Archive for April, 2008


Waccamaw Factory Shoppes to Become Mixed Use

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Neighbors polish plans around Hard Rock Park;
Paradise City shopping center set to replace Waccamaw Factory Shoppes

April 30, 2008

By Jessica Foster – The Sun News

Driving down U.S. 501, Hard Rock Park’s signature roller coaster can be seen peeping over a vacant shopping mall, remnants of the former Waccamaw Factory Shoppes’ glory days. But more change is coming for the area known as Fantasy Harbour.

The old shopping buildings will be replaced with a complex dubbed Paradise City, and a timeshare resort could be in the works near Medieval Times dinner theater.

Park investors own several tracts in the Fantasy Harbour area but are staying silent on their development details.

One 4-acre tract next to Medieval Times on Harbour Boulevard could be the site of a new timeshare complex called Backstage Resort.

Horry County’s deputy planning director Carol Coleman said she talked to the project’s architect and construction company about the 120-unit complex, though no official plans have been submitted.

Orlando-based companies Winter Park Construction and L2 Studios Inc. confirmed that they’re working on preliminary drawings, and at least half a dozen online job sites advertise open positions with Backstage Resort, saying sales and marketing will start this summer.

“It’s very very preliminary,” said Richard Wilson, a principal at L2 Studios Inc.

“We’ve designed the units and taken a look at what the actual resort buildings might look like.”

Hard Rock Park’s chief executive officer, Steven Goodwin, however, said he has no plans ready to release for that property. He said he’s in constant discussion with various developers.

“I own that property, and I submitted no plans to the county,” he said. “We haven’t announced anything, and I haven’t done anything with that property.”

As for the former Waccamaw Factory Shoppes site, it will eventually be transformed into a $300 million complex that will include a hotel, homes, stores, restaurants and an entertainment area. Next Step Partners LLC, which includes Hard Rock Park investors, bought the property last year.

Goodwin declined to say when construction on the project would start or when the old buildings would be torn down.

The $400 million theme park, the first in the world with the Hard Rock brand, opened this month. Its signature ride is the spiraling coaster seen in the skyline, called Led Zeppelin – The Ride.

A digital sign promoting Hard Rock Park sits in the former shopping center lot aiming to catch the eye of drivers along busy U.S. 501.

Russell Davis, owner of Big D’s BBQ Barn across the street from the park, said the old shopping center detracts from the area.

“I think that it’s probably a sore eye at this moment for people coming in,” he said. “You really don’t know there’s a theme park back there unless you see the roller coaster sticking up.”

The Waccamaw Factory Shoppes sold to NextStep Partners, LLC for about $20.8 million in 2007

Categories : Myrtle Beach
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Greenville Mall Owners to Explore Demand for Office Space

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New Greenville Mall owners explore need for need office space

April 29, 2008

By Rudolph Bell – The Greenville News

With office space in the Greenville suburbs filling up, the Florida development company that owns the former Greenville Mall site has hired a local real estate brokerage to test the market for a possible new office building.

Menin Development Cos. Inc. of Palm Beach Gardens, Fla., is trying to determine whether it should build an office-space-only building at the former mall site along Woodruff Road, or build office space above retail space, or do both, said Robert C. Jacoby, the development company’s chief operating officer.

“The preliminary feedback is the answer to that is both,” Jacoby said Tuesday while giving an update on his company’s plans for a big, mixed-use development on the former mall site that would be called Magnolia Park Town Center.

Article Shortened Due to Length


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Grubb & Ellis Reports on Charleston Office Market

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Slow housing market hits office developments

April 29, 2008

By Daily Journal Staff

The housing slowdown is having an effect on the office market in the Charleston area, with net absorption slowing notably during the last quarter.

A recent report on office market trends released by commercial real estate company Grubb & Ellis Barkley Fraser shows that developers have responded by curbing development, resulting in office space vacancies during the past quarter below 20% in nearly all submarkets, which is favorable given the drop in demand.

The North Charleston submarket is an exception because of two recent projects that have added to office inventory and driven up vacancy to 22%.

Rents also have been affected, as increased competition is requiring landlords to offer incentives to encourage tenants to renew leases and keep them from being lured away to less expensive locations.

The change in vacancy rates and asking rents has not been dramatic, however. The office market apparently is taking a measured approach to development and adjusting to the market downturn.

