Myrtle Beach City Council, today, voted to purchase two historic residential homes located between Ocean Boulevard and Highway Business 17.
One home was the actual residence of Daniel and Mary Nance. Nance lived in the home until the time of his death in the 1970’s.
“Granddaddy was one of the original five that signed that charter for Myrtle Beach, back in 1935 I think it was, and both of them have done so much for the town of Myrtle Beach,” said David Watts, grandchild of Daniel and Mary Nance.
Nance Plaza, where the Grand Strand Brewery operates (at no charge), was named after Daniel and Mary.
What Does This Purchase Mean? What’s the big picture plan? See Video Here
Using comps, we spell out in the video, that the city is paying 43% above market for these two residential properties. The Prescott family purchased the Aquarius motel on 10th Avenue for $75 per square foot in late 2020. These two residential homes are being sold at $143 per square foot.
The City of Myrtle Beach was the only area that saw residential prices decline in the last 12 months.
Merchants in that area are now asking if the city is unintentionally driving prices up artificially among residential listings for that corridor.
MERCHANTS OR CITY FIRST
A common complaint from city officials is that the business community refused to lead so the city had to.
The merchants, however, say they fear making investments because the city is predatory picking winners and losers inside the city limits. “Unless you are a city preferred merchant, there is no point in buying,” they say.
Regardless, the city has made a total $16.95 million bet on behalf of city taxpayers.
WHO IS RUNNING THE SHOW?
Typically, downtown investments are spearheaded by a group of business investors, who are then supported by city government. The city is all in, and appears to be acting alone, on this.
In the past B&C had its hands tied with the property formerly known as the Myrtle Beach Pavilion. It became impossible for the developer to act with the “eye sore” just south of it.
The city is now purchasing and will be bulldozing those “eye sore” properties.
As Myrtle Beach is now on the hook for almost $17 million, could the city now find itself held hostage by B&C?
WALKABILITY STUDIES
Walkability Studies done by Myrtle Beach City Government indicate the city wants to close Ocean Boulevard heading south to 7th Avenue North. This key piece is vital to a downtown waking area that runs back to the Grand Strand Brewing Company.
Traffic from the new Highway 501 going directly down current 7th Avenue North to Ocean Boulevard, would only be allowed to turn south onto Ocean Boulevard.
Highway 501 heading north would be directed onto Highway 17.
TOO MANY CHIEFS
As we explain in the video, the downtown redevelopment effort has three different groups working this one issue.
- The Myrtle Beach Downtown Alliance – a private, public partnership working alongside the city.
- The City of Myrtle Beach itself – it is unclear if these purchases were done in coordination with the Myrtle Beach Downtown Alliance. It appears they were not.
- The Myrtle Beach Area Chamber of Commerce: The Partnership Grand Strand Campaign Leadership Council and co-chairs Michael Benson, president of Coastal Carolina University and Clay Brittain, chairman of the board of Brittain Resorts & Hotels will launch the effort of the campaign kickoff this Thursday at 9 a.m. at the Myrtle Beach Convention Center.
Will this top down, big government, command economy effort work?
Only time will tell. See what the comprehensive, loosely planned end looks like in the video above.