MYRTLE BEACH, SC - The Hard Rock Park hasn't opened yet, but it's already drawing a crowd of investors and developers aiming to stake claim on land surrounding the park. A few developers are looking to buy an $8 million tract south of the park to build hotels or multifamily housing. Other buyers have scooped up homes in nearby neighborhoods such as Azalea Lakes, Cimerron and Hunters Ridge.
Prices shot up shortly after the park announced its plans but seem to have stabilized as the park nears its planned opening in April, said Coastal Carolinas Association of Realtors market analyst Tom Maeser. Listings show homes and land within five miles of the park selling for between $55,000 and $8 million. "That area was devastated by the fact that Waccamaw Pottery was going to close. It was potentially getting into being a depressed area. And all of a sudden they announced the theme park, and it just kind of revitalized the whole thing," Maeser said.
One investment group recently put 21 acres just south of the park on the market for $8 million. The listing agent , Craig Dierksheide with Coldwell Banker Commercial Chicora, said there are a few potential buyers: one who wants to put up a multifamily housing complex and another who wants to build a hotel. Another top-dollar tract nearby sold last year to an Israeli company that invested in the Hard Rock Park, but developers are keeping their lips sealed about what exactly they'll put there.
That parcel, where the Waccamaw Factory Shoppes saw its heyday, will be transformed into a $300 million complex called "Paradise City." Plans for the complex include a hotel, homes, stores and a recreation area, according to the company's Web site. Waccamaw Pottery anchored the shopping center there until it closed in 2004, and many tenants pulled out shortly thereafter. The 52.29 acres went for $20.75 million.
Real estate listings and blogs are also touting proximity to the park as a selling point. Fountain Pointe condos, for example, has run advertisements with photos of Hard Rock Park's sand sculptures of rock 'n' roll icons, calling itself "a villa community with world famous neighbors." And a pair of Century21 Realtors have a Web site dedicated to park information and updates, on which they promise to help buyers find a home near the attraction.
The hitch is that traffic and noise might be a concern for residents and vacationers, said Coastal Carolina University research economist Don Schunk. The ocean will continue to be the area's biggest draw, and beachfront houses and rentals will still be a top commodity, he projected. "I don't necessarily expect there to be a huge boon for sales," Schunk said.
The nearby Fantasy Harbour bridge to be built over the Intracoastal Waterway should help relieve some of the traffic concerns, Maeser said. The roughly 3,000 employees the park is hiring will also want to live nearby, he said. "I think they'll start to see an interest there of both people wanting to visit the park, wanting to stay close either by renting condos or houses, and employees wanting to live close to work," Maeser has said. "It would seem the potential for housing is pretty good there."
Source: MyrtleBeachOnline.com