Dec
17

Myrtle Beach CRE Market Rebounding

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Loyd Daniel, founder of Strand Capital Group, said his company bought the land five year ago for the new oceanfront lodging tower it recently started building, but local market conditions and the economy wouldn’t support the project before now.

In 2007, the company completed Anderson Ocean Club, another oceanfront highrise, but had 200 units unsold when the building opened. In May 2011, Strand Capital sold the remaining 152 units in the building to Hilton to market as a vacation club, or timeshare, and the success of that has led to the new building.

The 24-story, 308,000-square-foot Hilton Grand Vacations Club is one of the developments people point to when they talk about the pockets of commercial real estate activity along the Grand Strand now. Others include the 348,000-square-foot Coastal North Town Center in North Myrtle Beach and The Jackson Companies’ redevelopment of the land across U.S. 17 Business from Ocean Lakes Family Campground.

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