B&C Land Development Plans JAN 2003


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B&C Land Development Plans JAN 2003

  1. 1. Land Development Master Planning BURROUGHS & CHAPIN COMPANY, INC.
  2. 2. Land Development Master Planning BURROUGHS & CHAPIN COMPANY, INC. Revised January 2003
  3. 3. Table of Contents Introduction 1 Corporate Campus Development 6 Resort & Timeshare Development 10 Residential Development 84 Commercial Development 103 Industrial Development 119 Corridor Development 129 New Attractions 143 1998-2002 Real Estate Sales Analysis 158 Candidate Tracts for Acquisition 161 New Planning & Development Tools 164 Master Project Schedule 171 Acknowledgements 172
  4. 4. Project Index Legend for Color-Coded Project Location Maps: Pale Yellow – denotes subject property proposed for (re)development Cobalt Blue – denotes property owned by Burroughs & Chapin Company, Inc. Airport (North) Industrial Park 121 Myrtle Waves Water Park 148 Arcadian Shores Resort 63 Myrtle Square Mall 26 Arcadian Ridge Shopping Center 69 Myrtlewood Corridor 140 B&C Industrial Park 123 Myrtlewood Golf Resort 77 B&C Sports Complex 151 Pine Island Golf Club 93 Broadway at the Beach Resort 13 Pine Lakes International Resort 53 Broadway at the Beach Retail 18 Pine Ridge Golf Club 98 Broadway at the Beach Transit System 17 Project Management Software 168 Candidate Tracts for Acquisition 161 Real Estate Sales Analysis 158 Cane Patch Tract 49 Robert Grissom Parkway Corridor 120 Computer-Aided Design (CAD) 167 Singleton Lake Timeshare 72 Corporate Campus 6 South Beach Resort 59 Geographic Information System (GIS) 165 South Strand Commons 115 Glen Dornoch Golf Club 86 Super (Aynor) Industrial Park 125 Glen Dornoch Plaza 92 Tanger Outlet Center 67 Grande Dunes Resort 34 US 501 Industrial Park 127 Lakeshore Village Resort 24 US 501 Power Center 112 Mall of South Carolina 105 Wild Alligator Kingdom 150 Motorsports Complex 152 Wild Animal Theme Park 149 Myrtle Beach Pavilion 145
  5. 5. Introduction 1 Burroughs & Chapin Company, Inc. is blessed with abundant resources, outstanding leadership, professional managers, and numerous talented and motivated employees. Our values are reflected in the Vision we have developed for both our company and the communities we serve. And our Vision and related implementation plans are responsible for the remarkable performance of this company over the last ten years. It bears repeating that our Strategic Plan is a valuable tool in providing Burroughs & Chapin Company, Inc. focus to keep us on track. Although we frequently update our plan with new strategies (and will continue to do so), and pursue new opportunities as they emerge, our overriding goals remain profitable and sustainable growth for many years to come. Land Development Master Planning is a key component of our corporate formula for success. Planning is a systematic way of anticipating, causing, preventing, or monitoring change related to the management and future investment in corporate infrastructure, facilities and programs. It is a continuous process of change in response to new social values, lifestyle patterns, trends, market conditions, technology, legislation, and availability of resources. The purpose of preparing a Land Development Master Plan is to generate, consider, and evaluate various alternative development scenarios; stimulate discussion and debate; and to build consensus regarding the strategic growth and future development of Burroughs & Chapin Company, Inc. land assets.
  6. 6. Introduction On the following pages you will find a draft document that outlines the major corporate development projects tentatively planned for construction during the next twenty years. As you review each section of this working document, consider how it fits into our Vision, overall corporate strategy, and wide range of current business endeavors: – Full-Service Resorts & Residential Communities – Amusements, Attractions, Recreational Facilities & Services – Commercial Real Estate Development – Management Services – Forestry & Timber Management (Interim Land Use) The objective of this exercise is to become better prepared to answer two key questions: 1) How does each of these projects contribute to our corporate Strategic Plan?; and 2) If each project is implemented as proposed, are we headed in the right direction? Many decisions need to be made in CY2003. Any projects presented here that are subsequently endorsed by the Board will be more fully developed and further evaluated; to include pro forma projections for each new initiative. Only after both risk and reward have been thoroughly investigated will the Board be asked to take action on any of these proposed projects. 2
  7. 7. Myrtle Beach & Environs 3 While efforts to geographically diversify the company are well underway, the vast majority of corporate holdings, projects and value are located in the Myrtle Beach area (cobalt blue denotes Burroughs & Chapin Company properties – red lines denote existing and proposed major arterials)
  8. 8. Myrtle Beach & Environs 4 Myrtle Beach Pavilion Mall of South Carolina Seaboard Commons Myrtle Square Mall Broadway at the Beach Robert Grissom Parkway
  9. 9. Master Planning Program • Corporate Campus • Resort & Timeshare • Residential • Commercial • Industrial • New Corridors • New Attractions • New Acquisitions • New Tools 5 This is an outline of the new Master Planning Program initiated in 2002; presented on the following pages and to be continued and more fully developed in CY2003.
  10. 10. Corporate Campus 6 Since constructing the Founders Centre in 1989, our company has enjoyed rapid growth and development. As a result, the space needs of both corporate infrastructure and staff have outgrown the 12-year-old headquarters building. Strategically located in the economic heart of Myrtle Beach, the Founders Centre is a most appropriate and suitable site for future expansion of the Corporate Campus. The existing building is located on a 9.4 acre tract. In excess of 10 acres of undeveloped land lies adjacent to Founders Boulevard (which will soon be extended to provide a direct connection to Broadway at the Beach and Robert Grissom Parkway). To accommodate the most immediate and pressing needs of the company, the proposed expansion will be developed and constructed in two phases: 1) B&C Data Center; and 2) B&C Office Building. The Information Technology (IT) Department has an immediate need for 10,000 square feet of additional space to accommodate both equipment and staff. A 30,000 square foot structure is proposed to be located immediately adjacent, and semi-attached to the existing Founders Centre. The IT Department would occupy the (secured) third floor. The lower floors would be developed as office space for corporate Accounting and Human Resources departments. Design and construction of this project will begin in 2003. Also to be initiated in CY2003, a Space Needs Analysis will determine the specifications for a future satellite office building; located on our Corporate Campus, fronting on Founders Boulevard. It is anticipated the new office building will be needed in 8 to 10 years.
  11. 11. Corporate Campus 7 The existing Founders Centre is the most appropriate location for a Corporate Campus
  12. 12. Corporate Campus 8 Myrtle Square Mall Founders Centre
  13. 13. Corporate Campus 9 Proposed Data Center Future Offices
  14. 14. Resort & Timeshare 10 As an established leader in the design, development and operation of four-season resorts, Burroughs & Chapin Company is committed to building a network of destination resorts and resort clubs that are second to none. Resort development and sales are currently the largest gears in our revenue clock. Our network of resorts will include getaway places, romantic places, healthy places, and learning places for both our guests and our employees. Places not only for adventure and discovery but also places that inspire the soul. Places with a level of service and a standard of hospitality that can best be measured by the frequency of visiting smiles. Burroughs & Chapin Company will demonstrate a great respect for nature and highlight the uniqueness of the cultural and geographic setting of each resort property. We will also continue to understand and encourage the application of 21st-century technology in enhancing our guests' and employees' experience at our resorts. Each gear of Burroughs & Chapin's revenue clock produces increased guest visits, increased revenue per visit and higher real estate values at every turn. Our Formula for Success has proven itself to work during the entire +100-year history of our company.
  15. 15. Resort & Timeshare 11 The design's elegance is that the gears work in sync, causing a compounding effect. The result: an animated resort destination that draws visitors from across North America and around the world. 1. We design and build an attractive resort for every participant and enhance the experience. 2. Then build an amusement, attraction or animated village so people stay longer. 3. All this attracts more visitors who come more often, spend more money and bring their friends. 4. More real estate is built and attractions are added, drawing yet more people. 5. More people, more often, leads to the expansion of year-round facilities, maximizing use of shops, hotels, convention facilities and restaurants. 6. As occupancy and room rates climb, so does demand for resort real estate, creating a surge in real estate sales. 7. All this results in a total resort experience which brings year-round destination visitors, generating financial critical mass which... 8. Leads to more resorts. 9. Network synergy results in a compounding effect on the company's revenue streams and growth through time. 10. NOI and profits are more stable, sustainable and likely to grow. Burroughs & Chapin Company, Inc. currently has over 3,500 acres in new resort developments underway, as detailed on the following pages.
