Myrtle Beach Opportunity Zones 506 & 507

Myrtle Beach is South Carolina's 15th largest municipality and the largest municipality in Horry County. As the second fastest growing Metropolitan Statistical Area (MSA) in the country, development in the area has been strong and continues to attract new residents and visitors. The permanent population of Myrtle Beach is 32,240 (2016 ACS - jurisdiction wide), with 18.6 million tourists visiting the area annually.

Since 1990, the average age of the community has continued to increase as the entire Grand Strand region has increasingly become a retiree magnet. With warm ocean breezes and average temperatures that range between 54°F and 75°F, many retirees have in-migrated from New York, Ohio, New Jersey, and West Virginia. Over 16% of the population holds an undergraduate degree, with over 7% holding professional degrees.

Opportunity Zones 506 and 507 include the heart of the downtown redevelopment district and are at the center of the Grand Strand's tourist industry. Over 3,100 hotel rooms occupy the oceanfront, second, and third row properties between Kings Hwy and Ocean Blvd in the Opportunity Zones with over 23,000 city-wide. Additionally, the Myrtle Beach Convention Center and Hotel, which features over 250,000 square feet of meeting space and 402 hotel rooms, is located just outside Opportunity Zone 506. On average, guests spend $2,866 per group of 3-4 over the length of their Myrtle Beach stay. Present within the zones is the 1.2 mile Oceanfront Boardwalk and Promenade, from the 14th Ave to 2nd Ave N Piers. Throughout the year, the popular Myrtle Beach Boardwalk is home to festivals and events. Broadway at the Beach, a shopping and entertainment complex spanning 350 acres, is located just outside Opportunity Zone 506.

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Zoning

Zoning districts vary within Opportunity Zones 506 and 507:

  • Hwy 501 and Kings Hwy - commercial and mixed-use
  • Portions of Ocean Blvd - commercial, amusement, entertainment, mixed-use and planned unit developments
  • Hwy 17 bypass and Seaboard St - commercial
  • Robert M. Grissom Pkwy - industrial, conservation, mixed-use, multi-family residential, single family residential, and planned unit developments
  • 21st Ave N - medical/professional, planned unit development, entertainment commercial, mixed-use, and highway commercial designations
  • Much of the area in both zones is classified residential with single family and multi-family units

Transportation

Major Roadways

  • Seaboard St
  • Robert M Grissom Pkwy (16,300 AADT - April 2018)
  • Mr Joe White Ave (10,000 AADT - April 2018)
  • US Hwy 501 (33,500 AADT - April 2018)

Air

  • Myrtle Beach International Airport (MYR)
  • o 1,142,925 enplanements (2017)
  • o 1,134,119 deplanements (2017)

Non-Motorized

  • Over 200 miles of sidewalks, 20 miles of bike lanes, and 27 miles of multi-use paths
  • First municipality in the US to complete the East Coast Greenway from city limit to city limit
  • Bicycle and Pedestrian Committee working toward Walk and Bicycle Friendly Community designations

Public Transportation

  • Coast RTA - 436,084 annual ridership

Additional Info

Recent Private Investments

Riptydz

Full-service restaurant and bar

Hilton Grand 16 Timeshare

Beach Club

Beach club mixed-use with Bandito's restaurant, Tin Roof bar with live entertainment, Papa's Raw bar and Bimini Room and Burger-Fi, with an extension of the Oceanfront Boardwalk

Gateway Galleria

Gateway Galleria with mixed-use, commercial on bottom floor and full-time residential on top

Buchanan Hotel

Buchanan full-service hotel with restaurant and water features

2nd Avenue Pier, Restaurant, and Bar

Recent Public Projects

Infrastructure

3rd Ave S

From Kings Hwy to Ocean Blvd - enhanced with widening lanes, sidewalks, landscaping, and streetlamps

From US Hwy 501 to Kings Hwy - enhanced with widening lanes, sidewalks, landscaping, and bicycle lanes

Ocean Blvd

Ocean Blvd is a complete street with bike lanes, wide sidewalks, mid-block crosswalks and 2 lanes of traffic with turning lanes

Withers Swash Bridge Replacement

Withers Dr and 9th Ave N

Intersection improvements

Public Facilities

Myrtle's Market

Farmer's Market - landscaping, sidewalks, and amenities

City of Myrtle Beach Police substation at 2nd Ave N and Ocean Blvd

Cultural Resources

Chapin Park Stage

Outdoor stage added to Chapin Park on Kings Hwy

Withers Swash

Withers Swash Trail and New Town Park at Collins St and Withers Swash Dr

Withers Swash Boardwalk, between Kings Hwy and Ocean Blvd

Goddess Of The Sea

12ft bronze sculpture with a mermaid and 2 dolphins, placed in Plyer Park on Ocean Blvd - a public-private partnership. Created by Kristen Visbal, the sculptress of the "Fearless Girl" staring down Wall Street's "Raging Bull"

Proposed Future Projects

Superblock

This area, bounded by Kings Hwy, Oak St, 8th Ave N, and 9th Ave N, is slated for redevelopment. A Downtown Redevelopment Master Plan is currently being drafted.

