The Market Common
Market Common District
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| Location | Myrtle Beach, South Carolina, U.S. |
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| Coordinates | Lua error in package.lua at line 80: module 'strict' not found. |
| Opening date | April 2008 |
| Developer | McCaffery Interests |
| Owner | BEI-Beach LLC |
| Architect | Antunovich Associates |
| No. of stores and services | 48 |
| Website | www.marketcommonmb.com |
The Market Common (sometimes known as Market Common or Market Common District) is a 114-acre (0.46 km2) lifestyle center located in Myrtle Beach, South Carolina.
Contents
History
The Market Common opened up in 2008 and is part of the Myrtle Beach International Airport complex that became civilian after the closure of the Air Force Base that was shared with the airport. It competes mainly with nearby shopping complexes Coastal Grand Mall and Broadway at the Beach. The complex has a 'town like' atmosphere, the center has townhomes, small stores and restaurants. Many of the streets in the district are named after former Myrtle Beach Air Force Base Wing and Base Commanders, or other notable Air Force members who were assigned to the base. Also scattered throughout Market Common are small memorial information signs noting historical facts about the base.
Foreclosure and Sale
On May 11, 2010, JPMorgan Chase claimed in a foreclosure suit that LUK-MB1 LLC owed $105 million and was no longer making payments on the construction loan for The Market Common. Jones Lang LaSalle, as receiver, managed the complex. The 37 of 55 businesses were on a "watch list", meaning they had asked for or could get reductions in rent, or that they had to meet certain conditions to stay in the center.[1]
An attorney representing the receiver said in a written statement that The Market Common was sold to BEI-Beach LLC, incorporated in Delaware on Dec. 27.[2]
HomeFed Corp.’s acquisition of BEI-Beach LLC
On April 23, 2013, it was reported by The Sun News that a California-based real estate investor and developer HomeFed Corp has acquired BEI-Beach LLC, who owns The Market Common and the undeveloped land around it, as well as other subsidiaries of Leucadia National Corp. Myrtle Beach city official say that the deal could lead to development moving forward quicker on some of BEI-Beach LLC's vacant property. Nothing will change at The Market Common as BEI-Beach will remain owner of the 6 year old shopping and entertainment center that is located on the former Myrtle Beach Air Force Base. "Management will stay the same, and no changes to the stores or other operations are planned as a result of the deal," said Brooke Doswell, The Market Common’s general manager.[3][4]
Parks
- Grand Park
- Valor Memorial Park
- Warbird Park
- Barc Park-South
Savannah's Playground
Savannah's Playground, located at the adjacent Grand Park Recreation Complex, will be Myrtle Beach's first year-round playground accessible to disabled children. Groundbreaking on the $3 million four-acre project took place in August 2015. It is named for Savannah Thompson, who has Williams Syndrome and supravalvular aortic stenosis but has become the ambassador for Grand Strand Miracle Leagues. The city will run the park but a nonprofit organization had raised enough funds as of December 2015 to cover about half the $1.5 million cost of the first phase.[5]
References
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