The Market Common Myrtle Beach

The Market Common is a mixed-use lifestyle center and redevelopment district in Myrtle Beach, South Carolina. Covering approximately 114 acres, it occupies land associated with the former Myrtle Beach Air Force Base, a military installation that was closed and subsequently integrated into the civilian airport and surrounding urban area. Rather than functioning only as a conventional enclosed shopping mall, The Market Common combines small-format retail stores, restaurants, entertainment venues, townhomes, apartments, offices, public parks, and recreational facilities in a walkable district organized around streets, public spaces, and landscaped areas. The project emerged from the post-base-closure redevelopment process. In 1998, the Myrtle Beach Air Force Base Redevelopment Authority, the City of Myrtle Beach, and Design Works L.C. developed the Urban Village Redevelopment Master Plan. The plan sought to reuse existing structures and create new development that would diversify the local economy beyond tourism while making productive use of property connected to the former base and the airport complex. The Market Common opened in 2008 and became one of the principal commercial and residential projects created through that redevelopment effort. Its commercial offer is centered on lifestyle-oriented shopping and dining rather than a single department-store anchor. The district includes independent and national retailers, restaurants, entertainment businesses, residential properties, and community-oriented services. Its location places it in competition with other major Myrtle Beach destinations, particularly Coastal Grand Mall and Broadway at the Beach, although its open-air, mixed-use format gives it a different operating and experiential profile. Streets and public features throughout the district reference the history of the former air base: several street names honor former wings, base commanders, or other Air Force personnel, while small memorial signs explain aspects of the site's military history. Residential development became an increasingly important part of the district. By 2017, the area contained a substantial amount of single-family housing and apartments, with additional apartment development planned. Parks and civic amenities broaden the district's role beyond shopping. Public spaces associated with the area include Warbird Park, Valor Memorial Park, the Colonel Thomas 'Buddy' Styers Athletic Complex at Grand Park, and Barc Park-South. The adjacent Grand Park Recreation Complex also includes Savannah's Playground, an accessible year-round playground created for children with disabilities and operated and maintained by the City of Myrtle Beach. The project experienced significant financial and ownership disruption after opening. In May 2010, JPMorgan Chase brought a foreclosure action alleging that LUK-MB1 LLC had stopped making payments on a $105 million construction loan. Jones Lang LaSalle acted as receiver during the resulting distress period, and a number of businesses were placed on a watch list because of rent issues or conditions affecting their continued occupancy. The center was subsequently sold to BEI-Beach LLC. In 2013, HomeFed Corp. was reported to have acquired BEI-Beach LLC, the undeveloped land around the center, and related subsidiaries of Leucadia National Corp. Management indicated that day-to-day operations and the tenant lineup were not expected to change as a result of the transaction. The Market Common later received recognition for the reuse of former military property. In 2019, it won a National Site Reuse Award in the Base Realignment and Closure category. An Environmental Protection Agency release cited an estimated $3 billion economic impact, nearly $120 million in taxes, and more than 6,000 jobs associated with the broader redevelopment, though these figures describe the redevelopment impact reported in connection with the former base rather than a disclosed annual financial result for the lifestyle center itself. The district remains an active mixed-use destination whose identity combines retail and dining with residential growth, recreation, public amenities, and commemoration of Myrtle Beach's military aviation history.

