City Council approves incentive agreement with strict benchmarks, repayment safeguards and firm construction deadlines.
MYRTLE BEACH, SC — September 22, 2026 Myrtle Beach City Council has approved an incentive agreement that clears the way for a $170 million WaveGarden surf park and hospitality development at the corner of Highway 17 Bypass and 21st Avenue North, next to Broadway at the Beach. The project, led by WGMB (WaveGarden Myrtle Beach), is expected to generate substantial new tourism activity and long‑term economic benefits for the city.
An independent economic and fiscal impact analysis estimates the completed development would attract roughly 364,000 visitors each year. The report projects $58.1 million in annual spending at the surf park itself and another $12.7 million in spending throughout the surrounding area. The analysis also anticipates approximately 44,800 occupied hotel room nights annually and $3.2 million in yearly revenue for the City of Myrtle Beach, in addition to revenue for Horry County and the State of South Carolina.
Plans for the site include a WaveGarden surf lagoon of at least 5.5 acres, a 150‑room hotel, more than 20,000 square feet of food and beverage space, retail, sports tourism uses and additional hospitality amenities. WGMB consists of four development partners: Highgate, South Street Partners, Twin Point Capital and W.M. Jordan.
City officials emphasized that Myrtle Beach’s investment will come only after substantial private funding and construction milestones are met. Under the agreement, the city may invest up to $20 million, but no incentive money will be provided upfront. Before any city funds are released, the developer must invest at least $125 million in private capital, complete at least 80 percent of the project and meet other requirements outlined in the agreement.
The agreement also includes protections for the city if the development is not completed, does not open or does not continue operating as required. Once the project opens, WGMB must keep the surf park and associated facilities operating for at least five years. If operations cease during that period, a portion of the city’s investment must be repaid on a prorated basis. Repayment requirements also remain in place if the property is sold, transferred, foreclosed upon or otherwise changes ownership.
City Council added firm deadlines before final approval. Construction must begin by September 1, 2027, and the development must be open by July 1, 2030.
Although the city’s maximum commitment is $20 million, the final funding structure has not yet been determined. The amount ultimately drawn from city funds will depend in part on whether Horry County approves adding the WaveGarden property to the Multi‑County Business Park agreement, as well as the availability of other authorized funding sources. Revenue generated through those sources would reduce the city’s direct contribution.
City officials say the agreement is designed so that private investment comes first, the city’s investment comes last and financial protections remain in place after the development opens.
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