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Adam Cates, CCIM, SIOR, and Heyes Goldfinch, CCIM, senior advisors with Tradd Commercial in Myrtle Beach, S.C., and Markus Kastenholtz, CCIM, managing director with Colliers in North Charleston, S.C. recently represented the seller on the sale of a $17.67 million land transaction. The 1,667-acre tract located in central Horry County, a high-growth submarket of Myrtle Beach, was slated to be purchased and developed in 2006, but the sale was tabled due to economic conditions, says Cates.
An international builder sought the land for a 3,200-home development, but county zoning would allow only about 900 homes. To achieve the required density, the land needed to be annexed to the city of Conway. The team was able to convince fi ve property owners located between the subject property and Conway to annex their properties to the city, giving their client a path to annexation.
With a more pro-development political climate today than 20 years ago, “we were able to convince six out of seven city council members that this development would increase revenue into the city due to the quality of product that will be built,” says Cates, who expects the project to get underway before the end of the year. “This will be the largest planned development community in the Myrtle Beach, S.C., metro area to break ground in two decades.”