  16. 16. Resort & Timeshare • Broadway at the Beach Resort [ 349 ac] • B&C’s High-Commercial Entry-level Accommodations Resort – Premium Transit System – Lakeshore Village Resort [ 113 ac] • Grande Dunes Resort [2201 ac] • 4-Star Upscale Destination Resort • Pine Lakes International [ 199 ac] • 5-Star Upscale Destination Resort • South Beach Resort [ 108 ac] • Middle-income Destination Resort • Arcadian Shores Resort [ 306 ac] • Cross-section of Income Levels • Glen Dornoch Golf Resort [ 224 ac] • Middle-income Golf Resort • Myrtlewood Golf Resort [ 136 ac] • Middle-income Golf Resort 12
  17. 17. Broadway at the Beach Resort 13 Broadway at the Beach has proven to be one of the most successful ventures ever conceived and built by the company, and continues to be a major source of revenue after seven years of operation. With over 13 million visitors a year, it also represents a tremendous opportunity to leverage this success and build a family resort destination that is larger still. The proposed project area boundary for Broadway at the Beach Resort extends from the redeveloped Myrtle Square Mall site to the Atlantic Intracoastal Waterway (refer to map on page 14) and Highway 501 west of US 17 Bypass. This high-commercial, entry-level accommodations resort is located in the geographic center of the company’s most valuable real estate holdings. Proposed development plans include expansion of existing land uses (retail, restaurants, accommodations, attractions, entertainment, timeshare, etc.) and introduction of new activities (amusements, animal & reptile attractions, athletic fields, campgrounds, conference center, extreme sports, hostile housing, office park, par 3 golf, technology park, theme park). To tie such a broad range of activities together - over an area of several hundred acres - a premium, multi-modal transportation network will be designed to accommodate resort guests and patrons. This system will be as much an attraction (i.e., ride) as it will an efficient means of moving people across the resort without the use of their personal automobiles. Simultaneously, it will capture the resort guests for a greater portion of their stay; generating additional revenue. B&C’s High-Commercial Entry-Level Accommodations Resort
  18. 18. Broadway at the Beach Resort 14
  19. 19. Broadway at the Beach Resort 15 Mall of South Carolina Proposed Sports Complex Broadway at the Beach Myrtle Square Mall
  20. 20. Broadway at the Beach Resort 16 Broadway at the Beach Resort will stretch from Myrtle Square Mall to the Atlantic Intracoastal Waterway.
  21. 21. Broadway at the Beach Resort 17 A premium, multi-modal transit system will be designed to serve the needs of Broadway at the Beach Resort guests.
  22. 22. Broadway at the Beach 18 The original 200-acre retail/entertainment component of Broadway at the Beach was opened on May 25, 1995. This project was the direct result of a four-day company retreat held in Branson, Missouri - only a year prior - and serves as an example of what can be achieved in a very short period. Broadway at the Beach has proven to be one of the most successful ventures ever conceived and built by the company, and continues to be a major source of revenue after seven years of operation. The retail shops and Celebrity Square are 100% leased. New, prospective tenants contact the company on a frequent basis. Plans are underway to expand BATB via development of the last remaining lakefront parcel; from Ripley’s Aquarium past the Hampton Inn to the Broadway 16 Cineplex. Negotiations with prospective anchor tenants are currently underway. This will complete the boardwalk loop around the lake. The 9.4-acre waterfront project will require construction to be begin in 2003 to be ready for a Spring 2004 opening date. Future plans also include a “Main Street Project” that will extend the retail frontage from the Visitor Center to 21st Avenue North, adjacent to Coastal Federal Field. This proposed expansion will give Broadway both a new ‘front door’ and strong connection to an existing activity center and All-American pastime: baseball. It also keeps BATB alive and fresh with new tenants. Sites are being held at strategic locations to accommodate prospective entertainment venues and theater developments. New specialty (i.e., animal, bird & reptile) attractions are a candidate use for adjacent frontage on the east side of Robert Grissom Parkway. B&C’s High-Commercial Entry-Level Accommodations Resort
  23. 23. Broadway at the Beach 19
  24. 24. Broadway at the Beach 20
  25. 25. Broadway at the Beach 21 Visitor Center Expanded Entertainment Ripley’s Aquarium Broadway 16 Children’s Museum “Main Street” Project New Anchor(s) and Shops
  26. 26. Broadway at the Beach 22 Hampton Inn Ripley’s Aquarium New Anchor New Anchor New Attraction
  27. 27. Broadway at the Beach 23 21st Avenue North Visitor Center“Main Street” Shops Expanded Parking
  28. 28. Lakeshore Village Resort 24 This project has been very successful and has even greater potential to grow as the local market develops. Future plans for Lakeshore Village include development of new timeshare products, accommodations, retail and restaurant sites; further leveraging the success of Broadway at the Beach. A Conference Center Hotel is among the prospective anchors for this site fronting on US 17 Bypass and/or configured to have an interior orientation.
  29. 29. Lakeshore Village Resort 25
  30. 30. Myrtle Square Mall 26 Built in 1972, Myrtle Square Mall will effectively be replaced in 2004 by the Mall of South Carolina. It will become functionally obsolete in it’s current configuration, so alternatives for redevelopment are currently being explored, as illustrated on the following pages. This 63-acre tract is located in the economic heart of Myrtle Beach, immediately adjacent to Founders Centre, and only three blocks from the Atlantic Ocean. That location is as attractive today as it was thirty years ago – and will be even more attractive thirty years from now. Its proximity to the Myrtle Beach Convention Center and Radisson Hotel make this site easily accessible to convention guests. Therefore, many possibilities exist for future redevelopment of the site. While the existing land uses have limited potential, there are much higher and better uses for this property. Those will be identified and evaluated in CY2003 so that redevelopment plans can be developed and implemented immediately after anchor tenants vacate the building.
  31. 31. Myrtle Square Mall 27
  32. 32. Myrtle Square Mall 28 Myrtle Beach Convention Center Radisson Founders Centre
  33. 33. Myrtle Square Mall I. International EXPO Center (by others) II. Joint Venture Redevelopment (by RFP) III. Redevelopment by B&C – Mixed-Use Development Project to include: • Myrtle Beach Pavilion (indoor/outdoor) • Year-round, 24-7 Activity Center • Family Entertainment Center(s) • Meeting & Conference Center/Hotel(s) • Specialty Retail, Bars & Restaurants • Indoor Water Park & Action Sports • Event/Sports Arena 29
  34. 34. Myrtle Square Mall 30 Proposed International Exposition (EXPO) Center developed as City/County/State joint venture
  35. 35. Myrtle Square Mall 31 Mixed-Use Amusement and Entertainment Complex, Conference Center Hotel, and Sports Arena
  36. 36. Myrtle Square Mall 32 Mixed-Use Family Entertainment Destination
  37. 37. Myrtle Square Mall 33 Mixed-Use Traditional Neighborhood Retail, Conference Center Hotel, Office and Residential
  38. 38. Myrtle Square Mall ## Myrtle Beach Convention Center & Radisson Hotel
  39. 39. Myrtle Square Mall ##
  40. 40. Myrtle Square Mall ## Proposed tenant mix for relocated Pavilion Amusement Park, Family Entertainment Complex and Conference Center “Myrtle Gras” Conference Center & Meeting Rooms Atrium HotelParking Garage Pavilion Arcade Auditorium Bars & Nightclubs Restaurants Outparcels (Typ)
  41. 41. Grande Dunes Resort 34 From the very first lot sale in 1999, Grande Dunes Resort has continued to exceed all expectations. This is an oceanfront community of extraordinary value to the homebuyer, the company and its shareholders, the regional economy, and the overall image and reputation of Myrtle Beach. Oceanfront high-rises are under construction. New subdivisions - Cadiz, Milano, and Calais - will replenish the rapidly diminishing inventory of single-family and golf course building lots. Several exciting new initiatives will further enhance both value and revenue - - all of which are scheduled for CY2003: Grande Dunes North Golf Village Tract – The Master Plan for Grande Dunes Resort and natural product evolution have set the stage for creation of the Grand Strand’s premier private golf course community. With well over $50 million in projected lot sales, additional project revenue from various levels of golf club memberships and dues will accelerate our very significant return on investment. Grande Dunes Marina & Marina Village Tract – These two projects are in the final stages of planning and development, with construction of the floating dock system to be completed in CY2003. LDR International, the design consultant that helped develop Broadway at the Beach, and LS3P, the architectural firm responsible for Founders Centre, are currently working on upland plans for the Marina Village. This will serve as the new center of Grande Dunes community life for many years to come. Cane Patch Tract – New restaurants, retail, office and residential land uses will be introduced to the Cane Patch Tract, with a reconfigured and expanded (27-hole) Cane Patch Par 3 Golf Course as the centerpiece. Siena Park will wrap around the new golf holes, which are located within the flood plain. Ocean, Promenade, and Lake Tracts – Detailed planning is underway by LDR, HNTB, and LS3P on updated development programs for these future phases of Grande Dunes. The remaining undeveloped acreage within these three tracts represent over $1 billion in total sales (current dollars). B&C’s Upscale, 4-Star, Resort-Residential Community
