Grande Dunes in Myrtle Beach sold
12/21/2013 12:42 PM
12/21/2013 12:44 PM
The massive Grande Dunes development, which brought a new level of luxury in Myrtle Beach when it debuted about a decade ago, has been sold to a N.C.-based company that aims to continue on developer Burroughs & Chapin Co. Inc.’s vision.
LStar Management of Raleigh, N.C., closed the deal Friday to buy the 2,200-acre development that spans from the oceanfront to west of the Intracoastal Waterway.
The deal includes the Member’s Club and its 18-hole golf course; the Ocean Club’s 25,000-square-foot oceanfront clubhouse, restaurant and pool complex; the Tennis Club’s 10 tennis courts, clubhouse and fitness center; the 131-slip Grande Dunes Marina and the waterfront Anchor Cafe.
The deal also includes 770 acres of vacant land for future residential and commercial development, most east of the Intracoastal Waterway. The deal did not include the public Resort Golf Course, which B&C still owns, or the Marriott and Marina Inn.
The size, location and reputation of Grande Dunes made it appealing to LStar, a real estate investment firm specializing in residential and commercial development. This is LStar’s first property in the Myrtle Beach area.
“It’s just such a great property,” said Steve Vining, managing partner of LStar Management. “You look at what B&C has done here and their vision ... it’s just great. It’s really a one-of-a-kind facility. It was just a great opportunity, frankly.”
Terms of the deal were not disclosed. Burroughs & Chapin Co. Inc., which developed Grande Dunes in the early 2000s, declined to comment on the deal or the property through its spokeswoman Lei Gainer. Last year, B&C sold another piece of Grande Dunes, the Marina Inn.
McConnell Golf, which specializes in managing private courses, will come in to oversee management of golf and club operations at the Members Club at Grande Dunes, Ocean Club at Grande Dunes and the Anchor Cafe. McConnell, founded in 2003, operates about 153 holes of golf in the Carolinas, including at The Reserve Golf Club in Pawleys Island.
LStar said it wants to continue B&C’s vision with Grande Dunes and doesn’t yet have specific plans for any changes. It plans to keep the employees, which number from about 70 to as many as 100 during the summer, and keep the golf course private, Vining said.
“There aren’t huge changes that are needed,” Vining said. “It’s a great facility. We are committed to maintaining the level of quality.”
LStar wants to meet with golfers and others who use the complex, as well as residents in Grande Dunes neighborhoods, many of whom received an email from LStar late Friday notifying them of the change in ownership, Vining said. LStar plans to schedule meetings with residents starting in January, he said, then take the suggestions and craft a masterplan for Grande Dunes to move forward.
B&C, known for attractions such as Broadway at the Beach and the closed Myrtle Beach Pavilion Amusement Park, started construction in the early 2000s on Grande Dunes, aiming to bring a new level of offerings to Myrtle Beach, which has long been known as an affordable vacation destination. Today, under the Grande Dunes name, are hundreds of houses, golf courses, hotels, stores and other amenities.”
Grande Dunes certainly has set a higher standard for residential development here on the Grand Strand and for the amenities that go along with a residential development,” Myrtle Beach spokesman Mark Kruea said. “We will see how the new owners will pick up that trend and continue it.”
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