With three developers showing interest, the Charleston Urban Renewal Authority will begin requesting proposals for projects on the site of the old Holley Hotel property on Quarrier Street.
Board members voted to allow Executive Director Jim Edwards to request proposals from developers during a regularly scheduled meeting Wednesday.
Edwards said he has received some preliminary interest in the property city leaders have strived so hard to redevelop.
"We'll get the ad out for the request for proposals before April is over," he said.
The agency likely will give developers 30 days to respond.
"We think the time is right, and we need to get that property on the market," Edwards said.
Edwards would not identify the three companies that have expressed interest in the property. However, he said they were experienced companies with "plenty on their resumes."
All three are based outside Charleston, Edwards said.
"They're all commercial developers who do a mixture of retail and office space and possibly even some residential," he said.
Edwards addressed City Manager David Molgaard's proposal for the property.
Molgaard has proposed it be used for housing for young professionals who want to live downtown. The project would require subsidies from the residents' employers to keep rents affordable, he has said.