  42. 42. Grande Dunes Resort 35 Grande Dunes Resort stretches from the Atlantic Ocean to the west side of the Intracoastal Waterway
  43. 43. Grande Dunes Resort 36 The master-planned Resort Community involves 2,201 acres of prime coastal real estate Ocean Tract Cane Patch Tract Promenade Tract Lake Tract Marina Tract North Golf TractGrande Dunes Golf Club
  44. 44. Grande Dunes Resort Carolina Bays Parkway, Grande Dunes Golf Course, and Marina Village Tract 37
  45. 45. Cadiz 38 Cadiz is one of two new subdivisions that will offer golf course lots for single-family homes in 2003
  46. 46. Milano 39 Milano will also help replenish the inventory of golf course lots available in 2003
  47. 47. Grande Dunes Resort 40 Marriott, Ocean Club, and Vista del Mar line the beach; Calais site (center) to be developed in CY2003 Future Grande Dunes Boulevard Calais Vista del Mar Ocean Club Marriott
  48. 48. Calais Calais is located between North Ocean Boulevard and North Kings Highway 41
  49. 49. Grande Dunes Resort 42 The North Golf Village will establish a new standard for ‘golf community lifestyle’ on the Carolina Coast North Golf Tract
  50. 50. Grande Dunes Resort 43 A refined set of land development, golf course, and clubhouse complex plans are being developed
  51. 51. Grande Dunes Resort 44 Detailed development plans are being drafted for the Ocean, Promenade, and Lake Tracts
  52. 52. Grande Dunes Resort 45 Marriott rises out of the sand at 82nd Parkway 82nd Parkway
  53. 53. Grande Dunes Resort 46 Grande Dunes Ocean Club hosts numerous owner events and social activities
  54. 54. Grande Dunes Resort 47 Vista del Mar is the first of several proposed oceanfront condominium projects
  55. 55. Grande Dunes Resort 48 Grande Dunes Boulevard (foreground) will soon be extended to connect to North Ocean Boulevard Future Grande Dunes Boulevard
  56. 56. Cane Patch Tract 49 Expansion of both the Cane Patch Par 3 Golf Course and Siena Park are among proposed projects
  57. 57. Grande Dunes Resort 50 Grand Strand Hospital, Marina Village Tract, AICW, and Grande Dunes Golf Clubhouse
  58. 58. Grande Dunes Resort 51 Villa Firenze Golf Casitas under construction (foreground), Grande Dunes Golf Clubhouse, future Golf Lodge and Cottage sites, Grande Dunes Bridge, AICW and Marina Village site
  59. 59. Grande Dunes Resort 52 The Marina Village will be a popular gathering place for the entire community
  60. 60. Pine Lakes International 53 As Myrtle Beach’s oldest golf course, Pine Lakes International Country Club has a proud heritage and reputation for outstanding service to uphold. A new and elegant entry drive and expanded clubhouse, complete with meeting rooms, check-in facilities and lounges will begin to redefine and enhance the existing golf course. This future project could be either a stand-alone destination resort or a five-star jewel in the Grande Dunes Crown. The planned resort inn and spa will define luxury within the Myrtle Beach market. Overlooking the historic course and within close proximity to the refurbished colonial-themed clubhouse and practice facility, the Inn and Spa will become an important destination for the discerning vacationer. Due to the scheduled introduction of a four-star facility at Grande Dunes Resort, commencement of this component will be delayed an additional four to five years to avoid self-competition. Proposed single-family lots and minimal course routing alterations allow for unique design opportunities while recognizing environmental considerations. A new at-grade intersection has already been constructed on Robert Grissom Parkway. This will serve as the new entrance to Pine Lakes, as well as the adjacent commercial tract. The highway commercial property between Robert Grissom Parkway and US 17 Bypass becomes an important and strategic parcel of real estate. It is planned as a Mixed-Use Center with upscale retail, hotel, multi-family and with office along the 48th Avenue frontage. Development of this project will be accelerated in an effort to pre-empt a competing and comparable development anticipated on the west side of the Atlantic Intracoastal Waterway (AICW).
  61. 61. Pine Lakes International 54 The future entrance to “The Granddaddy” was recently built on Robert Grissom Parkway
  62. 62. Pine Lakes International 55 The best of the existing golf holes will be preserved in a reconfigured routing plan New entrance onto Robert Grissom Parkway Pine Lakes International Clubhouse US 17 Bypass
  63. 63. Pine Lakes International 56 Barren SCPSA utility easement bisects the development tract (foreground, left to right) Future Development Site New entrance SCPSA Utility Easement
  64. 64. Pine Lakes International 57 The new “Crown Jewel” of Myrtle Beach is Pine Lakes; now visible with a new ‘front door’ on Robert Grissom Parkway, and easily accessible to US 17 Bypass and Carolina Bays Parkway Future Commercial/Office Park New Entrance US 17 Bypass Robert Grissom Parkway
  65. 65. Pine Lakes International 58
  66. 66. South Beach Resort 59 The 2002 launch of our first timeshare project, South Beach Resort at Midway Par 3 Golf Course, is well underway with the opening of the first Villa Building and the Owners Club (Amenity Center) in February 2003. Situated across the street from the beach, the Resort will build-out over the next seven years. Its main entrance heralds an elegant family vacation resort. The oceanfront Breezes Beach Club, with its pool, spas, activity rooms and casual dining is part of the resort’s abundant amenities. The Owners Club features an indoor-outdoor pool, 310-feet long lazy river, fitness center, saunas in both men's and women's locker rooms, electronic game room, billiard room, lounge with fireplace, library with internet connection and business equipment, as well as resort management offices. Deli sandwiches, groceries, and sundries will also be available on-site. Two 11-story towers are planned on the 7-acre oceanfront site. Each tower will contain approximately 200 luxury timeshare villas, with a mixture of 1, 2, and 3 bedrooms; many having lockout features, and each having a view of the ocean. Resort amenities will be in a new Ocean Club situated between the two oceanfront towers. Dining Room facilities will also be included in this more upscale resort. Special oceanfront services and facilities will be part of the benefits of ownership. Development of the oceanfront portion of South Beach Resort will commence in 2007, so as not to conflict or compete with timeshare sales at South Beach Resort-Midway.
  67. 67. South Beach Resort 60 Long-range plans include twin towers and Beach Club on the oceanfront
  68. 68. South Beach Resort 61 Building ‘A’ nears completion in the first phase of this timeshare development Building ‘A’ Oceanfront Towers Site
  69. 69. South Beach Resort 62
  70. 70. Arcadian Shores Resort 63 This area has the potential to become a multi-dimensional resort, providing accommodations price points for every pocketbook; from entry-level campgrounds to higher-end oceanfront and lakefront facilities. Arcadian Shores boasts an existing eighteen-hole golf course that is in excellent condition. Future plans include development of timeshare accommodations overlooking Singleton Lake and The Dunes Golf Club, and new golf course condominiums. A new golf clubhouse is also planned to satisfy the needs of an enhanced resort golf experience. Development of these facilities will be not be pursued for three to six years (2006-2009). Short-term development plans include Charleston-style lots (60’ x 100’) that would line the entry road to the Beach Club; to be pursued in CY2003. Close proximity to Tanger Mall creates a retail base for Singleton Lake and Arcadian properties. An oceanfront hotel site is currently under consideration - - to be pursued in partnership with an adjacent campground operation. Fronting on the Atlantic Intracoastal Waterway, a proposed campground complex would utilize a formerly problematic parcel near the Highway 17/22 interchange. This project would commence in 2003. As demand and values dictate, the northern portion of this tract will be developed as highway- frontage hotel sites.
