MYRTLE BEACH, SC (WMBF) - The Myrtle Beach Downtown Redevelopment Corporation voted to move forward with plans to partner with Coastal Carolina University on a theater in the Superblock.
Those plans are now contingent on CCUs decision. The university plans to have a final decision for the city on Thursday.
"The superblock has been underdeveloped for most of the last 20 years,” said Chuck Martino, Chairman of the MBDRC.
The city has been holding three buildings on Highway 501 to make room for a new performing arts center to be used by CCU. Those buildings are 807, 809, and 811. City council voted to execute the project at their meeting on Tuesday, and the DRC followed suit on Wednesday.
Now, the city is just waiting for CCU’s final decision. The Board at CCU is holding a meeting to discuss at 10 am on Thursday. If CCU decides to move forward, "Then we don't go forward and the options to purchase expire at midnight tomorrow,” said Martino. "We'll have lost what we paid them the three properties every month to keep them off the market, which is $5,000 a month per property."
If CCU decides to work with the city to create a performing arts center, then the DRC will purchase the properties by the end of the day Thursday and sign the agreement.
The DRC will fund $300,000 of their own money and take out a loan for $700,000 to own the buildings.
“If City Council decides to go forward with the project which had a price tag of 6.6 million then we would turn around and redeed the property to the city and the city would end up owning the property,” he said.
While the city would own the property, CCU would rent it for $95,000 a year, but as part of their agreement with the city, CCU won’t have to make those rent payments for the first five years.