By Tony Kukulich

Local property developer Dick Stewart has announced his retirement as CEO of 303 Associates, the Beaufort-based company he founded in 1998.

Courtney Worrell and Jonathan Sullivan, partners and co-owners of 303 Associates, have been named co-CEOs. Stewart’s retirement is said to have been in the works for over a year, and Worrell and Sullivan’s ramp-up went into effect on March 1 of this year.

“I always said when I turned 72 and a half and they made me act like I was retired, I should probably go ahead and do it,” Stewart said. in an interview with The Island News. “It’s really the timing. But the major problem is that Courtney and Jonathan are more than ready to take on these responsibilities. I don’t need to be underfoot and add friction to the process when they are fully capable of moving the ball forward.

Stewart grew up in Beaufort and attended Beaufort High School. His education continued at Georgia Southern University, where he graduated in 1971. Stewart left Beaufort and worked in the wireless communications industry, eventually founding several of his own companies. Stewart returned with his family to Beaufort with the intention of retiring after one of those businesses was sold in 1998. Instead, he found a new career.

“My friend Beekman Webb convinced me to buy the Old Bay Marketplace and fix it,” Stewart explained. “To do this, we trained 303 associates. Over the years it continued to grow and we continued to do things. It got a little bigger than expected.

Among the best known projects undertaken by Stewart are the restorations of Saltus House and Tabby Place. Saltus House was built in 1797 but lay derelict for 25 years before being renovated by 303 associates in 2001. Similarly, Tabby Place stood empty for around 20 years after the grocery store that once occupied it closed. . It has reopened as an event space.

“We’re also proud of the ongoing projects that are underway,” Stewart said. “Here in downtown Beaufort, since we started the project, property taxes have increased by more than half a million dollars a year. (Add to that) lodging taxes and hospitality taxes that go to the city and other business licenses, I don’t know that exact number, but they probably generated $150,000 to $200,000 a year at the city. These are great reuses for what was a polluted property.

Stewart’s development initiatives in the town of Beaufort were not without controversy. He openly quarreled with the Beaufort Historical Foundation, as that organization often opposed projects carried out by 303 Associates. And, opposition to several ongoing initiatives has not been limited to the HBF.

Last month, 303 associates faced public opposition as they presented a planned apartment building project at 211 Charles Street to the City of Beaufort Historic District Review Board for approval final. The council did not grant approval and instead returned the project to the project architect for another round of design changes.

In an interview with The Island News last month, developer Graham Trask argued for the revoking of all 303 Associates project approvals granted while David Prichard, the city’s former director of community and economic development, held office. in the city.

Trask made his case after an informal notice offered by the South Carolina Ethics Commission in January said a conflict of interest existed between Prichard and 303 associates because Prichard’s wife was employed by 303 associates.

“Under these circumstances, the city should render null and void all 303 associate decisions that were processed during David’s tenure,” Trask said.

Prichard resigned from his city post last month, although city officials said the resignation was unrelated to the ethics commission’s opinion.

As Stewart steps away from the day-to-day running of the business, he plans to stay involved with the company he founded. Stewart said he also plans to spend more time with his two grandchildren, travel and continue working in the community. The preservation of heirs’ assets is an area of ​​special interest.

“We’re very interested in heir properties, helping people keep their properties in their families,” Stewart said. “We are working on the details on this. I look forward to devoting more time and energy to realizing this as a contribution to society and making this part of town more equitable and accessible to people than it may have been in recent years. years.

Worrell has worked for 303 Associates since 1999 and has held various positions during his tenure. She is expected to lead the real estate business going forward, while Sullivan will lead the hotel and hospitality arm of the company.

“Our goal and one of the company’s missions is to keep Beaufort the authentic place that it is,” Worrell said. “Beaufort is growing. People have found it. He had been discovered. We have constantly worked to accommodate this growth so that we do not become Sprawl City, USA. We will continue to focus our efforts in this area, working on redevelopment projects in key areas, whether it is downtown Beaufort, downtown or the town of Port Royal. We will build on our success and pursue new projects in the same direction.

Tony Kukulich is a recent transplant from the Lowcountry. Originally from Wilmington, Del., he comes to The Island News from the San Francisco Bay Area where he spent seven years as a reporter and photographer for several publications. He can be contacted at [email protected]