501 Realignment

This project consists of the realignment of US Highway 501, from Broadway Street to 7th Avenue North.

I-73

I-73, which would provide an interstate connection from North Carolina to the Grand Strand, is present on the State Transportation Improvement Program (STIP) listing. The project has received both State and Federal funding, and was named a project of Regional and National Significance by the US Congress. The project carries great economic importance for Myrtle Beach, as well as the entire state.

Utilities

Santee Cooper

  • State-owned electric and water utility
  • State's largest power producer
  • 163,000 retail customers in 3 counties

Horry County Electric Cooperative

  • Serves 64,000 active members
  • 22 substations
  • 4,000 miles of distribution line in Horry County

SCE&G

  • Principal subsidiary of SCANA Corporation
  • Purchases gas at 2 major sites in SC
  • Gas is delivered to the city through a transmission pipeline to a regulator station east of the Intracoastal Waterway
  • Series of distribution mains allows gas delivery throughout the city via service line taps to the meters of end users

HTC (Horry Telephone Cooperative)

  • Voice, Internet, IT, Wi-Fi
  • Download speeds up to 1,000 Mbps, Upload to 500 Mbps
  • Network and building security
  • Wireless service
  • Wiring and digital cable

Spectrum

  • Internet speeds up to 300 Mbps
  • Voice
  • Cable

Development Incentives

The City of Myrtle Beach has several development incentives in place within Opportunity Zones 506 and 507

Incentive Voucher for Demolition and Construction

  • New construction projects of the following types and minimum investment amounts: Transient accommodations, $5,000,000; Multi-family residential, $1,000,000; Other redevelopment project, $100,000
  • Voucher Amount - a percentage of redevelopment costs not exceeding 2% of the total cost, up to a maximum of $2,000,000 for project
  • Uses: Removal of blight and dilapidation, conversion to green space, retail uses, tourist related business or activity, cultural arts activities and associated businesses, corporate headquarters, research and development, high technology growth business and other uses as determined by City Council

Incentives for Specific Targeted Businesses

  • Techonology, medical providers and experiential retail
  • Council may adopt an ordinance approving a specific targeted business development project including a voucher not exceeding 2% of the total investment, up to a maximum of $2,000,000 for any qualified project
  • Voucher may be granted in an amount of up to 3%, up to a maximum of $2,000,000 of total costs when:
    1. The specific targeted business development project is located in the Kings Hwy Business Development Corridor in a structure that has been vacant for one year or more years prior to the project approval
    2. The project is located in the Carver Street Renaissance Area of the South Mixed Use Area

Redevelopment District Floating Zone (RDV)

  • Intended to upgrade and improve the physical, social and economic character of the area and to promote mixed-use development
  • Uses: Retail and residential uses, tourism-related business/activity, cultural arts activities/associated businesses, corporate headquarters, research/development, and high technology growth businesses
  • Minimum threshold of investment of $1,000,000 for mixed-use or commercial purposes, which may be comprised of a combination of physical improvements and acquisition costs
  • Licenses and miscellaneous business regulations

Special Property Tax Assessments for Rehabilitated Historic Properties

  • State law (Bailey Bill) - a city may grant special property tax assessment to qualifying "rehabilitated historic properties" or "low-to-moderate income rental property"
  • Relieves property owner from paying taxes on the rehabilitation work
  • To qualify, property must meet one of the following criteria:
    1. Listed on the National Register of Historic Places
    2. At least 50 years old and designated a historic property by the City
    3. At least 50 years old and located in a City-designated historic district

Skilled Labor

Myrtle Beach features a diverse mix of highly skilled, reliable, and experienced workers. Educational institutions present in Horry County ensure that the area workforce is ready to meet the needs of businesses seeking to locate along the Grand Strand.

Coastal Carolina University

  • Public liberal arts institution
  • 67 areas of study for baccalaureate degree
  • 8 master's degrees
  • Marine Science doctoral
  • 10,633 enrollment
  • 51% SC residents, 47% out-of-state, 2% international

Horry Georgetown Technical College

  • Two-year public college
  • Associate degrees, diplomas, and certificates
  • Non-credit and corporate training
  • Job training options for local companies & industrial prospects
  • 10,451 enrollment, 3,600 in continuing ed
  • International Culinary Institute - $15 million world-class center for culinary education

Webster University

  • Independent, international university
  • Master's degree in business administration, health administration, counseling, human resources development & management/leadership
  • 450-600 enrollment

Pittsburgh Institute of Aeronautics (PIA)

  • Aircraft mechanics
  • Avionic technicians
  • Hands-on training and experience

Horry County Schools

  • Serves Myrtle Beach attendance area
  • High, middle, intermediate, elementary and primary schools
  • 44,195 district enrollment

J-1 Visa

  • Over 3,000 international students from over 20 different countries live and work in Myrtle Beach from May through August of each year

Additional Resources

Census Tract 506 (PDF Download) Census Tract 507 (PDF Download)