The downtown Charleston central business district appears to be the one submarket that is immune to market conditions, reporting a 6.4% vacancy rate for office space during the past quarter. The supply of office space in this area has been reduced in recent quarters and planned projects are some time away from completion. Strong occupancy rates in downtown Charleston are projected to continue for several quarters.

Submarkets and vacancy rates for the Charleston area during the past quarter were reported as follows:

Downtown central business district: 6.4%.
Daniel Island: 18.4%.
West Ashley: 19.3%.
Mount Pleasant: 19.8%.
North Charleston: 22%.

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Cayce Development May Have Hit Another Snag

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Cayce development may have hit another snag

April 30, 2008

By CLIF LeBLANC – The State

A panel of federal appeals court judges Tuesday added yet another ripple to the battle over flood maps for Cayce’s disputed and huge Vista Farms project.

Three judges on the U.S. 4th Circuit Court of Appeals in Richmond, Va., ruled a November decision by an S.C. federal judge should not take effect yet.

The appeals panel, which included the court’s chief judge, issued a stay of Judge Margaret Seymour’s rulings in November 2007 and November 2005.

Seymour decided flood maps issued by the Federal Emergency Management Agency were invalid. She said FEMA failed to give proper public notification that it would adopt the maps, which effectively banned development of most of a then-5,000-acre, $1 billion project called Green Diamond.

An attorney for Cayce residents fighting the developers said Tuesday’s latest legal development would likely delay construction.

“It’s good news because it ensures that anyone proposing construction in that area will have to show that new levees won’t raise floodwaters on neighboring homes,” Blan Holman said.

Efforts to reach Manton Grier, an attorney for developers Columbia Venture, and their chief spokesman, Bob Hughes, were unsuccessful.

Efforts to reach FEMA were unsuccessful.

The panel’s decision can be appealed to the full 4th Circuit bench, but the court rarely overturns its panels. The next step would be for the appeals judges to hear arguments on the merits of Seymour’s rulings.

Holman said he estimates the arguments will be held in the fall with a ruling likely early in 2009.

Any decision the appeals court reaches can be taken to the U.S. Supreme Court.

The case landed in federal court when Columbia Venture challenged FEMA’s calculations on how much of the project could end up under water should the Congaree River have rare, heavy flooding.

Seymour found the maps were improperly adopted because they were not advertised in the Federal Register, and overturned them.

That raised the prospect the development, scaled back and now called Vista Farms, could go forward.

About the time of Seymour’s most recent ruling, Columbia Venture asked to have what remained of the property annexed into Cayce.

In December, Cayce leaders accepted about 3,000 acres, which expanded the city’s size by about one-third.

A contingent of conservationists and Cayce residents who fought the project complained Cayce City Council acted too quickly and did not open the annexation question to full public review.

The city announced last week that Cayce residents have until 5 p.m. May 6 to file written opinions about the latest flood maps, which Holman said are similar to the ones FEMA issued in 2001.

Holman said he is unsure how the latest court ruling will affect that process or the subsequent 90-day period for further public comment.


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Altus Group, Integra Realty Resources Disclose Merger, Plan $1B Firm

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Altus, Integra Disclose Merger, Plan $1B Firm

April 28, 2008

By Connie Gore –

Altus Group Income Fund and Integra Realty Resources Inc. have aired a plan to merge, thwarting all market speculation in the early stages of due diligence. The financials have yet to be firmed up, but Toronto-based Altus has vowed it will be accretive to shareholders regardless of the final deal size.

The merger tentatively is slated to close in early October. The outcome will create one of, if not the, largest independent valuation and consulting companies in the world for the real estate industry. Ben Loughry, a founding stockholder and managing partner of Integra’s Fort Worth and Dallas offices, tells that the goal is to be a $1-billion company in two to three years. Loughry and Integra’s other 10 directors on its executive board initially will get two-year terms on Altus’ board of trustees.

During Altus’ conference call yesterday to discuss the merger, CEO Gary Yeoman told analysts that the Integra merger would be much like its others in recent years, with the seller taking a stake in the company to show its commitment. Both boards unanimously approved the merger plan in recent weeks, clearing the deck for a non-binding letter of intent and the airing of as many details as possible at this stage. Altus’ stock shot up 8.96% to $18.25 per unit by the time the Toronto Stock Exchange closed for the day. The acquisition will be bundled with cash, equity and bank financing.

