Charleston city leaders may submit a proposal for the property or that project may be undertaken somewhere else in the city, Edwards said.
Mayor Danny Jones, who has made developing the old Holley Hotel property his mission, was not upset by the authority board's decision to begin seeking proposals for the plot.
Like Edwards, Jones said the city could construct housing on the parcel if the developers' projects fall through.
"And the city has other pieces of property we could use for that project," Jones said of the employer-subsidized housing. "I think everything is going to be fine."
The authority purchased the property for $729,000 in the early 1990s. The hotel, which had fallen on hard times, was demolished in 1993.
The lot has been vacant ever since.
It has been appraised at $990,000, Edwards said.
However, the city may turn the property over to a developer for a nominal amount to get a project underway, he said.
The price developers are willing to pay will be included in their proposals, Edwards said.