The world’s first Hard Rock theme park is ready to begin construction after financing for the $400 million project was clinched this week, investors announced today. The park plans to open at Fantasy Harbour in April 2008.

The proposed Hard Rock Park, in the works since 2003, hit the bond market two weeks ago with $255 million worth of bonds to sell under a speculative, but stable, rating from Moody’s Investors Service. HRP Myrtle Beach Operations LLC, the theme park developers, had about 17 percent of the initial capital costs, about $62 million, before selling the bonds. That includes the land, which is worth about $25 million.

The Hard Rock Park will have more than 40 themed rides, shows and attractions. Developers say the park will be set up in six zones “celebrating rock’s culture, lifestyle, legends and irreverence.

Source; Staff writers, The Sun News, Myrtle Beach, SC

Redevelopment Trends

Six golf courses closed on the Grand Strand in 2005 and another seven have announced plans to close. Recent closures and announcements would bring the number to 14 courses to close in less than three years and more in the works.

The golf course redevelopment underway in Horry County is a direct result of booming real estate sales following the over-saturation of the golf course market. And this trend may keep going as long as the red-hot sales market continues.

Master Deed Protection

In a golf course community, where the houses and the golf course are part of the same planned development, with master deed restrictions, the homeowners have protection to prevent redevelopment. Tidewater Golf Club and Plantation in North Myrtle Beach is one such integrated community. In order to change the master deed, a large majority of homeowners would have to agree to an amendment.

Issues Involved

• Profitability,
• Courses’ design or layout and location
• Owners’ desire to be in the golf course business
• Property deed restrictions
• Existing zoning of the course and its surrounding parcels

Some Examples

Bay Tree - Centex homes, the developer of the Bay Tree redevelopment project, has taken care to include in the planned development district open green spaces, ponds, walking trails, sidewalks and other amenities that will benefit the residents of the redeveloping subdivision. Although it will have numerous features which will make it a nice community, a golf course won’t be one of them.

Burning Ridge in Conway – the homes align both sides of the fairways on the course. Redevelopment would be less of a draw since the open tracts of land are not as large. The layout makes it more difficult to accommodate the area needed for roads, set backs and open space requirements.

Redevelopment Potential

Azalea Sands, Possum Trot and Beachwood golf courses in North Myrtle Beach have key potential for development. The North Myrtle Beach Comprehensive Plan acknowledges this potential, noting that the three courses comprise more than 400 acres of land.

Source: “A closer look at golf course redevelopment” - By Bonnie Pollock
Date 2006/3/30 14:27:08 | Topic: North Myrtle Beach Times

North Myrtle Beach City Council members want to make sure a proposed project – North Beach Plantation – provides public benefits, such as parking, to the community.

Earlier this month, the city’s Planning Commission voted in favor of the developers’ request to rezone the property from mobile home residential to planned-unit development.

Gary Loftus, director of the Coastal Federal Center for Economic and Community Development at Coastal Carolina University, reported that the project could add more than $1.5 million to the city’s annual budget.

Developers are looking to build up to 1,000 single-family and multifamily homes, a deli, coffee shop, upscale boutiques, office and retail space, and resort amenities, including 2.5 acres of swimming pools.

The oceanfront towers and homes will go on the 56.4-acre property on 48th Avenue South. Developers are proposing up to 425 units on the oceanfront, with a maximum height of 216 feet for the oceanfront towers. An additional 575 units would be on the inland portion, with a maximum height of 170 feet.

Source: Janelle Frost, The Sun News, Myrtle Beach, SC

Barefoot Resort Yacht Club Villas LLC received bankruptcy court clearance to close on 35 more condominiums, despite objections from its partner, Premier Resorts International Inc., according to TheDeal.com.

On March 20, Chief Judge John Waites, in U.S. Bankruptcy Court for the District of South Carolina, granted Barefoot the right to close on about $25 million in condo sales. Premier and its affiliates had objected to the sale, and the sale of more than 100 other units, saying Premier is entitled to half of all sale proceeds as the buildings’ managers.

The judge overruled Premier’s objections, allowing Barefoot to proceed with plans to sell all 145 condominiums.

