The City of Myrtle Beach released the masterplan to its multimillion dollar downtown re-development this week.
The Arts and Innovation district re-work includes: making Oak Street the main corridor of the district, terminating Broadway Street at 8th Ave. North, realigning highway 501, as well as, putting in a new plaza in the district.
Here’s a map showing the new streets and street alignments planned in Myrtle Beach’s Arts & Innovation District. This work is expected to get underway next April. Oak Street becomes the through-street. Broadway Street will stop at Eighth Avenue North.. https://t.co/2ILyx8PSJW pic.twitter.com/A2PSaysMDp— City of Myrtle Beach (@MyrtleBeachGov) November 14, 2022
The city has already spent towards $100 million acquiring property that runs from 7th Avenue North to 8th Ave North from Ocean Boulevard to Highway 17 business.
American millennials, aged 26 to 41, could possibly be the focused target group for these downtown re-designs. The City of Myrtle Beach has never publicly addressed their target audience intentions for these changes.
A Move Away From Capitalism
Efforts to create more private-public downtown business models are clear. The City of Myrtle Beach is moving away from traditional capitalism and more towards private-public business models where new businesses actually partner with the city in revenue sharing.
Some models already in place with this re-design include:
- The Myrtle Beach Area Chamber of Commerce 1% TDF business model.
- The Downtown Grand Strand Brewing Company on city owned property.
- Lanier Parking working with the city downtown.
More public-private business arrangements are in the works. The city is currently looking for an investor property to partner with a business model on its newly acquired city block downtown just off the ocean.