  71. 71. Arcadian Shores Resort The existing golf course and oceanfront access will serve as a key features of this new resort 64
  72. 72. Arcadian Shores Resort 65 Lake Arrowhead Road (left foreground) and Kings Road (adjacent to golf course) Tanger Outlet Center Kings Road Lake Arrowhead Road Route 22 Kingston Plantation
  73. 73. Arcadian Shores Resort 66 Proposed plans include new golf course condos, oceanfront hotel, and timeshare units
  74. 74. Tanger Outlet Center 67 Existing and expanding Tanger Outlet Center draws more traffic to the area
  75. 75. Tanger Outlet Center 68 Tanger Outlet Center lies adjacent to the future Arcadian Ridge Shopping Plaza site Arcadian Ridge Shopping Plaza Wal-mart Tanger Outlet Center Colonial Mall
  76. 76. Arcadian Ridge Shopping Plaza 69 Located on Kings Road, adjacent to the new Tanger Outlet Center, Arcadian Ridge Shopping Plaza is a 33-acre retail commercial development that will consist of a mix of big box and small shop tenants; to be built in two phases. The first phase will be 170,000 square feet, of which 163,000 feet is currently pre-leased. There will be four outparcels marketed in Phase I. The first phase is scheduled to break ground in early 2003, with an opening date in Spring 2004. The second phase is already being marketed, including a single-user of 80,000 square feet, to complete the project. If a major anchor is not signed, then the second phase of development will be limited to 60,000± square feet of big box and small shop retail space. Phase II construction should be complete by CY2005.
  77. 77. Arcadian Ridge Shopping Plaza 70
  78. 78. Arcadian Ridge Shopping Plaza 71 Proposed shopping plaza will serve resort guests, tourists, and area residents US 17/Route 22 Interchange Tanger Outlet Center Arcadian Ridge Shopping Plaza Site Grande Dunes North Golf Tract Waterway Hills
  79. 79. Singleton Lake 72 Singleton Lake offers a unique waterfront experience in Myrtle Beach. The opportunity for multifamily timeshare product development simply does not get any better. An estimated 400 to 500 units can be built on this +50-acre tract located on Lake Arrowhead Road. The site has magnificent waterfront views, convenient access to the beach, golf, shopping, and restaurants; all of which will be included in the development program for Arcadian Shores Resort. This unique lakefront tract is located on Lake Arrowhead Road, across the street from Arcadian Shores Golf Course, one mile from Restaurant Row to the west and the Atlantic Ocean to the east. Across the Lake from the Resort is the well-known Dunes Club Golf Club. An existing oceanfront Beach Club, located just north of Apache Campground, will be expanded for the use of the residents of this dynamic project. Lake-oriented amenities will also be available to all the occupants of the Villas, whether whole or interval owner, while golf will be provided through Arcadian Shores; soon to be managed by Burroughs & Chapin Company, Inc. Planned for 400 Villas, but expandable to double that size, this property will provide a major multiple- use resort-residential complex. Corners at the intersection of Lake Arrowhead and Kings Highway are to be reserved for future hotel development. New commercial opportunities also exist on-site. The Singleton Lake Tract will remain held in reserve until market conditions are ideal for launch of a new timeshare project (2008-2013).
  80. 80. Singleton Lake 73 The tract fronts on Lake Arrowhead Road, with potential commercial sites located on US 17
  81. 81. Singleton Lake 74 Singleton Lake provides a unique waterfront experience in Myrtle Beach Kings Road Lake Arrowhead Road Singleton Lake
  82. 82. Singleton Lake 75 Great views and convenient access to the beach, golf, retail shops and restaurants Timeshare Development Site Future Retail Dunes Club
  83. 83. Singleton Lake 76 The waterfront provides an ideal opportunity for high-density timeshare development
  84. 84. Myrtlewood Golf Resort 77 Myrtlewood Golf Course is located between the Atlantic Intracoastal Waterway and US 17 Bypass, and between Robert Grissom Parkway (where it crosses the AICW) and 34th Avenue North. This is the proposed site for both a multi-year timeshare development and a central timeshare Sales Gallery, tentatively proposed to be located near 48th Avenue North. The existing 36 holes of golf provide an attractive amenity for multi-family units; as does the waterfront tracts located along the AICW. Phase I development plans call for a 350-unit Villa Timeshare Golf Resort, to be situated just north of the Myrtlewood Golf Pro Shop, along the Intracoastal Waterway. Half of the Villas are to be located on several fairways of the Pine Hills course, while the other half will be oriented to the Atlantic Intracoastal Waterway. A Resort Community Clubhouse would be constructed near or adjacent to the existing golf clubhouse, with Golf Lodge accommodations on the upper floors. The existing Pro Shop is to be redesigned as a Golf Resort Clubhouse Lodge, with a separate wing for the Timeshare Resort, featuring a swimming pool and other customary amenities. Many shared facilities will be built to appeal to both golfers as well as other family vacationers; including bar, restaurant, meeting facilities, 100-room Golf Lodge, day spa, and other amenities. Phase I of this project would likely begin in 2005-2008. Subsequent phases will accommodate several thousand additional units. Depending upon future absorption rates, Phase I could alone support timeshare sales for a period of 10 to 20 years. When needed and if feasible, 9 holes of an existing golf course could be removed to provide additional timeshare property. As timeshare sales grow, a central Sales Gallery and Visitor Center is proposed for construction on US 17 Bypass, adjacent to the existing Myrtlewood Golf (Resort) entrance. The consolidated facility would be designed to support all corporate timeshare projects.
  85. 85. Myrtlewood Golf Resort 78 Two development tracts have been reserved on the Atlantic Intracoastal Waterway for Phases I & II
  86. 86. Myrtlewood Golf Resort 79 Golf course views enhance residential real estate value Golf Clubhouse Phase II Development Site Phase I Development Site
  87. 87. Myrtlewood Golf Resort 80 Phase I and II Golf Resort development tracts front on both golf and Atlantic Intracoastal Waterway, adjacent to Myrtlewood Pro Shop and spoils basin Phase I Development Site Phase II Development Site Community Clubhouse Site Maintenance Facility
  88. 88. Myrtlewood Golf Resort 81 Existing Golf Pro Shop (foreground) to be replaced and accompanied by a new Resort Community Clubhouse and 100-room Golf Lodge Phase II Development Site
  89. 89. Myrtlewood Golf Resort 82 Approximately 350 timeshare units can be accommodated on the Phase I development tract
  90. 90. Myrtlewood Golf Resort 83
  91. 91. Residential Development 84 Residential acreage and lot sales generated $85.7 million in revenue since 1998; an annual average of $17 million over the past five years. This constitutes 63% of all corporate proceeds from real estate sales (including commercial sales and public condemnations). New residential products are important components of the Burroughs & Chapin Company, Inc. portfolio. These may be planned, designed, permitted, developed and/or marketed by the company, or sold to other area homebuilders or developers as development tracts. In CY2003, three new residential golf course communities, involving well over 1,650 dwelling units (du), are currently being planned and permitted for construction in Horry County, SC; as described in detail on the following pages.
  92. 92. Residential Development • Glen Dornoch Golf Club [190 du/224 ac] • Pine Island Golf Course [775 du/1003 ac] • Pine Ridge Golf Course [693 du/1246 ac] 85
  93. 93. Glen Dornoch Golf Club 86 Located on the north end of the Grand Strand at Little River, Glen Dornoch is an established golf course community with valuable highway commercial and multi-family residential development tracts. Wetland mitigation plans are currently pending final approval by State officials. The 224-acre golf tract has remaining 24 acres of undeveloped uplands. A total of 190 dwelling units (du) will be built on these five individual residential sites, beginning in CY2003. A 20-acre highway commercial development site has been designed to accommodate 83,000 SF of GLA; to include a grocery, retail shops, and outparcel development. Up to 40 units of residential product may also be developed on this tract - - taking advantage of existing golf course views to the rear. Phase I will involve only 14.6-acres of upscale multi-family golf course condominium development (at about 8 units per acre). Subsequent phases will include the proposed Golf Lodge, waterway condominiums, and Glen Dornoch Plaza on US Highway 17, with associated golf-residential products. Build-out of all the development tracts is expected to require nine to ten years. The shopping plaza will be developed last (i.e., 2011); when sufficient housing exists to support new businesses in the area.
  94. 94. Glen Dornoch Golf Club 87 Glen Dornoch is located on the north end of the Grand Strand, fronting on US 17 and the AICW
  95. 95. Glen Dornoch Golf Club 88 The AICW, existing golf course and clubhouse provide attractive amenities Golf Clubhouse
  96. 96. Glen Dornoch Golf Club 89 Glen Dornoch (foreground) and North Carolina (background) Golf Clubhouse US Highway 17
  97. 97. Glen Dornoch Golf Club 90 A 20-acre neighborhood commercial plaza will be located on US Route 17 frontage (top right) Future Commercial Site US Highway 17 Golf Clubhouse
  98. 98. Glen Dornoch Golf Club 91
  99. 99. Glen Dornoch Plaza 92 The 20-acre site will accommodate 87,400 SF of GLA and up to 40 golf condominiums
  100. 100. Pine Island Golf Club 93 Located on both sides of US 501, adjoining River Oaks, this 1,003-acre tract includes 596 acres of RC- zoned land (golf course-residential) and 286 acres of HC-zoned property (commercial and retail development sites). An adjacent tract is zoned for future light industrial (LI) development. Proposed development plans for Pine Island Golf Club include creation of a planned residential golf community featuring a variety of housing opportunities; from single-family detached to apartments and condominiums. If developed as single-family homesites, up to 775 lots will be created. Multi-family products will generate higher densities and yields. Phase I of this project is planned for construction in 2003. This project is targeted for a variety of medium-priced residential products. Development costs will be minimized by using both existing and expanded staff capacity to design, permit, and construct various improvements (see Design & Construction Capabilities). This new approach is proposed so we can minimize project expenses and maximize profit margins. As the community grows, the development plan anticipates introduction of Neighborhood Commercial and/or Amusement/Recreation opportunities to serve the needs of the immediate community and the surrounding area.
