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29

New Apartments for Myrtle Beach

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More apartments on way at old base

March 29, 2008

More apartments are on the way for the former Myrtle Beach Air Force Base.

Trammell Crow Residential, an Atlanta-based real estate firm, is building 288 apartments near the intersection of U.S. 17 Bypass and Farrow Parkway.

Crews are doing site work on the roughly 30-acre tract the firm bought from Withers Preserve developers RWO Acquisitions, said Robert Morgan, managing director for the Trammell Crow’s S.C. division. Developers expect the roughly $30 million complex, called Alexan Withers Preserve, to be finished in 2009.

Myrtle Beach’s growth and the urban village concept on the former base are what attracted Trammell Crow to the area.

“We’re obviously extremely impressed with The Market Common,” Morgan said. “We’re very impressed with the work that RWO Acquisitions is doing and the type of community they’re constructing – a walkable, neotraditional neighborhood.”

Developers aim to make it an upscale community with a mix of one-, two- and three-bedroom apartments ranging in size from 780 square feet to 1,260 square feet. Rent will average about 90 cents per square foot, Morgan said.

Amenities will include a clubhouse with a swimming pool, gym, billiards room, cyber cafe and garages.

Real estate investment firm Phoenix Capital Partners has teamed up with Trammell Crow on the project. RBC Centura is providing the construction financing.

Morgan said the new complex fits into the master plan for Withers Preserve, a 3,970-acre housing and retail development being built on the former base.

http://www.myrtlebeachonline.com/business/story/398288.html
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