After a lengthy dormancy in the wave pool news cycle, the Broadway at the Beach development in Myrtle Beach, South Carolina, is active again. This week, a press release announced that Twin Point Capital, Highgate, and South Street Partners formed a joint venture to develop the surf resort at Broadway at the Beach with real estate investment trust Burroughs & Chapin. The site is a six-hour drive south of the newly minted Atlantic Park Surf wave pool in Virginia Beach.
The planned surf resort will span 28 acres at the corner of Highway 17 and 21st Avenue North. It will feature a large-format Wavegarden Cove as the central attraction, along with a hotel, surf cabins, a lazy river, a beach, swimming pools, and a range of food and beverage venues. Highgate will operate the hotel, while Twin Point Capital and South Street Partners will manage other resort operations. The resort is designed to evoke a tropical environment.
Myrtle Beach Mayor Brenda Bethune described the project as a pivotal moment for Myrtle Beach.
“We’re delighted to welcome nationally recognized partners to deliver this city-defining project,” said Bethune. “Surf parks are still an emerging concept, and to see a resort of this caliber proposed for Broadway at the Beach speaks volumes about the strength and potential of our market.”
In the statement, developers said the destination aims to secure global brand partnerships and host programming ranging from after-school surf and youth camps to corporate retreats and events.
“We’re excited to bring this world-class surf resort to Broadway with trusted institutional partners,” said Chad Carlson, Chief Financial Officer of Burroughs & Chapin, the owner of Broadway at the Beach. “The scale and amenity offering will be unlike anything in the country, enhancing our guest experience and strengthening our position as one of America’s premier entertainment destinations.”
What Happened to the Previous Developers?
The project first appeared on the WavePoolMag Map in 2020 during the height of COVID. At the time, American Surfworks said they would be using Wavegarden technology and that construction was expected to begin soon, with possible completion in 2021.
“We’ve been working on bringing Wavegarden Cove to Myrtle Beach since October of 2016,” said Phil Dixon at American Surfworks at the time. “It’s taken some time to find the right piece of land for this development. We think we’ve hit a home run with this location.”
In 2024, the project, still shepherded by American Surfworks, relocated to the Broadway at the Beach site. That proposal included the wave pool and amenities such as cabanas, retail spaces, and a 10,000-seat amphitheater. News outlets touted a 2027 opening.
There was no mention of American Surfworks in today’s press release, but the Surfworks website is still promoting the project on its homepage. In the early days of this surf park, Colliers’ branch Destination Consulting had advised on the project. (Article at bottom of page.)
Still Seeking Funding
The press release stated that the development partners have committed to funding the equity for the as-yet-unnamed project, assuming good terms can be secured.
“Progression to development remains subject to securing attractive debt financing terms, which are now being explored,” read the statement. “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 four organizations collaborating on the new surf resort development in Myrtle Beach, South Carolina, have a long, rich history in the area.
South Street Partners is a private equity real estate firm based in Charlotte and Charleston, managing over $3 billion in assets with a focus on resort-oriented properties in the Southeast and Sun Belt regions. Burroughs & Chapin, a Myrtle Beach-based REIT, has been developing and managing retail and entertainment properties for over a century. Twin Point Capital was established by Lawrence Guffey in 2014 after his 22-year tenure at Blackstone. Highgate is a global hospitality firm with over $15 billion in assets under management and a portfolio of more than 400 hotels across multiple continents.