The court initially approved the sale of eight condos on Feb. 24 and another 63 on March 15.

Barefoot filed for Chapter 11 on Feb. 21 after Premier filed a breach of contract lawsuit against it in Horry County’s Court of Common Pleas.

Premier was objecting to all future condo sales until Barefoot filed a master deed. Premier also wants the court to dismiss the petition if Barefoot opts to reject the contract. Barefoot is disputing Premier’s $50 million claim.

Barefoot listed $69 million in assets and $60.98 million in debt in its filing.

The “North Beach Plantation” project at the former Barefoot Camping Resort in Windy Hill section of North Myrtle Beach is now accepting pre-construction reservations for oceanfront towers.

Developers are proposing up to 425 units on the oceanfront with an expected completion date in the summer of 2008.

One bedroom to five bedroom units beginning at $494,900-$1,890,000. $10,000 is required to hold each reservation.

10-15% required when reservation goes to contract June-July this year approximately.

The “North Beach Plantation” project will include oceanfront towers and single-family homes. If approved as is, the project will be the largest oceanfront development in North Myrtle Beach.

Barefoot Partners LLC, which now owns the 56.4-acre property on 48th Avenue South in the city’s Windy Hill section, wants to build up to 1,000 single-family and multi-family homes, restaurants, office and retail space, and a wide variety of resort amenities on the property, including a 2-acre waterpark.

For more information contact Barbara Chartier directly by phone 843-902-0204 or email barbara.chartier@gmail.com .

International Paper is selling two tracts of land - 18,231 acres in Brunswick County, N.C., and 25,667 acres in Marion County - to The Conservation Fund and The Nature Conservancy in a deal that includes 218,000 acres of forestland in 10 southeastern states.

The two nonprofits said they picked the most environmentally sensitive parcels they could find among millions of acres that the world’s largest paper company is looking to sell as part of its plan to shrink its business and boost profits.

The tract in Marion County, which borders Horry and Georgetown counties, is at the intersection of the Pee Dee River and Little Pee Dee River and serves as a critical migration corridor for birds, said Jena Thompson, The Conservation Fund spokeswoman.

This tract is expected to be transferred to the public in two to five years, Thompson said.

In South Carolina, Gov. Mark Sanford signed revenue bonds Tuesday as a first step toward the state acquiring its share of the land.

Sanford praised the opportunity to place forest land in protection on such a large scale.

Source: Jenny Burns, The Sun News, Myrtle Beach, SC
with The Associated Press

An affordable housing fair will be held at Coastal Grand Myrtle Beach mall April 29 from 11 a.m. to 4 p.m. Visitors can get information on first-time homebuyer loan programs, down payment assistance and credit counseling.

Real estate agents will have listings available for $150,000 or less, and lenders will be available.

Skyrocketing home prices on the Grand Strand have left many unable to buy a home.

The median price for a home - meaning half sold for more and half for less - was $190,000 in February, up 9 percent from February 2005 when it was $174,950, according to the Multiple Listing Service.

Organizers hope the fair will give first-time homebuyers the information they need to find an affordable place. There will be free kids activities and speakers.

Source: Jenny Burns, The Sun News, Myrtle Beach, SC

After three years of service, Myrtle Beach’s Hooters Air will cease its public charter flights April 17 and will run only private charters out of Winston Salem, N.C.

Bob Brooks, the airline’s founder, and its president, Mark Peterson, said Hooters Air will serve large groups such as sports teams and tour groups, which was the original business model for Pace Airlines. Brooks acquired Pace in December 2002.

Hooters Air’s departure could affect prices at Myrtle Beach International Airport and that means fewer flights for local residents and tourists.

“There is no good news to reduction of air service, particularly direct flights,” said Brad Dean, president of the Myrtle Beach Area Chamber of Commerce. “In the case of Hooters, there’s a double whammy. Fewer flights mean fewer people coming to the destination.”

And losing the low-cost airline could translate into an increase in ticket prices, Dean said.

Other airlines will likely pick up the slack, said Bob Kemp, director of Myrtle Beach International.