  101. 101. Pine Island Golf Club 94 The Pine Island Tract is located on both sides of US 501 (center) adjacent to River Oaks Golf Course (bottom center) and The Pottery (lower left)
  102. 102. Pine Island Golf Club 95 River Oaks Golf Course (foreground) and US 501 to Conway (bottom left to top center) River Oaks US 501 Carolina Bays Parkway
  103. 103. Pine Island Golf Club 96 The Carolina Bays Parkway and US 501 provide excellent access to the Pine Island Tract US 501 Carolina Bays Parkway River Oaks
  104. 104. Pine Island Golf Club 97 Amenities abound: every residential lot fronts on either the golf course or water feature
  105. 105. Pine Ridge Golf Club 98 The Pine Ridge Golf Course and Community is also an entry-level golf community that will offer a variety of conveniences and amenities for the owner/user. Located adjacent to South Strand Commons (see Commercial Development), the residential development tracts front on both sides of US Highway 17 and Highway 544. The proposed alignment of the new Carolina Bays Parkway bisects the site. A 1,246-acre community is proposed that will include single-family and multifamily neighborhoods. Golf course-related lakes and wetlands will be integrated throughout the neighborhoods to create an open, natural environment. Up to 693 single-family homesites can be created on this site. That number will grow if multi-family products are introduced during the life of the project. The existing and proposed phases of South Strand Commons creates a diverse retail space that satisfies the needs of the entire community – not just the subject property. A multi-family development tract abuts the existing commercial site. The proposed highway interchange, if developed, would create new access points that can be adapted into the plan. Efforts are underway to approach Horry County officials regarding their commitment (or lack thereof) regarding acquisition of the public right-of-way required to build the proposed interchange. Phase I of the golf course, limited residential development, and additional highway commercial expansion of South Strand Commons, is planned to begin in 2003. Build-out is expected to require nine to ten years of planning, design, construction and sales (2012-2013).
  106. 106. Pine Ridge Golf Club 99 Pine Ridge is located abutting the US 17 Business and Highway 544 interchange (right center)
  107. 107. Pine Ridge Golf Club 100 South Strand Commons (center) anchors the eastern corner of Pine Ridge South Strand Commons Highway 544 US 17 Bypass Pine Ridge Tract
  108. 108. Pine Ridge Golf Club 101 Pine Ridge Tract as viewed from the west South Strand Commons Highway 544 Pine Ridge Tract
  109. 109. Pine Ridge Golf Club 102 South Strand Commons Proposed Carolina Bays Parkway Alignment US 17 Bypass
  110. 110. Commercial Development 103 Commercial acreage and lot sales total $49 million since 1998; an annual average of $9.8 million during the past five years. Commercial lot sales total $7.1 million, while commercial acreage has yielded $41.8 million in sales since 1998. Burroughs & Chapin Company, Inc. has become proficient in the development of new commercial properties and sites. Recent joint ventures (i.e., CBL Associates) have greatly leveraged this ability and resulted in enhanced real estate values and additional development opportunities. In addition to the commercial development identified in other sections of this document (i.e., Resorts & Timeshare), the initial construction of three new and expanding commercial projects will be completed within the next two years, as described on the following pages.
  111. 111. Commercial Development • Mall of South Carolina/Outparcels • 501 Power Center Expansion • South Strand Commons/Outparcels 104
  112. 112. Mall of South Carolina 105 The Mall of South Carolina is a joint venture of Burroughs & Chapin Company, Inc. and CBL & Associates. The 170-acre project is located adjacent to the 501 Power Center, between US 17 Bypass and Seaboard Road, Pine Island Road and Harrelson Boulevard. The project is currently under construction and scheduled to open in Spring 2004. Simultaneously, another company property, Myrtle Square Mall, will become functionally obsolete. No longer will residents and visitors need to drive to Charleston and Wilmington to find nationally recognized stores and restaurants. The Mall of South Carolina will introduce many new retailers to the regional Myrtle Beach marketplace; now 406,000 residents and rapidly growing. The single-level mall will have over 1.1 million SF of retail space, to include up to five department stores, 182,000 SF of entertainment and/or “big box” retailers, over 300,000 in specialty retail space, and 40,000 SF of restaurants. Ultimately, the project will involve approximately 1.5 million SF of retail space and over 50 acres of related outparcel development.
  113. 113. Mall of South Carolina 106 The Mall of South Carolina adjoins the 501 Power center and fronts on US 17 Bypass
  114. 114. Mall of South Carolina 107 Harrelson Boulevard (foreground) looking north toward Myrtle Beach US 501 Power Center US 17 Bypass Robert Grissom Parkway
  115. 115. Mall of South Carolina 108 US 17 Bypass (foreground) looking east across future mall, outparcel, and industrial sites US 17 Bypass Myrtle Beach Jetport Robert Grissom Parkway
  116. 116. Mall of South Carolina 109 The 170-acre site is located on US 17 Bypass at the US 501 interchange (top left) Harrelson Boulevard US 17 Bypass
  117. 117. Mall of South Carolina 110
  118. 118. Mall of South Carolina 111
  119. 119. US 501 Power Center 112 Located on Highway 501 at the US Highway 17 Bypass interchange, Phase I of this project is complete. The first phase has been very successful, and is attracting the attention of prospective tenants. Phase II of the 501 Power Center involves a 50± acre tract designed to accommodate still more ‘Big Box’ development. Best Buy and Costco have recently agreed to anchor Phase II of the project; making available 7 to 8 outparcels for lease or sale in early 2003. These sites are currently being marketed and should be occupied by new retailers and restaurants between 2004 and 2008. The Grand Opening of the Mall of South Carolina will generate additional traffic, market interest, and value for Phase II of this project. Numerous outparcels will also be created as the 501 Power Center continues to grow and develop.
  120. 120. US 501 Power Center 113 The site is located adjacent to the US 17 Bypass/Highway 501 interchange (foreground) Robert Grissom Parkway US 501 US 17 Bypass
  121. 121. US 501 Power Center 114 The Mall of South Carolina (background) is located south of the expanding US 501 Power Center Harrelson Boulevard US 17 Bypass
  122. 122. South Strand Commons 115 This very successful shopping center is located at the interchange of US 17 Bypass and Highway 544. It is nearly 100% leased, with multiple prospects for future outparcel development. South Strand Commons, currently anchored by Lowe’s, Office Depot and Hamrick’s, is rapidly expanding, with a Ruby Tuesdays restaurant and Swifty Serve convenience store in operation, and Carolina First recently purchasing an outparcel for a future branch bank location. Contracts pending for a CY2002 closing include Waffle House and a Zaxby’s restaurant. Preliminary plans are complete for a 25,000± square foot small shop building adjacent to Hamrick’s and pre-leasing activity has the building at 90% occupancy (Letters of Intent) as of December 2002. Construction should commence in the later part of 2003, with grand openings in the 1st Quarter of 2004. Future expansion plans include the identification of additional anchors (grocery or “big box”) for the next phase of development. December 2003 is the target date to secure an anchor for that phase. The size and type of such an anchor will heavily influence the future development of the remainder of the project, so strategic tenant selection becomes extremely important. Proposed plans for residential development on the adjoining (Pine Ridge Golf Club) tract include high-density multi-family units. This high-density development will help drive higher the demand for commercial properties at South Strand Commons.