Altus and Integra have been doing business together since 1999. “We know each other. We work well with each other. We like each other and we have similar interests,” Loughry says. “We are taking a significant interest in their company.” Integra has 125 shareholders.

Loughry, as verified by Yeoman during the call, says Integra’s management team sized up several opportunities to expand. The Altus acquisition catapults Integra into a global positioning, which has been a top priority for awhile as the New York City-based seller strategically positioned its team through the Royal Institution of Chartered Surveyors. As for the buyer, it’s an opportunity to plant its flag in the US and capture market share at the same time, seizing leverage from changes in lending rules and tougher underwriting requirements.

Altus and Integra are jockeying to be ahead of the curve as more lenders, institutional investors and the industry move toward valuations from independents rather than brokerage house-affiliated appraisers. “There’s been recent corporate scrutiny in the US regarding reporting of values,” Loughry says. “There’s a growing preference to use firms like Altus and Integra where there’s a commitment to delivering independent and unbiased analyses.”

The firms’ largest competitors are brokerage house-affiliated valuation groups. “The issue of independence is paramount. Anyone who has anything to do with the financing or ownership of the real estate can’t participate in any valuation because of conflict,” Yeoman told analysts. “The finance community and auditors need to know that it’s just not that the independent valuation is good, but there has to be a perception of independence and we think we are well positioned to increase our market share through that. There is no perception at all as far as conflict for us and we think our competitors have some real tall orders to clear that issue.”

Loughry says the Altus-Integra marriage, with the name still to be determined, will enable the company to add 200 to 400 people to its ranks. “We expect the staff to grow by 25% in two to three years,” he says. Integra has 850 employees in 55 US cities and one office in Mexico. Altus has 1,300 employees in Canada, where it maintains 31 offices in 23 cities and 130 employees in six cities in the UK. Altus also plans to gain inroads this year into Australia and South America and add more European cities to its itinerary.

Altus went public in 2005, growing ever since through company acquisitions. It’s been no secret that Integra has been eyeing all opportunities to expand. “We just know the fit is right,” Yeoman said during the call. “The beauty about this deal is it’s a core business.”

Yeoman didn’t disclose even tentative pricing during the call, but did promise to return with some hard numbers after Ebitda’s been fully determined and audits are completed, which he estimates will take a couple months. “This price is going to be accretive for Altus, but it’s certainly not going to be like a small mom-and-pop that we’ve acquired. We’re going to give Integra the respect it deserves. We have nothing but upside. They are a significant business–and they’re wildly known by all the financial institutions throughout the country.”

In fact, Yeoman intimated that if the two companies didn’t merge now that they were predestined to meet in the future due to their parallel business lines and growth plans. “It made so much more sense to do it now,” he said.

This is very exciting for us, and I look forward to sharing more details as the deal is finalized. With the pooled resources, we will have an incredible amount of data and expertise to offer to clients. With stock options and other benefits, we feel that we can attract the top real estate appraisers and analysts in every market. Learn more about the services provided by Altus here
More to come……………..
Categories : INTEGRA NEWS
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Greenville County Residential Permits Drop 44%

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County’s residential building permits drop 44 percent

April 29, 2008

Residential building permits in Greenville County fell more than 44 percent in the first three months of this year, reflecting the housing market’s struggles but not necessarily weakness in the local economy, experts said today.

A report released today from The Market Edge, a Knoxville, Tenn.-based firm that tracks residential and commercial building trends in the Southeast, showed housing starts in the county dropped 44.3 percent in the first quarter of 2008 compared with the first three months of 2007.

Bruce Yandle, dean emeritus of Clemson University’s College of Business and Behavioral Science, said what’s happening in Greenville is true nationwide.

Still, “In terms of employment growth, it’s growing at a much more rapid rate than the nation,” he said.

“The housing sector is certainly slow and is going to be slow for some time. Aside from that sector, the economy seems to be doing rather well.”

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Berkeley County Nabs $1 Billion in Corporate Investment in 2007

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Berkeley County: The Lowcountry’s boom town

April 28, 2008

By Molly Parker

In the history of South Carolina, only twice has a county nabbed $1 billion in corporate investment in a single year.

Both times it was Berkeley County.

In 1995, Nucor Steel moved in and BP Global expanded its plastic materials operation.

In 2007, the county announced a major coup in securing a Google data processing center, and just a few months later DuPont announced it would expand its current site near Cypress Gardens on the Cooper River to include a Kevlar manufacturing facility.