Source: Kathleen Vereen Dayton, The Sun News, Myrtle Beach, SC
with staff writer Garrison Wells

The Ripken Experience — Myrtle Beach, a one-of-a-kind youth baseball complex with major league quality facilities, remains on schedule for its planned June opening. Participating teams will stay in Myrtlewood Villas, located in the heart of Myrtle Beach and less than two miles from the Atlantic Ocean.

The Ripken Experience will be one of the nation’s top youth sports facilities featuring six youth and three regulation size baseball fields, each modeled after one of the game’s historic parks, including the Polo Grounds, Comiskey Park and Forbes Field.

In addition to the fields, the complex will include a three-acre Training Island, a practice facility that will allow coaches to drill their team in all facets of the game.

The Ripken Experience will host week-long tournaments during the summer and weekend tournaments in the fall. Teams from 21 states have already committed to participate in the youth tournaments, which will cater to youth between the ages of 10 and 18.

The Ripken Experience players will have just as much fun off the field as they do on it. Players will receive all-access passes to many of the Grand Strand’s top attractions, including NASCAR SpeedPark, Pavilion Amusement Park, Myrtle Waves Water Park and Dragon’s Lair Miniature Golf.

For current listing information on Myrtlewood Villas see Barbara Chartier’s webpage or contact Barbara directly by phone 843-902-0204 or email barbara.chartier@century21.com .

Thirty-five Myrtle Beach courses were named to the “100 Must-Play Courses of the Carolinas” list which was published in the inaugural issue of GolfStyles Carolina.

The magazine’s editorial staff selected 100 public-access courses in the Carolinas that they felt golfers should experience during their lifetime.

The Dunes Golf and Beach Club is the Grand Strand’s lone entry in the top 10 at No. 8.

Other Strand courses on the list are Caledonia Golf & Fish Club (17), The Reserve Club (18), Tidewater Golf Club and Plantation (19), Members Club at Grande Dunes (31), True Blue Plantation (33), Grande Dunes Golf Course (35), Wachesaw Plantation (37), Barefoot Resort Dye Club (44), Barefoot Resort Love Course (45), TPC of Myrtle Beach (49) and Barefoot Resort Fazio Course (50).

Source: Alan Blondin, The Sun News, Myrtle Beach, SC

Press Release: Harbourgate, located on the Intracoastal waterway, Sea Mountain Highway and Old US 9, near the swing bridge in North Myrtle Beach, is for those wishing to seek a more peaceful lifestyle close to wildlife and with boat access.

This 108 unit, $25 million waterfront condominium community offers covered parking, an on-site pool and beautiful waterway and marina views, as well as giving the owners an opportunity to purchase a boat slip — availability and pricing to be announced soon. The luxury condos are fully furnished and range from 1 bedrooms at 565 sq feet to spacious 3 bedroom villas with 1340 sq feet of living area.

The Harbourgate Resort is planned and built around the luxurious Harbourgate Marina in North Myrtle Beach. The Marina gives a one-of-a-kind appeal, with shower/bath facilities, a restaurant with outdoor dining and a tiki bar, and rentals of jet skis, boats, charter fishing, and boat rides for visitors and tourists. Harbourgate Marina has 100 boat slips and furnishes electricity, cable, and water on all docks. Boaters and vacationers will enjoy an entirely different side of Myrtle Beach in this unique resort.

A handful of units are available for resale at this time, and still at preconstruction pricing. Owners should have living access on or around May 1st and will enjoy the summer of 2006 in a wonderful new kind of vacation sanctuary.

For more information, contact Barbara Chartier at 843-902-0204 or barbara.chartier@century21.com

Other factors beyond crime have hindered development in Atlantic Beach in recent years:

• Oceanfront lots were owned by individual families who did not want to work with their neighbors on condo projects or other developments.

• More than three-fourths of the town’s land owners don’t live in Atlantic Beach, according to Horry County property records. That means a majority of property owners can’t vote in town elections and have limited say in the decisions made by town government, including how development will occur.

• The ineffective town government - marked by a revolving door of town managers, including three in the past year - struggles to pay its bills and has thwarted previous development plans.

