The Riviera ~ Luxury condos stalled on financing

The future of The Riviera, an ultra-lush condominium project planned in Myrtle Beach, is up in the air.

• Construction hasn’t started on the property, which was the former site of the historic Ocean View Memorial Hospital.

• Plans for the The Riviera were announced a year ago, and construction was scheduled to begin in January at the site along Ocean Boulevard at 77th Avenue North.

• Property owner and developer Danny Bost said he wouldn’t give details until he released a plan for the property.

The Baroque-style condominium’s architect Tom Pegram said the owner is working to get financing to build the upscale project.

• Project marketer Michael King, of King One Properties, said he’s no longer promoting The Riviera and doesn’t know what the plans are.

• The 7.5-acre site was planned to be transformed into 116 large luxurious condo units ranging from $800,000 to $2.5 million and surrounded by formal gardens.

Developers had said the old-world design was chosen to give Myrtle Beach an iconic building because locals have mourned the loss of the Ocean Forest Hotel ever since it was demolished in 1974 and replaced with condos.

• Signs on the property still advertise The Riviera. The project’s Web site leads to a general site on Myrtle Beach real estate and doesn’t give details on the project.

The Riviera was at least the second condo project planned for the former hospital site. The 112-unit Venice failed six years ago because developers couldn’t sell enough units. That project, like the Riviera, was aimed at wealthy, permanent homebuyers.

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