Archive for Myrtle Beach
Crews had aimed to start work on the 14-story Homewood Suites Oceanfront Resort & Conference Center by the first of June, but that schedule was too tight, said Buddy Lindsay, president of Sonship Hospitality, which is developing the new hotel.
Construction now is expected to start Sept. 1, with the $25 million property scheduled to open Dec. 1, 2014 on the oceanfront at 1805 S. Ocean Blvd. next to the Hampton Inn & Suites, which also is owned by Lindsay’s group.
“This will allow a much more relaxed construction schedule instead of the ‘fast-track’ schedule that we had planned,” Lindsay said in an email.
The upscale grocer, which opened its first area store in Pawleys Island in 2011, plans to move into the spot at 7751 N. Kings Highway in the Northwood Plaza Shopping Center in Myrtle Beach. It anticipates opening late this year, spokeswoman Carly Dennis said.
Fresh Market stores, aiming to create the feel of open European style markets, have old-style butcher shops, a fish market, bakery, produce and floral stands and a deli.
MyrtleBeachOnline.com first reported the grocer’s plans to open a Myrtle Beach store in January after the company appeared before the city’s Community Appearance Board, which must sign off on design, landscaping and sign plans for new development.
Officials with Burroughs & Chapin Company, Inc., have announced that they have finalized their purchase of Barefoot Landing®, the iconic shopping, dining and entertainment center that pioneered the outdoor festival shopping concept along the Grand Strand. Nestled along the Intracoastal Waterway and built in the style of a New England fishing village, the center is located on Highway 17 in North Myrtle Beach, S.C. It is home to more than 100 specialty stores, retail shops and restaurants surrounding a 27-acre lake.
“When it was built, Barefoot Landing broke new ground as a shopping destination, and it remains a major attraction today,” said Steve Warner, senior vice president of capital strategies & investments for Burroughs & Chapin Company, Inc. “We’re proud to be associated with the tradition and history that Barefoot Landing embodies. With the acquisition of this iconic property, Burroughs & Chapin is deepening our commitment to being the market leader in high quality retail and entertainment attractions in the Myrtle Beach area. We believe in the strength of the Grand Strand and its potential for long-term future growth.”
Its conclusions appeared to be just as ominous: the loss of nearly 5,100 jobs; as many as 1,500 homes dumped on the resale market; a 15 percent drop in students attending local schools; unemployment rates topping 20 percent; and an economic loss topping $91 million from payrolls, taxes and other revenues as soon as the Myrtle Beach Air Force Base shut down its operations.
Just as foreboding to many Myrtle Beach area residents was the sense of losing a longtime friend.
“You could never find a better neighbor than the Air Force, it was a great community,” said John Maxwell, a former Myrtle Beach city councilman who helped lead efforts to redevelop the base after its March 31, 1993 closure.
There was an increase in demand for multi-family units in the Myrtle Beach area over the past year. The occupancy rate improved during this time period to 89.7%.
Active construction over the past year occurred at three communities in the Highway 501 submarket.
The average current monthly rent rose to $768 over the past year. Communities in the Highway 501 submarket recorded the highest average monthly rent.
Occupancy and rental rates should experience modest improvements in 2013.
The redevelopment of Pawleys Plaza got final approval from Georgetown County Council this week, but not before several pleas for the county to be mindful of the details.
Pawleys Island Mayor Bill Otis wants the developer, Sunbelt Ventures of Mount Pleasant, to have different elevations of the three main buildings that total nearly 110,000 square feet. He’s worried that a continuous roof line would make it look like a big-box store, which is what the community was so opposed to.
Otis also said the requirement of a Level 3 landscape buffer, which includes trees 3 inches in diameter, is insufficient. He said those trees would look like “matchsticks” in front of a 35-foot tall building. Waccamaw Neck resident Tom Stickler wants the county to make sure Sunbelt builds the homes that are shown on its site plan. A Supreme Court ruling requires Planned Developments to have mixed uses.
Inland Diversified has paid $10.2 million for Landings at Ocean Isle Beach, a 53,220 square-foot retail shopping center located in Ocean Isle Beach, North Carolina.
The Landing at Ocean Isle Beach opened June 10, 2009 and includes a 42,000-square-foot Lowes Foods, 23,000 square feet of additional retail space and six outparcels on about 7.5 acres. The property has an economic occupancy of 95% with 6 tenants, including Domino’s Pizza and East Carolina Bank.
