Myrtle Beach New Home Community NEWS |
The project, known as WaveGarden Myrtle Beach, or Project WGMB, is planned for the former Palace Theatre property along U.S. 17 Bypass and 21st Avenue North, immediately adjacent to Broadway at the Beach. Myrtle Beach City Council approved the incentive agreement on September 22, 2026, allowing for up to $20 million in incentive funding associated with the development.
The approval represents an important milestone for a project that has been discussed in various forms for several years and would transform a large, long-vacant property in one of the most established areas of Myrtle Beach.
A Major Redevelopment of the Former Palace Theatre Property
The WaveGarden project encompasses approximately 27 acres at the former Palace Theatre site. The property is associated with Broadway at the Beach Palace Tract LLC, and the current assemblage of parcels provides the land area for the proposed development.
The former Palace Theatre site has been vacant since the theater was demolished in 2017. Its location is particularly notable because it sits in the middle of one of Myrtle Beach's busiest tourism districts, directly beside Broadway at the Beach and near the Myrtle Beach Convention Center.
Rather than developing another attraction on the outskirts of the city, the project represents the redevelopment of a long-vacant property within an already established tourism and entertainment area.
The Surf Lagoon Will Be the Centerpiece
At the center of the development will be a WaveGarden Cove surf lagoon of at least 5.5 acres.
WaveGarden's technology is designed to generate consistent waves within a controlled lagoon environment, creating a setting for surfing and other water-based recreation without depending on ocean conditions.
The current concept goes well beyond the surf lagoon itself. Plans call for a minimum 150-room hotel, at least 20,000 square feet of food, beverage, retail and tourism-related uses, along with additional hospitality and resort amenities.
The project has also been described as including premium bungalow accommodations, beach and cabana areas, a lazy river and additional food and beverage areas surrounding the surf lagoon.
Together, those components would create a substantial new resort and entertainment destination rather than simply a stand-alone surf attraction.
A $170 Million Private Development
The project represents a minimum $170 million private investment, making it one of the larger hospitality developments currently moving forward in the Myrtle Beach area.
The development team includes Highgate, South Street Partners, Twin Point Capital and W.M. Jordan, working with the property interests associated with Broadway at the Beach.
The project has evolved considerably from earlier versions of the Myrtle Beach surf park concept. Previous proposals involved different development teams and locations before the project ultimately moved to the former Palace Theatre property.
The current proposal combines the surf lagoon with hotel accommodations, food and beverage, recreation and other hospitality uses, creating a much broader destination than the original surf park concepts.
How the City's $20 Million Incentive Works
The city's approval of the incentive agreement does not mean that the developer receives $20 million upfront.
The agreement allows for up to $20 million in incentive funding, but the funding is structured as reimbursement for eligible project costs that have already been incurred. Before incentive funding can be released, the project must reach at least 80% completion, the developer must demonstrate that sufficient financing and equity are available to finish and open the project, and at least $125 million in private capital investment must have been made.
The incentive funding cannot be used for owner distributions, return of equity, operating expenses or unrelated purposes.
The city and Horry County are also pursuing potential alternative funding sources, including Multi-County Business Park funding and other authorized sources. If those sources contribute to the project, they reduce the amount that would otherwise be required from city funding.
The agreement also contains provisions designed to protect the city after the incentive is provided. If the project fails to meet its required completion or opening requirements, the incentive funding can become repayable. Once the project opens, it is required to remain operational for five years, with provisions for prorated repayment if the surf lagoon or substantially all of the project permanently ceases operations.
Construction Could Begin in 2027
The approved agreement establishes a schedule for the project to move toward construction.
Construction is required to begin by September 1, 2027, with the project targeted to open to the public by July 1, 2030.
There are still several steps between the current agreement and an operating surf resort, including final financing, permitting, construction and other required governmental approvals.
Nevertheless, the September 2026 approval represents a significant advancement for a project that has been in various stages of planning for years.
A Different Kind of Development for Myrtle Beach
WaveGarden is an interesting addition to the Myrtle Beach development landscape because it is not simply another hotel or another entertainment venue. The project would combine a large surf lagoon with lodging, restaurants, retail and resort amenities on a substantial property in the heart of the city's tourism district.
Its location next to Broadway at the Beach also gives it an immediate connection to an existing concentration of restaurants, entertainment, shopping and tourism attractions.
The redevelopment would also put a long-vacant property back into active use.
How It Fits Into the Myrtle New Homes Story
WaveGarden is not a new-home community, and there are not a large number of new residential communities immediately surrounding the project.
For Myrtle New Homes, however, the significance of the project is its place in the larger development picture.
New-home construction throughout the Grand Strand is taking place within a much broader environment of commercial investment, tourism development, infrastructure improvements, redevelopment and expanding amenities.
The WaveGarden project is another example of that continuing investment.
While the project itself is located in an established part of Myrtle Beach, residential development continues to expand throughout the surrounding market, particularly in areas such as Carolina Forest, Forestbrook, Socastee and along the Highway 501 and Robert Grissom Parkway corridors. New construction is also continuing farther north around Grande Dunes and throughout the expanding northern Grand Strand.
Those communities are not directly adjacent to WaveGarden, but they are part of the same larger Myrtle Beach market.
For people researching new homes, projects such as this provide useful context about what is happening beyond an individual subdivision. A new-home buyer is choosing not only a house, but also the surrounding area and its access to restaurants, entertainment, recreation, shopping and other amenities.
Another Major Piece of the Myrtle Beach Development Story
If the project proceeds according to its current schedule, the approximately 27-acre former Palace Theatre property could eventually become home to a 5.5-acre surf lagoon, a 150-room hotel, restaurants, retail, recreation and other hospitality uses, representing approximately $170 million in private investment.
The September 22, 2026 approval of the incentive agreement moves the project another step closer to that goal.
For Myrtle New Homes, WaveGarden is worth following not because it is another residential community, but because it is part of the larger investment and redevelopment taking place throughout Myrtle Beach.
As new-home communities continue to expand across the Grand Strand, major projects like WaveGarden help tell the bigger story of how the area around those communities is changing as well.
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