Myrtle Beach Finalizes Plans for $22.3 Million Performing Arts Venue

Myrtle Beach city leaders have confirmed the plans for a new $22.3 million performing arts theater. This significant development will be situated within two historic buildings in the city’s vibrant arts and entertainment district. The redevelopment will transform three Main Street properties into a substantial 800,000-square-foot complex, featuring a 300-seat theater.

The project, which has been in the works for over two years, is now entering a critical phase. The city officials have a 45-day window to finalize a deal with a contractor, ensuring the project remains within the projected budget. Any delays could result in increased costs. Michelle Shumpert, the city’s chief financial officer, emphasized the importance of this timeline to avoid additional expenses.

To finance the project, nearly $5 million of the total cost will be offset by tax credits. Additionally, the creation of a limited liability company has been instrumental in maximizing the value derived from historic and abandoned building tax credits. Although the financial structure is complex, it is deemed necessary to fully leverage the available incentives.

The Downtown Redevelopment Corporation, a nonprofit organization dedicated to revitalizing the area, will lease the theater to Myrtle Beach Theater Owner LLC for a period of 50 years. This partnership underscores the city’s commitment to fostering cultural and economic growth through strategic investments in the arts.

Mayor Brenda Bethune highlighted the broader vision behind this project, describing it as an investment in “human infrastructure.” She noted that the presence of a thriving arts scene is crucial for attracting top talent and stimulating further business development in the area.

In addition to the theater plans, the city council received updates on maintenance projects for two Market Common parking areas. Contractor Greg McFarland outlined the need for repainting, resurfacing, and renumbering of a parking deck near the Grand 14 Movie Theatre and another along Deville Street. This maintenance work is expected to take between six and ten months, with more detailed information anticipated by August.

The new theater project, coupled with the ongoing maintenance of key infrastructure, signifies Myrtle Beach’s ongoing efforts to enhance its appeal as a cultural and entertainment hub.