Jul
02

116-Condo Luxury Tower Project Gains MB Go-Ahead

By
Investors bet that sales will perk up soon

Jul. 02, 2008

By Lorena Anderson – The Sun News

A swank condo project at 77th Avenue North and Ocean Boulevard in Myrtle Beach that languished for more than a year and a half with no financing is now moving forward.

Developers received their building permit Monday for The Riviera: an exclusive, gated, 116-condo tower they hope will attract upscale buyers to units as large as 4,900 square feet that could sell for as much as $2.5 million.

The Concord, N.C.-based Riviera Myrtle Beach LLC group is behind the project, but who’s behind the corporation?

Partner Joe Untz declined to say.

Michael King, who marketed the project a year and a half ago but is no longer involved, said he understood the $130 million project involves a large conglomerate of investors.

“It’s a pretty bold action to go ahead and build assuming that by the time it’s done, the market will have turned around and people will be ready to buy,” said architect Tom Pegram, who drew the building’s plans.

The Riviera project stalled when developers didn’t get the 75 percent presales that banks usually require. Construction had been scheduled to begin in January 2007 on the 7.5-acre property that used to house the city’s Ocean View Memorial Hospital.

In 2000, Pegram said, plans were drawn up for a 112-unit tower called The Venice, aimed at wealthy, permanent home buyers. But that project failed because developers couldn’t sell enough units.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.myrtlebeachonline.com/news/local/story/506107.html

BLOG NOTE:
.
Interestingly, I prepared a highest and best use study on this site in 1988 or 1989 (a long time ago). It has sat vacant since. I concluded that the market wouldn’t support the high-rise back then…………
.
MBD

Be Sociable, Share!
    Categories : Myrtle Beach

    Comments are closed.