“This business is a team sport,” said John Scarborough, who during this interview in mid-

April was the county’s economic development director. He resigned shortly thereafter under political pressure.

“Nobody does it by themselves. It takes a County Council with some vision and trust in what I do to let me make deals and back me up on them,” he said. “It takes an administration in the county that is willing to go to council and say, ‘Here’s what we need; this may be a bit unusual, but can we get it done?’”

Google and DuPont marked the county’s largest corporate investments, the two alone pushing the county over the billion-dollar mark, but there have been others coming in as well.

The county has pulled in such names as Belimed Inc., Associated Container Sales, Pegasus Steel and Nationwide Express. An additional 921 jobs were added to the rolls in 2007 with a combined $41 million in salaries.


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Property Tax Reform Slows Commercial Property Sales

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Property tax reform slows real estate sales

April 29, 2008

By Molly Parker – Charleston Business Journal

California businessman Ray Ruaif says he’ll think twice before making another major investment in South Carolina.

Earlier this year, he closed on a $2.2 million shopping center in Summerville, only to find out later that his property taxes will be a lot higher than, probably close to double, what the previous owner paid.

That’s because the new state tax law created to ease the burden on property owners in rapidly appreciating areas does the complete opposite when real estate changes hands.

As of January 2007, all property that is sold is reassessed the following year and taxed based on the full sale price regardless of when the sale falls in a county’s five-year reassessment cycle.

Further, there is also no limit on how much the sold property can increase in value for the purpose of taxation, even though the law arbitrarily caps property value increases at 15% for all real estate that does not change hands.

Big bang
“When (new buyers) get their tax bills later this year, there will be a bang like you’ve never heard it,” Ruaif said.

Investors and commercial and residential real estate agents are clamoring to the General Assembly to rewrite this particular element of the law, arguing it is dragging down home sales and altogether halting some commercial deals.

In early April, state Rep. Bill Cotty, R-Columbia, introduced legislation aimed at addressing the point-of-sale flap. The measure, H.B. 4942, would keep properties on the tax rolls until the regularly scheduled county reassessment, and extend the 15% cap to all properties regardless of whether they are sold.



While much the increased tax burden on Mr. Ruaif’s shopping center will be passed through to the tenants, it will likely cause a higher vacancy at some point. The tenants will simply relocate to a center offering lower overall occupancy costs. I am pleased to see the Legislators addressing the problem.
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Greenville Approves Land Sale To Peacock Hotel Developers

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City OKs land sale to Peacock Hotel developers

April 28, 2008

By Ben Szobody – Greenville News

City Council unanimously gave initial approval tonight to the sale of 242 square feet of downtown public right of way at McBee Avenue and Spring Street to The Peacock Hotel and Spa LLC, developers of the $65 million luxury corner project that’s currently on hold.

Gilbert Patrick, president and general manager of the future hotel, told council members that developers are still hunting bank financing. They “found some interest” in the last week, he said, but it could be next year before agreements are complete. ¶

Construction on the hotel, condo and restaurant project was halted in January, leaving concrete pillars, vertical rebar and a fixed crane on the site, as the national credit crisis cost developers Grant Peacock and Mark Kent anticipated financing. ¶

City Manager Jim Bourey said the proposed sale of public land for $14,704 indicates that developers are still interested in going forward, though not immediately.

The project will include sidewalk dining, Bourey said, which usually involves an easement that allows restaurants to put tables on public sidewalks. In this case, he said developers are concerned about corner street traffic and want to build a wall for diners’ protection.

With that scope of work, Bourey said he believes the developers should own the property, leaving some right of way for public pedestrian use.

Mayor Knox White asked to see more detailed drawings to make sure there would be plenty of corner pedestrian space.

The city has also earmarked $475,000 for streetscape improvements in connection with the Peacock development in a recently approved capital budget, including a street reconfiguration for a hotel drop-off area.

Tonight’s ordinance says the developer agrees to construct a project of at least $50 million, construct the streetscape improvements and keep the city posted about the construction crane in the event that it remains on the site longer than 14 months. If the developer doesn’t complete the project within three years, the city can repurchase the slice of right of way for the same price, the agreement says.

The city-funded streetscape improvements include lights, new sidewalks, a planter island and street furniture.

The council’s approval vote was unanimous.

