Myrtle Beach City Council has given early approval to a proposed surf park near Broadway at the Beach, advancing a plan that would bring a 5.5-acre artificial lagoon to 21st Avenue.
Tourism really is our lifeblood at the end of the day,” said Mayor Mark Kruea, in support of the project.
The council approved the first reading of an ordinance for the proposed $150 million hospitality and tourism development — funded in large part by private equity investment.
The plan includes $20 million in city incentives, money the city would be willing to pledge toward completion of the project; however, they would only shell that money out once the project reaches 80% completion.
If the project doesn’t come into existence, we don’t have any money on the hook,” said Kruea.
A third-party fiscal analysis estimates the development would generate about $3 million in annual revenue for the city of Myrtle Beach, $2.6 million for Horry County and $9 million for the state of South Carolina. The builders are calling it a multi-county business proposal.
The city-ordered analysis appraised the project to bring in 364,000 annual visitors, cost $50 million in onsite spending, and $12.5 million in additional annual offsite spending.
While it is a significant investment, the potential returns are great for the community,” said Kruea.
If ultimately approved, the park is slated to open March 1, 2030.