  123. 123. South Strand Commons 116 Both the existing and future rooftops will support expansion of South Strand commons (center right)
  124. 124. South Strand Commons 117 Lowes Home Improvement is the largest anchor for Phase I of South Strand Commons US 17 Bypass
  125. 125. South Strand Commons 118
  126. 126. University Village ## This 16-acre tract is located on US 501 adjacent to Coastal Carolina University
  127. 127. University Village ## The Horry County Higher Education Commission has acquired property for expansion Existing Entrance to Atlantic Center Existing Church Existing Entrance to Coastal Carolina
  128. 128. University Village ## Horry County Higher Education Commission Property, Parcel 19
  129. 129. University Village ## Relocation of the Atlantic Center entryway would create an opportunity for a mixed-use development Existing Church Proposed Motel Proposed Pharmacy Proposed Restaurant Existing Entrance (to be abandoned) Proposed Entrance to Atlantic Center Planned Frontage Road Proposed Retail/Office Complex
  130. 130. Industrial Development 119 Burroughs & Chapin Company, Inc. has assumed a major role in the future industrial development and economic diversification of Horry County. The short supply of turn-key industrial sites, easily accessible to highway and air transportation networks, has made it difficult to attract new investors and employers to the region. Development of four new industrial park projects, totaling 825 acres, are being sponsored or co- sponsored by Burroughs & Chapin Company, Inc. The largest of these projects is a joint effort with Horry County PARTNERS. The Multi-County Business Park legislation and a Development Agreement negotiated with the Horry County Council are two important tools used to attract and promote industrial development. Without these partners, these important projects would not be financially feasible. An introduction to these projects can be found on the following pages.
  131. 131. Industrial Development • Airport (North) Industrial Park [128 ac] • B&C Industrial Park [161 ac] • Super (Aynor) Industrial Park [386 ac] • US 501 (Brown Tract) [150 ac] 120
  132. 132. Airport Industrial Park 121 Strategically located adjacent to the Myrtle Beach Jetport, this project has already been approved by the Board and is currently in the design and permitting stages of development. Due to the short supply of comparable sites, this 128-acre industrial park project is expected to generate strong land sales for several years. Initial sales are anticipated in the 4th Quarter of 2003.
  133. 133. Airport Industrial Park 122 128 acres located adjacent to MB Jetport; fronting on Harrelson Boulevard and Highway 15
  134. 134. B&C Industrial Park 123 The B&C Industrial Park is also located adjacent to the Myrtle Beach Jetport, but is currently hampered by environmental issues. Contamination of the site by an adjacent landowner has temporarily postponed development of this new industrial site. However, those problems are expected to be resolved within the next few years. Development of this site will likely begin as the (competing) Airport Industrial Park nears completion.
  135. 135. B&C Industrial Park 124 161 acres located adjacent to MB Jetport; fronting on US Highway 17 Bypass
  136. 136. Super Industrial Park 125 Located near Aynor, SC, the Super Industrial Park is being developed as a public/private partnership with Horry County government, Horry County PARTNERS, and supported by the B&C commitment to the terms of the Development Agreement and Multi-County Business Park legislation. This 386-acre industrial park is expected to satisfy the county’s need for turn-key sites over a period of ten to twenty years.
  137. 137. Super Industrial Park 126 At 386 acres, this is our largest industrial development project, located near Aynor, SC Route 319 To Conway To Aynor
  138. 138. US 501 Industrial Park 127 This +150-acre tract is located west of Conway, SC, fronting on US Highway 501. It is adjacent to the much larger Brown Tract; proposed for future development as a Motorsports Park. Development of the 501 Industrial Park will be coordinated with future plans for the Brown Tract. If NASCAR or another sanctioning body approves pending plans to build a new venue for motorsport competition and events, then automotive-related industries will become likely occupants of the proposed industrial park. Accordingly, the development schedule for this tract will closely parallel the final planning for our adjacent tracts of land.
  139. 139. US 501 Industrial Park 128 At +150 acres fronting on US 501 west of Conway, SC, this tract is adjacent to the proposed Motorsports Park site (a portion of which is shown at top right)
  140. 140. Corridor Development 129 Myrtle Beach is a linear community, sandwiched against the Atlantic Ocean, with limited alternate routes for vehicular traffic. For decades, the State of South Carolina neglected the transportation needs of our rapidly growing coastal community. US Route 17 has some of the highest Annual Average Daily Traffic Counts (AADT) in the entire state. However, the Grand Strand has recently seen over $1 billion committed in new highway and bridge infrastructure. As a result, traffic congestion is expected to be relieved, and travel patterns are expected to change. In particular, new highway corridors will attract motorists who want to take advantage of these new, attractive, alternate routes. Along with this new traffic comes new opportunities for land development. The old, established corridors remain prime locations for new development, as well. As part of the Land Development Master Planning Process, corporate holdings located along all these busy corridors will be examined, and steps taken to maximize their long-term value.
  141. 141. Corridor Development • Robert Grissom Parkway Corridor • US 17 Bypass - Myrtlewood Corridor 130
  142. 142. Robert Grissom Parkway 131 The Robert Grissom Parkway corridor offers a variety of opportunities for economic development. The section including 10th and 21st Avenues is the site of proposed flex properties -- retail and office properties -- as well as shared stormwater retention facilities. Some light industrial uses are also planned to satisfy the special needs of specific end-users. The corridor from 21st through 29th Avenues is most suitable for commercial development. The area from 29th through 38th Avenues involves proposed timeshare and “future commercial development” parcels. Lakeshore Village fronts on a portion of this corridor and will be enhanced by expansion of the Lakeshore Timeshare properties. The close proximity to Broadway at the Beach make this property all the more attractive and valuable. Planning for the corridor from 38th through 44th Avenues has been integrated with proposed relocation and expansion plans for the First Presbyterian Church. Oleander Drive will be extended and single- family lots will be developed on adjacent sites. Branch bank sites are ideal for the corner parcels at 38th and 44th Avenues, and a multi-family development is proposed to flank both the existing school campus and proposed church site. An Office Park completes the land plan for this section of the RGP corridor.
  143. 143. Robert Grissom Parkway 132 RGP provides improved access for several hundred acres of undeveloped B&C land
  144. 144. Robert Grissom Parkway 133 The RGP from 21st Avenue North (foreground) to Carolina Bays Parkway (top center) Robert Grissom Parkway 21st Avenue North Carolina Bays Parkway
  145. 145. Robert Grissom Parkway 134 RGP Corridor from Mr. Joe White Ave. to 21st Ave. North
  146. 146. Robert Grissom Parkway 135
  147. 147. Robert Grissom Parkway 136 RGP Corridor from 21st Ave. North to 38th Ave. North
  148. 148. Robert Grissom Parkway 137
  149. 149. Robert Grissom Parkway 138 RGP Corridor from 38th Ave. North to 44th Ave. North
  150. 150. Robert Grissom Parkway 139
  151. 151. Myrtlewood Corridor 140 The Myrtlewood Corridor flanks US 17 Bypass, from 29th Avenue North to Robert Grissom Parkway (where it crosses the Atlantic Intracoastal Waterway and connects to Carolina Bays Parkway). The sprawling property is contiguous to Grande Dunes Resort (connected by a tunnel under Robert Grissom Parkway), Myrtlewood Golf Resort, and Pine Lakes International Country Club development tracts. Adjacency, access, central location, highway frontage and exceptional visibility generate tremendous value and potential for real estate development along this corridor. Retail, office, and residential land uses will be introduced as market forces grow to better match projected land values. Detailed corridor development plans are expected to include a central timeshare Sales Gallery and Visitor Center (see Resorts & Timeshare).
  152. 152. Myrtlewood Corridor 141 Fronting on US 17 Bypass, this tract extends from 29th Ave. North to Grande Dunes Resort
  153. 153. Myrtlewood Corridor 142 Myrtlewood Corridor follows US 17 Bypass, from Broadway at the Beach to Grande Dunes Myrtlewood Corridor Grande Dunes Broadway at the Beach
  154. 154. New Attractions 143 Family entertainment and attractions are essential elements of a resort economy. In that regard, Burroughs & Chapin Company, Inc. has a proud heritage of planning, designing, constructing and operating some of the best tourist attractions and amusements in the nation. Over the years, we have routinely upgraded existing facilities and introduced new elements that attract and retain loyal visitors to Myrtle Beach. Over the next few years, a series of new attractions are proposed that will generate new interest in Myrtle Beach, and new revenue sources for Burroughs & Chapin.
  155. 155. New Attractions 144 • Myrtle Beach Pavilion • Myrtle Waves Water Park • Wild Animal Theme Park • Wild Alligator Kingdom • B&C Sports Complex & Entertainment Resort • Motorsports Complex
  156. 156. Myrtle Beach Pavilion 145 The existing Pavilion is a landmark as well as part of the history of Myrtle Beach. The Downtown Redevelopment Authority is considering a proposal that would relocate the Pavilion and redevelop the +11-acre tract for uses that take full advantage of all 365-days in the calendar. Some candidate land uses include hotels, retail, restaurant and commercial establishments. If this proposal is advanced by the City of Myrtle Beach, the Board will be asked by staff for permission to request public subsidies for relocation, negotiate terms for a possible public/private joint venture for redevelopment of the site, and/or to develop other alternative business plan scenarios.
