminates arena ground lease

October 12, 2007

The Coastal Educational Foundationhas terminated the ground lease with Coastal Carolina Arena LLC, developers of a proposed arena that would have been used by the university for basketball games and other events.

The foundation directed its legal counsel to deliver written notice immediately to arena developers.

The foundation, a nonprofit group that supports the university, owns the tract on which developers wanted to build the 7,000-seat arena. In canceling the lease, the group cited the failure of developers to comply with lease requirements, including securing financing and the passage of two dates on which construction was scheduled to begin.