Home / News / PERMITS SHOW SUPERBLOCK PROPERTY IMPROVEMENTS $1,750 ON $225,000 PROFIT
Superblock Blunder
Did The City Research Their Own Records Before Buying $325,000 Property?

PERMITS SHOW SUPERBLOCK PROPERTY IMPROVEMENTS $1,750 ON $225,000 PROFIT

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.

Improvements
City Records for work permit done on Superblock property

McBride Press Conference October 11th

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About David Hucks

Born in 1961, David is a 12th generation descendant of the area we now call Myrtle Beach, S.C. David attended Coastal Carolina University and like most of his family, has never left the area. David is the lead journalist at MyrtleBeachSC.com

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