Myrtle Beach has agreed to put up to $20 million toward a surf park at Broadway at the Beach. None of that money moves until the developer has spent at least $125 million of its own and finished 80 percent of the project. The city calls its share the "last money in." The order of payment matters more than the dollar figure, and it makes sense once you know what happened around Broadway at the Beach over the past several years.
The project is WaveGarden Myrtle Beach. It's planned for the corner of the Highway 17 Bypass and 21st Avenue North, and plans call for a surf lagoon of at least 5.5 acres, a 150-room hotel, at least 20,000 square feet of food and beverage space, plus retail and sports tourism uses. City Council took its final vote at its Sept. 22 meeting. Horry County still has two votes ahead, and the next one comes with a public hearing.
An empty lot with a surf park history
If you've driven the Bypass for a while, you know the site. It's the old Palace Theatre lot, empty since the theater came down in 2017. Burroughs & Chapin owns Broadway at the Beach.
This isn't the first surf park planned for this part of town. The Post and Courier reported that an earlier project called Surfworks, planned next to Broadway at the Beach off Robert M. Grissom Parkway, was dropped after the group filed several extensions over three years while it lined up financing and did site work. That plan included a five-acre surf park, a 10,000-seat amphitheater and a skate park.
The WaveGarden project replaced it, and early on it talked about opening in 2027. The development group's own announcement, as reported by The Post and Courier, was frank about the risk:
"Surf resort developments are complex and final delivery of the project is not assured until debt financing, entitlements, permits, third-party agreements, and construction all align."
The city's agreement reads like a reply to that sentence.
The conditions before any city money moves
The city's Sept. 23 announcement sets out the order of events. The developer, WGMB, is a partnership of Highgate, South Street Partners, Twin Point Capital and W.M. Jordan. Before the city pays anything, the group has to meet several conditions:
- Invest at least $125 million in private money.
- Complete at least 80 percent of the project.
- Meet the other requirements in the agreement, which is posted with the Sept. 22 council documents on the city's website.
The agreement also sets two hard deadlines of its own. Construction has to start by Sept. 1, 2027, and the development has to be open by July 1, 2030.
The obligations continue after opening day. WGMB has to keep the park running for at least five years. If it stops operating within that window, part of the city's money must be paid back, prorated by how long the park ran. The repayment terms stay in force even if the property is sold, transferred or foreclosed on.
The firm construction and opening dates weren't in the agreement at first. The city says they were added after council's first reading. A project that once aimed to open in 2027 now has a contractual deadline three years later. Given the earlier Surfworks history, the extra time and the hard deadlines both make sense.
Where the $20 million might come from
The $20 million is a cap, and the city says it wouldn't necessarily come straight from city funds. How it's finally paid for depends partly on whether Horry County adds the WaveGarden property to its Multi-County Business Park agreement.
On Oct. 20, Horry County Council unanimously approved the first reading of that ordinance, without discussion. According to The Sun News, the ordinance would change how the county allocates the fee-in-lieu-of-tax revenue from the property. Here's the proposed split:
| Share of fee-in-lieu revenue | Where it goes |
|---|---|
| 70% | Reimbursement of, or debt payments for, the cost of the WaveGarden project |
| 9.67% | Horry County Schools |
| 9.67% | Horry County General Fund |
| 9.66% | City of Myrtle Beach |
| 0.5% | Georgetown County |
| 0.5% | Marion County |
The Sun News also points out that if the county doesn't contribute and Myrtle Beach goes ahead, the city would still have to pay. The city expects the finished park to bring in about $3.2 million a year in city revenue. Against the $20 million cap, that's a little over six years of projected revenue to cover the full amount. The less the county arrangement covers, the more that payback period matters.
The city describes the project as a $170 million development with a private minimum of $125 million. The Sun News describes it as funded with at least $150 million from the developer. The binding numbers are the ones in the agreement in the council documents.
A 5–2 vote, and what the two no votes said
The Myrtle Beach vote wasn't unanimous. MyHorryNews reported that council approved the agreement 5–2 on second reading, with Jackie Hatley and Phil Render voting no.
Hatley was the only no vote at first reading. MyHorryNews reported that she was still uncomfortable committing public money to privately owned property. Render said rising city debt and other priorities residents care about were his reasons. He noted that city debt had gone from about $199 million to $400 million in two years. On the other side, Councilman Mike Lowder said the project could bring something new to the city's tourism brand.
MyHorryNews also reported a related question from public comment. A resident said the project might be a good idea but asked why the city needed to offer incentives at all. The "last money in" structure is the city's answer to that worry, because it holds the cost back until most of the private investment and construction are done.
The calendar from here to opening day
Here's the timeline, counting from this week:
| Date | What happens |
|---|---|
| Nov. 17, 2026 | Horry County Council second reading, with a public hearing where residents can speak |
| Dec. 8, 2026 | Horry County Council third and final vote, if the second reading passes |
| Sept. 1, 2027 | Latest date for WaveGarden construction to begin |
| July 1, 2030 | Latest date for the development to open |
| First five years after opening | Required operating period; if the park fails to operate as required, a prorated share of city money must be repaid |
For anyone who wants a say, the Nov. 17 hearing is the next opportunity. The Sun News describes it as the point where residents can share their input on the county's part in the deal.
What surfing there might look like, and cost
The lagoon would use Wavegarden's Cove system. The company says it uses synchronized electro-mechanical modules with paddles to make swells, and its Wave Menu offers more than 25 wave types, from beginner waves to advanced barrels and airs.
No session prices, memberships, local discounts or resident access policy have been announced for Myrtle Beach. Project backers have talked about competitions, camps, clinics and other events meant to draw year-round business.
The nearest working example is about a day's drive north. Wavegarden announced that Atlantic Park Surf in Virginia Beach, North America's first Cove, opened to the public on Aug. 16, 2025. Its booking page currently lists a Progressive session from $117 and an Intermediate session from $128. Those prices belong to a different park in a different market, so treat them as a reference point. They aren't a forecast for Broadway at the Beach.
The corner is already changing
The surf park isn't the only new arrival here. Big Fish, a 21,000-square-foot seafood restaurant with a covered deck on Lake Broadway, an oyster bar and a live music stage, opened at 1321 Celebrity Circle on Sept. 18, 2026, as The Post and Courier reported. If the surf park meets its deadlines, an independent analysis cited by the city projects about 364,000 visitors a year, $58.1 million in annual spending at the park, and another $12.7 million spent elsewhere in the area. Until construction starts, the Palace Theatre lot remains empty.
Developments like the WaveGarden project change how a corner of town works long before they open, and Kristen Lundy follows them step by step for clients across the Grand Strand. If you have questions about Broadway at the Beach or what's planned around it, Kristen Lundy is happy to talk it through. Let's Connect.