  157. 157. Myrtle Beach Pavilion 146 The Myrtle Beach Pavilion is located between the Atlantic Ocean and North Kings Highway
  158. 158. Myrtle Beach Pavilion ## 1998 aerial photograph (Courtesy Horry County GIS Department)
  159. 159. Myrtle Beach Pavilion 147 Family entertainment is the cornerstone of the Myrtle Beach tourism economy
  160. 160. Myrtle Beach Pavilion ##
  161. 161. Myrtle Beach Pavilion ##
  162. 162. Myrtle Beach Pavilion ##
  163. 163. Myrtle Beach Pavilion ## Early redevelopment plan for Pavilion Amusement Park
  164. 164. Myrtle Beach Pavilion ## DRC REDEVELOPMENT GOALS: • Extend the tourist season • Expand and diversify the customer market • Create a new “icon” development / attraction for Myrtle Beach • Spread business value from the beach and Pavilion Site to surrounding properties • Create business and attraction opportunities that align with the “family friendly” image of Myrtle Beach • Retain and incorporate historic and nostalgic elements such as the Pavilion Building, pipe organ and carousel
  165. 165. Myrtle Beach Pavilion ##
  166. 166. Myrtle Beach Pavilion ##
  167. 167. Myrtle Beach Pavilion ##
  168. 168. Myrtle Beach Pavilion ##
  169. 169. Myrtle Beach Pavilion ##
  170. 170. Myrtle Waves Water Park 148 Scheduled to open in May 2003, a new focal point for Myrtle Waves Water Park will be a themed multi- level interactive play area that targets people of all ages. Bridges, tipping cones, water cannons and jets, ropes, and a giant water bucket will animate the existing kids area and generate hours of non-stop play. The new feature will be visible from US 17 Bypass at Joe White Avenue (formerly 10th Avenue North).
  171. 171. Wild Animal Theme Park 149 This 80-acre Wild Animal Park and Nature Preserve would be easily accessible from Broadway at the Beach via a premium transportation network; attractive to users and guests. The conceptual master plan is still being developed, but key elements of the proposed theme park have already been identified: • Animal Show Amphitheater • “Swim with the Dolphins” • Reptiles of the World Exhibits • Indoor-Outdoor Aviary • “Eco Trek” self-guided Nature Preserve Tour • Glass-bottomed Boat Lagoon Tour • Wild Alligator Adventure • Themed Retail, Restaurants, Street Entertainment
  172. 172. Wild Alligator Kingdom 150 The State’s first indoor interactive animal theme park is proposed for development at Broadway at the Beach; to utilize an existing leasehold property (Butterfly Pavilion). Negotiations are currently underway to finalize this transaction. In an effort to enhance the overall guest experience and further develop the storyline for Broadway at the Beach, an interactive encounter with alligators, tropical birds, mammals and reptiles will be developed. The unique indoor setting will create a year-round attraction in a safe, clean, comfortable and aesthetically -pleasing environment. Water features, wooden boardwalks, treetop exhibits, thatched roofs, and an overhead swing bridge are among the thematic elements of Wild Alligator Kingdom.
  173. 173. Sports Complex & Resort 151 The objective of this initiative is to create a new 600-acre Sports and Family Entertainment Destination Resort immediately adjacent to Broadway at the Beach. Existing components to be incorporated as part of the master-planned resort include Myrtle Waves Water Park, Music City Grille, and NASCAR SpeedPark. The City of Myrtle Beach will be invited to participate in development of the field complex. Strong public transportation links to Broadway at the Beach will further enhance the project and promote higher levels of occupancy and patronage. Key features of the Sports Complex and Family Entertainment Resort may include: • 54 acres of Outdoor All-Sports Competition Fields • Indoor-Outdoor Action Sports Competition Complex • Indoor Competition Courts & Sports Training Facility • Indoor-Outdoor Aquatics Competition Complex • Indoor-Outdoor Tennis Courts • Par-3 Golf Course, Practice Facility & School • Dormitory-style Housing • Campgrounds • Timeshare Resort on the AICW • Destination Theme Park
  174. 174. Motorsports Complex 152 Located west of Conway between US Highway 501 and Highway 22, Burroughs & Chapin Company, Inc. owns an ideal site for development of a new Motorsports Park or Speedway. Motorsports, especially events sponsored by NASCAR (National Association of Stock Car Auto Racing) and IRL (Indy Racing League) are fast-growing sports that have brought about a recent boom in track construction. There are 39 NASCAR, IRL, and other large tracks located across the nation. The closest to Myrtle Beach is Darlington Raceway Park; an aged and outdated facility. Most speedways host one or two major events a year that each attract well over 150,000 race fans. Smaller races and other events, such as car shows, concerts and festivals, are held throughout the year. Racing teams, car clubs, and high-performance driving schools are also among potential track user groups. Most facilities are idle only a few weeks each year. Since 1998, six new speedways have been built at a typical cost of $150 to $220 million. State and local government, public bonds and tax increment financing typically fund 55 to 60 percent of the total project cost. And the economic benefits to the entire community are substantial. In the recent case of Kansas Speedway, developed by International Speedway Corporation of Daytona Beach, FL, the project prompted $250 million in new retail development and a million- square-foot mall on a adjacent sites. The Kansas Speedway hosts three NASCAR races a year, one IRL event, and 200 other smaller events (one Winston Cup race will cover their annual debt service). Efforts to further develop and promote a similar motorsports facility in Horry County will be renewed in CY2003. Coincidentally, HNTB Corporation, a design consultant to Burroughs & Chapin, planned and designed the Kansas Speedway, among other NASCAR facilities.
  175. 175. Motorsports Complex 153 Fronting on US 501, the proposed Motorsports Complex site satisfies all NASCAR criteria
  176. 176. Motorsports Complex 154 The site is well served by both US 501 (foreground) and SC 22 (background) Route 22 US 501
  177. 177. Motorsports Complex 155 Efficient traffic management will be a primary objective of site planning and development Route 22 US 501
  178. 178. Motorsports Complex 156 Highway 22 provides access to the eastern side of the parcel (foreground) SC Route 22 US 501
  179. 179. Motorsports Complex 157
  180. 180. 1998-2002 Real Estate Sales Analysis Potential Remaining Acres Life Cycle 158 At the present (5-Year Annual Average) rate of development, Burroughs & Chapin Company, Inc. currently holds sufficient real estate in Horry County to support approximately 75 years of future projects and/or land sales. Since 1998, an annual average of only 191-acres in company property is sold each year. Lands governed by the Development Agreement total 5,554 acres, and have a ‘development life expectancy’ of 29 years. Other vacant company properties total 17,482 acres, with an additional development life of 46 years. All total, it is projected these 23,036 acres will be fully developed in as little as 75 years (2078). Commercial and residential lot sales, acreage sales, and public condemnations are detailed on the following page.
  181. 181. 1998-2002 Real Estate Sales Analysis Potential Remaining Acres Life Cycle 159 (A) (B) (C) (D) (E) (B + C + D) Year Dollar Value SCDOT Takings Acreage Sales Lot Sales Acres in Lots Sales Total Acres Sold 1998 14,143,756.80$ 0.14 61.75 101.00 34.06 95.95 1999 30,354,489.94$ 0.00 117.70 93.00 27.13 144.83 2000 27,015,006.00$ 37.74 155.84 98.00 34.06 227.63 2001 47,794,969.29$ 34.36 189.66 95.00 37.66 261.68 2002 43,887,434.00$ 104.79 86.67 79.00 32.50 223.95 GRAND TOTAL 163,195,656.03$ 177.029 611.616 466.00 165.406 954.052 5 Year Average 32,639,131.21$ 35.406 122.323 93.20 33.081 190.810 Commercial/Residential/Condemnation Sales Summary Dollar Value Acres Per Acre Commercial Lot Sales 7,182,098.00$ 33.650 213,437.09 Residential Lots Sales 46,680,674.00$ 131.757 354,294.79 Lot Sales Sub-Total 53,862,772.00$ 165.406 325,639.16 Commercial Acreage Sales 41,787,959.03$ 347.407 120,285.24 Residential Acreage Sales 38,978,430.00$ 264.209 147,528.77 Acreage Sales Sub-Total 80,766,389.03$ 611.616 132,054.04 1998 - 2002 Sales Total 134,629,161.03$ 777.023 173,262.88 Condemnation Sales 28,566,495.00$ 177.029 161,366.20 SCDOT Takings Sub-Total 28,566,495.00$ 177.029 161,366.20 1998 - 2002 Grand Total 163,195,656.03$ 954.052 171,055.39 Projected Life of Existing Vacant Acreage Maintaining Current Income Acres Life Development Agreement Vacant Property 5,554.17 29 years (Calculation of Vacant Acres in the Development Agreement ÷ 5 year average total acres x 100% current income expectancy) Other Company Vacant Property 17,482.62 46 years (Calculation of Vacant Acres NOT in the Development Agreement ÷ 5 year average total acres x 50% current income expectancy) Total Company Vacant Property 23,036.79 75 years Note: Property value for the Development Agreement Acreage is expected to escalate with the economic growth in the area; however, other Company Acreage may escalate at a rate as much as 50% lower.
