Atlantic Beach May Join the Condo Craze Now

Atlantic Beach Today

Posted on Sat, Jul. 23, 2005

Plans for oceanfront condominiums excite Town Council
By Brock Vergakis
The Sun News

Wide-open space in Atlantic Beach sits next to a high-rise building in North Myrtle Beach. Developers have proposed building large condominium complexes in the small town. One developer recently purchased six oceanfront lots; another has three such lots.

(Snippets from Article)
A Virginia development company that has a statewide reputation for investing millions to revitalize downtowns is considering the waterfront there for a possible condominium project. Combined with the condominium project presented by The Kelly Group this week, the two projects move redevelopment hopes forward.

The Marathon Development Group Inc. of Norfolk, Va., has recently purchased six oceanfront lots in Atlantic Beach, which has struggled for decades to revitalize itself after desegregation and nearly went bankrupt in the 1980s.

[The Kelly Group] committed to major redevelopment in Atlantic Beach and has said it's willing to fund a boardwalk that would stretch the entire length of the town and cede control to the city. The Strand Capital Group, which has partnered with The Kelly Group, owns adjoining property in Crescent Beach and Windy Hill and would like to see Ocean Boulevard opened up and connected to Atlantic Beach on both ends.

Uncertain condo market

It's unclear how much any condominium in Atlantic Beach might cost.
Loyd Daniel of the Strand Capital Group, which is helping fund the Kelly Group, said the four-bedroom, four-bath condominiums would sell at similar prices as neighboring communities.
See Complete Article in The Sun News

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