• A distrust of outsiders, particularly white-owned development groups, according to previous town managers such as Carolyn Montgomery and Charles Williams.

Atlantic Beach, which is surrounded by North Myrtle Beach and the ocean, was established in the 1930s as a place where black tourists could visit the oceanfront during segregation. Black entrepreneurs opened hotels, restaurants and shops in Atlantic Beach in the ensuing years, and the town received its municipal charter in 1966.

Some residents today say development plans presented by white business owners would erode the town’s culture and history.

Kelly - whose father was a founding member of the Atlantic Beach Co., which established the resort area in 1934 - scoffs at that notion. Kelly is one of the biggest proponents of working with developers.

“These people who talk about history don’t own property here, they haven’t been here since the beginning,” he said. “Atlantic Beach is my family’s history, and I want this place to be so much more than it is right now.”

Source: David Wren, The Sun News, Myrtle Beach, SC

Private development and multimillion dollar investments soon could accomplish what Atlantic Beach officials and police have not been able to do in decades - transform the four-block town, clean up the blight and drive illegal drug sales and prostitution away.

Since July, out-of-state developers have been buying oceanfront lots for large condominium projects, and local developers are working with a longtime Atlantic Beach family on other projects.

Among the plans:

Marathon Development Group of Norfolk, Va., wants to build 400 condos on five oceanfront lots it bought for $6.05 million in July.

La Casa Real Estate Development LLC of Winston-Salem, N.C., wants to build 300 condos and a parking deck on four oceanfront lots and a second-row lot it bought for $4.5 million in October.

Myrtle Beach developer Strand Capital Group is working with Mike Kelly, whose family helped establish Atlantic Beach in the 1930s, on a 141-condo project called Pearl Villas that would stretch from the oceanfront to the second row.

Kelly is also working with Myrtle Beach developer David O’Connell to build 10 beach cottages on five oceanfront lots, three owned by Kelly’s family and two purchased by O’Connell in December and January for $1.725 million.

Smaller companies with solid track records are buying property blocks away from the beach for condos, homes, restaurants and offices.

Millions of dollars worth of projects are scheduled to start in the next year, transforming the town’s now-vacant oceanfront. Developers say that kind of money won’t put up with the crime and blight that have plagued the four-block town to varying degrees in the years since desegregation.

Source: David Wren, The Sun News, Myrtle Beach, SC

The proposed Hard Rock theme park, the first one to be branded with the popular rock ‘n’ roll name, hit the bond market this week with $255 million worth of bonds to sell under a speculative, but stable, rating from Moody’s Investors Service. The park plans to open at Fantasy Harbour in April 2008.

The ratings, assigned by Moody’s on Thursday, show risk in the investment, but express confidence in the theme park’s ability to generate enough money to pay off the debt long term, fueled by Myrtle Beach’s popularity as a destination and the value of using the recognizable Hard Rock brand.

“In Moody’s view, Myrtle Beach’s position as the fourth-ranked destination for overnight leisure visitors in the United States and the top destination for golfers, combined with few other entertainment options aside from visiting the beach, provides a solid base of attendees for the Hard Rock Park,” the ratings agency wrote.

The Hard Rock theme park will have more than 40 themed rides, shows and attractions.

Source: Dawn Bryant, The Sun News, Myrtle Beach, SC

The millions of visitors who flock here from along the East Coast each summer will see changes when they return in the future - a shopping district and thousands of upscale homes just a few blocks from the ocean on what used to be the Myrtle Beach Air Force Base.

About 14 million visitors come each year to the Grand Strand, the 60 miles of beaches from Georgetown to the North Carolina state line. The largest percentage come from neighboring North Carolina followed by New York, Pennsylvania, Ohio and Virginia, according to the local chamber of commerce.

“It’s interesting times,” said Brad Dean, the chamber’s president and chief executive. “The new development at the old base “will raise the profile on residential development but also offer the opportunity for higher end retail and other amenities we don’t offer throughout the Strand.”

The upscale development “could really help the Grand Strand in bringing more visitors here year-round,” he said.

Source: Bruce Smith, Associated Press