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Myrtle Beach Mall to undergo renovation in 2017

The Myrtle Beach Mall, which has been newly purchased by two investment companies. (MGN map)

Earlier this week, a news release from a post on Peak Financial Partners' website, which has since been removed, stated they and Misuma Holdings recently acquired Myrtle Beach Mall.

The release from Misuma on their website said the mall was currently under construction, but mall officials say now the renovations will begin in 2017.

Misuma Holdings and Peak Financial Partners, Inc. announced on May 12 that they will begin redeveloping Myrtle Beach Mall in 2017.

Misuma Holdings founder and partner Allan Davidov made the announcement.

"This is one of the most under-utilized retail locations in Myrtle Beach," said Davidov. "Nearly 400,000 residents live within in the trade area that boast more than 17 million annual tourists. We plan to take full advantage of the proximity to the intercostal and 95 area golf courses and deliver an open air, engaging retail, restaurant and entertainment district. The intent is not to compete with the existing retail and entertainment in the market, but to offer a unique alternative."

Gil Priel, President of Peak Financial Partners, Inc. added "We are creating an environment to shop, eat and spend time for both permanent residents of the area as well as our tourists. We recognize the rapid growth in our area and want to maximize this prime location and make it a true destination."

Located less than two miles from the beach and adjacent to the interchange of N. Kings Highway (Hwy 17) and Veterans Highway, the nearly 30-year-old enclosed Myrtle Beach Mall is anchored by Belk, JC Penney, Carmike Cinema 12 and Bass Pro Shops Outdoor World.

"Consumer and tenant needs and demands have evolved dramatically over the last two decades," said Davidov. "We are demalling the center and opening it up to the great South Carolina sun, breeze and trees. We are creating open places and spaces were people want to spend time, share experiences and engage with our tenants and each other. And, we are focused on enhancing and expanding our great tenant mix with new retail, restaurants and entertainment uses."

The project, which is being leased by Avison Young and managed by JLL, will include the redevelopment of more than 375,000-square-feet of space, major architectural renovations, significant landscaping, lighting and facilities improvements and the addition of more than a dozen new tenants.

The owners plan to begin the $30 million redevelopment in 2017.

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