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Charleston Commercial Development Slows

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Area commercial development slows down

April 28, 2008

By Katy Stech – The Post and Courier

When the residential real estate market catches a cold, the commercial market sneezes.

The latest office market statistics from Grubb & Ellis/Barkley Fraser show that some local office landlords are facing challenging times. The areawide vacancy rate crept up to 17.7 percent during the first quarter, an increase of about 2.9 percent compared with the same period last year.

Downtown Charleston and Daniel Island aren’t feeling the effect as much as other areas such as Mount Pleasant (up 6.4 percent), West Ashley (up 3.9 percent) and North Charleston (up 4.6 percent).

As a result, landlords are rolling out incentives, and tenants are asking for shorter leases because of the economic uncertainty, said Jeremy Willits, the firm’s senior vice president and principal of office services.

“Demand for office space is down. There’s no question about that,” he said.

The good news is that developers have responded and slowed their building pace. Also, smaller lease transactions still are strong, partially because some companies want to downsize.

Growth ensures that the long-term market’s prospects are healthy, Willits said, but the current residential slump will have to ease before vacancy rates return to normal.

“You can’t pretend that we don’t have a problem here — we do,” he said. “But I’d much rather be here than somewhere in the Rust Belt of the Northeast,” he said.

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Bluffton Developer Sued Over Flooded Lots

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Lawsuit on Hampton Hall lots isn’t moving for now but the dirt is

April 28, 2008

By LIZ MITCHELL – The Island Packet

About nine months after three Hampton Hall lot owners filed a suit claiming that lots they’d bought couldn’t be built on, the case is still on hold.

In the meantime, the only thing that’s moved is tons of dirt.

On a cul-de-sac off Normandy Avenue, several lots sit as much as 4 feet below the elevation of the road. Last week, truckloads of fill dirt were brought in to make three of the lots level with the road. The lots being filled are owned by Hampton Hall LLC, the developer.

Right next door are two lots in a wooded area that overlooks a lagoon. One is owned by Jerry and Elizabeth Iacavone.

The other is owned by Chaz Bartucz. The Iacavones and Bartucz said they bought their lots for about $200,000 each before the road and lagoon were there.

After the road was put in, their lots and the others flooded when the lagoon overflowed. Water was trapped between the lagoon and the road’s bank. A letter from the past president of Hampton Hall Property Owners stated that the engineering company, Thomas & Hutton, constructed the lagoon nearly 2 feet lower than planned, causing water to drain into adjacent lots.

In their lawsuit, the Iacavones and Bartucz claim their lots are unfit for building because they need to be brought up to the level of the road. They also claim the developer knew they would need to be filled and didn’t disclose that before selling them the land. The suit also names Hampton Hall’s realty and engineering companies.

Hampton Hall LLC’s lawyer, Douglas Novak of Vaux and Marscher, could not be reached for comment. He filed a motion to dismiss the case in September. A judge has yet to rule on that motion.

Susan Brach, the lawyer representing the landowners, said the case has been delayed because of a backlog in court.

Bluffton issued permits to Hampton Hall before the town’s new stormwater ordinance was on the books, so the developer is not required to fill in lots whose elevation is below the road. Jeff McNesby, Bluffton’s environmental protection director, said the new ordinance requires lots to be a foot above the road to ensure houses don’t flood and stormwater flows correctly.

The current president of Hampton Hall Property Owners, Chris Gaffney, called The Island Packet to say he disagreed with the lot owners who say their property is unsuitable for building without fill dirt.

Jerry Iacavone said that to build on his property, he would need up to 200 truckloads of dirt, which would cost about $30,000. The developer offered to do the job, but that would mean clearing out all the trees, brush and vegetation on his lot, surroundings Iacavone doesn’t want to lose. The developer also offered to let him trade lots.

But Iacavone said he doesn’t want to swap.

“Originally, all we asked was for them to buy the property back,” Iacavone said. “We were willing to walk away. … Now we want full damages.”

The lot owners continue to pay property owners’ dues and taxes for their lots.

“Our properties are worthless right now,” Bartucz said. “Even if I wanted to sell it, I can’t even do that.”


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Building Boom on Clemson Campus

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Building boom on Clemson campus
Parking loss becomes an issue

April 28, 2008

By Anna Simon – The Greenville News

Orange tape fluttering in the breeze on the Clemson University campus is a sign of coming summer construction and parking loss.