  182. 182. Future Commercial and Residential Development Analysis • Route 501 at 319 [ 15 ac] • Route 22 at 501 [100 ac] • Route 22 at 90 [ 40 ac] • Route 22 at 701 [ 40 ac] • Route 701 at 410 [ 20 ac] • Route 9 at 905 [ 15 ac] • Route 544 at CBP [ 40 ac] 160 These are among the most promising and strategic development sites targeted for acquisition
  183. 183. Candidate Tracts for Acquisition Future Residential/Commercial/Industrial • Route 501 at 319 [15 ac] • Route 501 at 544 [15-30 ac] • Robert Grissom Parkway at Carolina Bays Parkway [15-30 ac] • Route 9 at 410 • US 17 (Calabash to Shallotte) [40-100 ac] • US 17 (Surfside - Gault Property) 161
  184. 184. 162Candidate Tracts for Acquisition Future Residential/Commercial/Industrial This hand-drawn map of company properties was adopted 10 years ago.
  185. 185. 163 This GIS map is used to identify and target prospective acquisition sites
  186. 186. New Planning & Development Tools • ESRI ArcGIS Geographic Information System (GIS) • Autodesk Computer-Aided Design (CAD) • Project Management Software (PMS) – Improved Project Planning – Improved Construction Management – Improved Project Reporting & Evaluation • In-house Design & Construction Capabilities 164 New computer software applications will enhance staff productivity and decision-making abilities
  187. 187. Geographic Information System 165 A Geographic Information System (GIS) is a particular kind of software program that runs on personal and network computers. In many ways, it resembles a database program by analyzing information which is stored as records. Each record in a GIS database uses information to draw a geometric shape such as a point, line or polygon - - producing thematic maps. That record also enables access to other pertinent information such as demographics, location of major roads, real estate sales comparables, and the proximity of competitors. This information can be displayed geographically, revealing patterns that are not readily identifiable in tabular data displays and reports. What is GIS? An organized collection of computer hardware, software, geographic data, and personnel designed to efficiently capture, store, update, manipulate, analyze, and display all forms of geographically referenced information. What are the benefits of GIS? To provide improved ability to analyze information and make better informed decisions; streamline corporate functions; improve operational efficiency; reduce or eliminate redundancy; improve map maintenance and production efficiency and provide improved access to maps, site plans and data. What Corporate functions will be supported by GIS? Development planning and operations; land use planning; real estate sales; leasing; records management; facilities management; environmental analysis; transportation planning and management; corporate administration and staff access of GIS data through the use of the B&C Intranet (CY2004).
  188. 188. Geographic Information System 166 Horry County and several local municipalities have already launched GIS applications on the same software platform (ESRI ArcGIS) purchased by Burroughs & Chapin Company, Inc.
  189. 189. Computer-Aided Design 167 A Computer-Aided Design (CAD) system is a particular kind of software program that runs on personal and network computers. More than just a powerful drawing and design platform, CAD accelerates the business process, leveraging design data across the entire organization, enhancing our bottom line and maximizing our IT investment. With CAD, we can: Seamlessly deploy and manage software assets All of our consultants (i.e., architects, engineers, planners, surveyors) use the same CAD platform to produce their drawings. We now take delivery of these work products as both conventional hard copy (prints) and digital (CAD) files. This 100 percent file compatibility protects our investment in existing drawings, surveys, scripts, and customizations. Collaborate to cut costs and reduce cycle times Preliminary site plans and drawings can be produced in-house, then sent via e-mail to our design professionals for development of construction drawing sets. Design team collaboration tools increase productivity, saving time and money through faster project cycles, fewer errors, and reduced shipping and plotting costs. Reach further with digital design data Special CAD applications are available for building design, manufacturing, geographic information systems, and land development. All these tools help increase the speed of business.
  190. 190. Project Management Software 168 Staying on budget and on schedule means staying in control. Projects must be planned quickly to seize prime business opportunities and to keep costs down. But they must also be executed well to assure success and the longevity of our company. Project Management Software is tailored for the specific needs of the construction and real estate development industries. It empowers development, engineering and construction professionals to mitigate project risk through powerful schedule analysis, accurate cost forecasting and streamlined coordination among designers, contractors, and owners. From one central location, employees or project team members can access, share and update information across departments, applications and geographies - providing a fast and efficient way to manage every aspect of a real estate portfolio or development project. • Scheduling & Workflow • Better decision-making through collaboration • Automated tracking and notification of property information • Issue resolution & Change Orders • Job Costing and Invoice Review
  191. 191. Project Management Software 169 Project Management Software helps improve efficiency, performance, and recordkeeping
  192. 192. Design & Construction Capabilities 170 A primary goal for Burroughs & Chapin Company, Inc. in CY2003 is to begin building in-house design and construction capabilities. For select projects, this added capacity will save both time and money compared to the traditional methods used by the company in the past. We will be able to more quickly respond to new and emerging opportunities. Cost savings are also expected, which serve to further enhance our NOI. This new initiative will move forward carefully - - using only existing employees at first. If and only when warranted will additional staff capacity be proposed. Projects scheduled for in-house design and construction in 2003 include: • South Beach Adventure Amusements • South Beach Par 3 Golf Course • NASCAR SpeedPark 36-hole Mini-golf – Sevierville, TN
  193. 193. Master Project Schedule PROJECT Start/Finish PROJECT Start/Finish Airport (North) Industrial Park 2003/2014 Myrtle Waves Water Park 2003/2003 Arcadian Shores Resort 2003/2009 Myrtle Square Mall 2003/2004* Arcadian Ridge Shopping Center 2003/2005 Myrtlewood Corridor 2003/2018* B&C Industrial Park TBD Myrtlewood Golf Resort 2005/2028 B&C Sports Complex 2003/2004 Pine Island Golf Club 2003/2018 Broadway at the Beach Resort 2003/2023 Pine Lakes International Resort 2008/2015 Broadway at the Beach Retail 2003/2015 Pine Ridge Golf Club 2003/2013 Broadway at the Beach Transit System 2003/2008 Project Management Software 2003/2004* Candidate Tracts for Acquisition 2003/2008 Real Estate Sales Analysis 2003/2078 Cane Patch Tract 2003/2008 Robert Grissom Parkway Corridor 2003/2015 Computer-Aided Design (CAD) 2003/2004* Singleton Lake Timeshare 2008/2020 Corporate Campus 2003/2011 South Beach Resort 2003/2010 Geographic Information System (GIS) 2003/2004* South Strand Commons 2003/2004 Glen Dornoch Golf Club 2003/2013 Super (Aynor) Industrial Park 2003/2023 Glen Dornoch Plaza 2011 Tanger Outlet Center (Phase II) 2003/2003 Grande Dunes Resort 2003/2028* US 501 Industrial Park TBD Lakeshore Village Resort TBD US 501 Power Center Ph. II 2003/2008 Mall of South Carolina 2002/2004 Wild Alligator Kingdom 2003/2004 Motorsports Complex 2003/2010* Wild Animal Theme Park 2003/2007 Myrtle Beach Pavilion TBD * - Ongoing project or program 171
  194. 194. Acknowledgements Burroughs & Chapin Company, Incorporated Jim Bruno, Graphic Services Manager Joe Burgess, Production Assistant Mike Cousins, EVP Interval Ownership Tony Cox, Chief Real Estate Sales Officer Dowdell Brown, EVP Grande Dunes Terry Lewis, VP Commercial Operations Greg Lipscomb, AICP, Director of Planning & Design Dan Stacy, Senior Director of Leasing Doug Wendel, President and CEO Jim Wiseman, III, Chief Development Officer Castles Consulting Engineers, Incorporated Commercial Real Estate Services, Incorporated Environmental Concepts, Incorporated HNTB Corporation – Architects Engineers Planners Hobbs, Upchurch & Associates, PA LandDesign, Incorporated LDR International, Incorporated – A HNTB Company LS3P Associates, Incorporated Pegram Associates, Incorporated J. David Utterback, Incorporated 172
  195. 195. Notes 173