The property owners of 64 acres at Barefoot Resort in North Myrtle Beach want to replace a portion of a planned commercial town center with single-family homes and townhouses.
Their proposal reduces the commercial space to 36.24 acres, with plans to develop the remaining 27.86 into residential. Some Barefoot Resort residents said they are not happy about the possibility of shrinking commercial space for additional houses.
If all goes as planned, The Retreat at Barefoot Village would include 81 single-family houses and 50 three-bedroom townhomes on nearly 28 acres. The remaining acres would be a commercial center, to include shops, restaurants, convenience goods and an outdoor entertainment lawn.
Grand Strand real estate sales jumped during the third quarter, a reflection of how sales continue to increase, particularly for single-family homes, and an indication that people are still interested in relocating to the area, according to local Realtors.
Single-family home sales rose 17 percent July through September compared to the same period last year, according to the Multiple Listing Service. Condo sales rose 10 percent July through September compared to the same three months last year, according to the MLS. Cash sales of houses and condos make up 46 percent of all sales, which is down from 48 percent last year, but still holding strong, said Tom Maeser, a real estate analyst for the Coastal Carolinas Association of Realtors.
“A lot of positive things are happening,” he said. “People still want to buy here. Investors are finding cash to continue to buy, and new construction is up.”
Strategic Storage Trust, Inc. (SSTI), a publicly registered non-traded REIT investing in self storage, has acquired two properties in Georgia and South Carolina consisting of approximately 1,050 self storage units for a total of $11.4 million. The sites add approximately 142,690 square feet to SSTI’s rental storage space and will be rebranded under the SmartStop Self Storage name. The acquisitions are Phase II of a three-phase acquisition of a 16-property portfolio that contains more than 1.1 million square feet and approximately 8,560 self storage units in South Carolina, Florida and Georgia. These two properties include 570 units at 4777 Highway 80 in East Wilmington Island and 480 units at 3015 Ricks Industrial Park Dr. in Myrtle Beach.
Sales of single-family houses along the Grand Strand are up over last year, but prices have dropped nearly $63,000 since they spiked in 2007 because of foreclosures and short sales, according to a new study.
The median sales price of Horry County houses peaked in 2007 at $223,650, and has declined each year since with today’s home price estimated near 2004 levels at $161,000, according to a report from SiteTech Systems, a local company that tracks the real estate market.
The prices began to decline after 2007 when the supply of houses outpaced the demand. Prices were inflated based on an artificial demand, there were relaxed underwriting standards, unemployment was on the rise, and the economy took a downturn, said Todd Woodard, president and chief operating officer of SiteTech Systems of Myrtle Beach. That caused a growing number of homeowners to go underwater where they owe more on the mortgage than the house is worth and resulted in more default and distressed properties, Woodard said.
Grand Strand real estate prices slightly jumped in July, an indication that prices are starting to stabilize, according to local Realtors.
The median price – the price at which half sold for more and half sold for less – of a single-family home was $164,000 in July, up 1 percent from the same month last year, according to the Multiple Listing Service.
The slight increase in price could be because a lot more new houses are being built, and they typically have a higher price than resells, said Tom Maeser, a real estate analyst for the Coastal Carolinas Association of Realtors.
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Clearing was expected to start this week on lots in Litchfield Plantation after the development company last week paid a shortfall in the budget of the property owners association. The move followed 17 months of legal battles between the association and the company.
Development will begin on 21 homes, said John Miller, president of Litchfield Plantation Co.
He bought the company’s assets last year from the plantation’s original developer, Louise Parsons, after the collapse of a buyout effort. That followed a meeting of property owners where the head of the buyout group, Scott Trotter, and his attorney were voted off the board. The new association board filed suit asking the court to declare that the development company no longer has control over the association since it failed to fund a budget shortfall as required by the deed covenants.
The largest shopping center in the Pawleys Island business district is under new ownership. A redevelopment is proposed, but details have not been announced.
Sunbelt Ventures of Charleston acquired Pawleys Island Plaza last week. The center was scheduled to be sold on the courthouse steps next week, but the previous owners, Mickey and Beverly Stikas, transferred the property in a deed in lieu of foreclosure last week.
Sunbelt Ventures bought the mortgage to the plaza in March. The price was not disclosed, but the foreclosure action sought $5.3 million in principal, interest and fees.
“We just took title to it, so it’s happened really quickly,” said Dusty Wiederhold, a managing partner in Sunbelt Ventures. “We worked out a settlement with Mr. and Mrs. Stikas.”