Work has started on a $7 million Institute of Packaging Design and Graphics building next to the Fluor Daniel engineering building. The facility will provide teaching labs, offices and classrooms for the Packaging Science and Graphic Communications departments and should be completed in December, said Bob Wells, chief facilities officer.

Work started in February on a $11.5 million Rhodes Hall Annex scheduled for completion in April of 2009. The approximately 30,000-square-foot annex will provide space for research, teaching labs and classrooms for Clemson’s bioengineering department.

Two projects are wrapping up: an Earle Hall High Bay conversion that turns unused space into another floor of offices, labs and work spaces is targeted for completion in mid-August, Wells said. Work on a chilled water plant behind Earle Hall also should be complete by then.

Work on the second phase of the Memorial Stadium West End project is expected to start this month. Work will span the 2008 football season but shouldn’t impact game day activities, Wells said. The West Zone will remain open during construction of the $16 million project that includes coach’s offices, administrative spaces, and strength and conditioning, training and equipment room expansion.

Within the next couple of months work will start on a Rotunda in the President’s Park on the end of the park near Sikes Hall. The roofed, circular gazebo-type structure, designed for open-air events, is the Golden Anniversary project of the Class of 1957 and should be finished by fall.

Site work should start in August on a $50 million Bioscience/Life Sciences building, an Academic Success Center south of the library and possibly a Fenow Street Cafe expansion.

Campus growth means less central parking. The 90,000 100,000-square-foot Bioscience/Life Sciences building will take up a chunk of a parking lot by the Poole Agriculture building. In addition, the Rhodes Hall annex has taken out a parking lot near the library.

While some of the other construction will impact parking temporarily, the bottom line will be a permanent loss of about 463 parking spaces, said Geary Robinson, director of parking services.

The loss of coveted parking close to the central campus will be offset by changes to bus routes.

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Grubb & Ellis Provides Outlook on Healthcare Properties

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The underlying economic and demographic trends driving demand for healthcare properties from both users and investors are compelling. In this report, review the market drivers and get an in-depth look at healthcare properties by sector.

Download the PDF report here:

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Condo Developer Battles Investor Purchasers

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Buyers battle with developer in court
Lawsuits focus on contractual issues

April 27, 2008

By David Wren – The Sun News

This area’s softening condominium market has sparked a legal battle between Anderson Ocean Club’s developer and prospective buyers who are trying to cancel their contracts and get back their deposits.

At least 18 buyers have sued Strand Capital Group since November because the developer will not let them cancel their contracts. Most of those buyers say they cannot get financing in today’s credit crunch for units they signed up to buy two years ago.

Strand Capital has filed at least seven more lawsuits trying to force buyers to go through with their purchases.

Patrick Lowe, a partner in Strand Capital, said the real reason many reluctant buyers don’t want to close on their units is that they won’t be able to make money flipping them in the current market slump.

“There are two types of customers – those who want the property and those who are speculating,” Lowe said. “You have some wealthy investors who have the [financial] capability, but refuse to close because they don’t really want the property for personal use.”

Strand Capital is researching the financial condition of every person who signed a contract but does not want to close. If that research shows a reluctant buyer can qualify for a mortgage, Strand Capital will take them to court to enforce their contracts.

“We have given back deposits to folks when we believe they deserve their deposits back,” said Loyd Daniel, Strand Capital’s managing partner. “There are others that we continue to talk to. There is a legal system we will all go through if we disagree with the buyer.”


Categories : Myrtle Beach
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Myrtle Beach Condo Tower and Lender Struggle

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Condo tower feels bite of slumping real estate

April 27, 2008

By David Wren – The Sun News

The collapse of the Grand Strand’s condominium market has left a long line of people on the hook: developers who are stuck with empty units they can’t sell; buyers who are desperate to get out of their sales contracts; banks that loaned millions of dollars for projects that now are struggling; and stock market investors who have seen bank shares plummet.

The economic pain has been widespread, felt by even this area’s strongest developers and established banks.

Such is the case with the Anderson Ocean Club condo project in Myrtle Beach and Carolina First, the bank that loaned $30 million to build that oceanfront tower.

Strand Capital Group, the condo tower’s developer, has a long history of successful Grand Strand projects and Carolina First is part of South Carolina’s largest banking company, The South Financial Group.

Neither, however, have been immune to the Grand Strand’s steep real estate decline……….


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