October 11th DRC SHUTS DOWN MEETING WHEN QUESTIONED
Unfounded statement by MB City Manager – “The $100,000 option was negotiated on an unimproved building, while the DRC’s purchase price [$325,000] was negotiated on a building that had been improved, had a usable second floor and had two ongoing businesses in it,” Pedersen told the Myrtle Beach Sun News. “You would expect to pay more for a property that’s been improved as opposed to one that’s almost falling in on itself.”
City records show total improvement costs were estimated at $1,750. Improvements were done by Schiller Property LLC.
Holly Family, LLC purchased the property for only $100,000 from Schiller Property LLC on that same day amounting to a $225,000 immediate profit.
On Wednesday, October 11th, Mayoral Candidate Mark McBride held an 11 a.m. press release at Nance’s Plaza in the Super Block of Myrtle Beach to announce that on March 24, Horry County property records show Schiller Property LLC sold 507 9th Avenue North to Holly Family LLC for $100,000. That same day, and within four minutes time, Holly Family LLC sold it to the Myrtle Beach Downtown Redevelopment Corporation (DRC) for $325,000, amounting to a $225,000 profit.
Myrtle Beach City Manager John Pedersen said the reason the price increased $225,000 was due to the renovations that were done to the building. However, permits obtained by MyrtleBeachSC.com in a FOIA request from the city of Myrtle Beach estimated the improvements at only $1,750.00 total. Permit requests also show the work for the improvements were done by Schiller Property LLC and not Holly Family, LLC.
On October 11th at a public forum MyrtleBeachSC.com questioned the Downtown Redevelopment Corporation (DRC) on the purchase of this Superblock property. When we also asked if there were any architectural plans the DRC had for the entire area, the DRC meeting was quickly adjourned.
Land records produced by that same FOIA assess the land and property having a combined value of $89,800.00 with those improvements.
The property was purchased from Holly Family, LLC on March 24th by the Downtown Redevelopment Corporation for $325,000.00. Holly Family, LLC purchased the property for only $100,000 from Schiller Property LLC on that same day amounting to a $225,000 immediate profit.
McBride Press Conference October 11th