BEST WESTERN CAROLINIAN BEACH RESORT

Myrtle Beach, South Carolina

Strand Capital Group began the creation of the 26th Avenue PUD with the original acquisition of the Carolinian Hotel and surrounding parcels of land. Upon acquisition of a franchise agreement with Best Western Strand added an additional 129 oceanfront condominiums and a new parking facility to the project. This project, including a complete facelift of the original hotel property, is valued in excess of $32 million and reached completion in the spring of 2004.

Public benefits provided by the development to the City of Myrtle Beach include utility burial along Ocean Boulevard, a new public parking lot, widened sidewalks, tear drop light fixtures, public benches and planters, public beach access and tropical streetscaping — a total public benefit in excess of $1 million associated with the Carolinian alone. In September of 2004 the 2nd phase of this PUD development began with the commencement of construction on the Bluegreen Carolina Grande facility.