The Market Common developed from the redevelopment of the former Myrtle Beach Air Force Base in South Carolina. The base had shared land and infrastructure with the local airport before its closure transformed the area into a major civilian reuse opportunity. The redevelopment challenge was not simply to replace a military installation with another large commercial property, but to establish a durable urban district that could support employment, housing, services, and community activity beyond Myrtle Beach's traditional tourism economy. In 1998, the Myrtle Beach Air Force Base Redevelopment Authority, the City of Myrtle Beach, and Design Works L.C. prepared the Urban Village Redevelopment Master Plan. The plan called for the reuse of existing structures and the creation of new development not directly tied to tourism. This framework ultimately supported a mixed-use concept combining retail, dining, housing, offices, entertainment, parks, and public amenities. The Market Common opened in 2008 as a 114-acre lifestyle center within the broader former-base redevelopment area. The district's physical design differs from that of a traditional enclosed regional mall. It is organized around streets, smaller retail spaces, restaurants, residences, and open public areas. Its built environment incorporates reminders of the former military site. Streets are named for former Myrtle Beach Air Force Base wings, commanders, and other Air Force personnel, and historical markers provide information about the base. This combination of commercial reuse and historical interpretation gives The Market Common a dual identity as a shopping and entertainment destination and as part of a major military-base conversion project. Residential development expanded alongside the commercial district. By 2017, much of the housing was single-family residential, with apartments also present and further apartment construction planned. Recreation and public-space investments broadened the site's community role. The surrounding amenities include Warbird Park, Valor Memorial Park, the Colonel Thomas 'Buddy' Styers Athletic Complex at Grand Park, and Barc Park-South. The adjacent Grand Park Recreation Complex became the location of Savannah's Playground, an accessible year-round playground intended for children with disabilities. The project broke ground in August 2015 and later received city support after private fundraising did not produce all of the money initially sought for its first phase. The center encountered financial difficulty not long after opening. On May 11, 2010, JPMorgan Chase filed a foreclosure suit asserting that LUK-MB1 LLC owed $105 million and had stopped making payments on its construction loan. Jones Lang LaSalle served as receiver. The financial stress affected tenants: 37 of 55 businesses were reported to be on a watch list because they had requested rent reductions, might qualify for them, or had to satisfy conditions to remain in the development. The center was then sold to BEI-Beach LLC. A further ownership change was reported in 2013, when California-based real-estate investor and developer HomeFed Corp. acquired BEI-Beach LLC, the land around The Market Common, and other related subsidiaries of Leucadia National Corp. Myrtle Beach officials viewed the transaction as potentially helpful for advancing vacant-property development. The center's general manager stated that management would remain in place and that no immediate changes to stores or operations were planned. The Market Common's later history reflects the continuing build-out of the former base rather than a single retail expansion event. It continued to combine commercial activity with housing, parks, recreation, and historical commemoration. In 2019, it received a National Site Reuse Award in the Base Realignment and Closure category. An EPA release associated with the redevelopment cited an estimated $3 billion economic impact, nearly $120 million in taxes, and probably more than 6,000 jobs. Those figures relate to the broader economic redevelopment impact reported for the former base and should not be treated as disclosed sales or profit figures for The Market Common itself. The center competes with nearby destinations such as Coastal Grand Mall and Broadway at the Beach, but its open-air, mixed-use format remains its defining characteristic. The Market Common is best understood as a lifestyle district and adaptive-reuse development: retail and restaurants provide its commercial draw, while residences, parks, recreation, and military-history interpretation make it part of Myrtle Beach's permanent urban and civic landscape.

• 2019

  National Site Reuse Award received

  [1]The Market Commonen.wikipedia.org

  The district won a National Site Reuse Award in the Base Realignment and Closure category.

• 2016

  City funding supported completion of the playground's first phase

  [1]The Market Commonen.wikipedia.org

  Myrtle Beach City Council redirected $350,000 in real-estate tax-increment funds after private fundraising was insufficient to complete the first phase.

• 2015

  Savannah's Playground broke ground

  [1]The Market Commonen.wikipedia.org

  Construction began on an accessible playground at the adjacent Grand Park Recreation Complex.

• 2013

  HomeFed acquired BEI-Beach LLC

  [1]The Market Commonen.wikipedia.org

  HomeFed Corp. acquired the entity owning The Market Common and related surrounding development interests.

• 2010

  Foreclosure and receivership period began

  [1]The Market Commonen.wikipedia.org

  JPMorgan Chase filed a foreclosure suit over an alleged $105 million construction-loan default, and Jones Lang LaSalle managed the property as receiver.

• 2008

  The Market Common opened

  [1]The Market Commonen.wikipedia.org

  The 114-acre lifestyle center opened on land associated with the former Myrtle Beach Air Force Base, combining retail, restaurants, residences, and entertainment.

• 1998

  Urban Village Redevelopment Master Plan developed

  [1]The Market Commonen.wikipedia.org

  The Myrtle Beach Air Force Base Redevelopment Authority, the City of Myrtle Beach, and Design Works L.C. developed a plan for converting former base property into a mixed-use, non-tourism-dependent urban district.

Community-oriented, open-air lifestyle center and mixed-use redevelopment district

• Retail · 2008

  Retail stores

  The Market Common's retail offer consists primarily of small-format stores and lifestyle-oriented shopping rather than a single enclosed-mall department-store model. The district's shops are integrated with restaurants, residences, streets, and public spaces, allowing visitors to combine shopping with dining and recreation.

• Food and beverage · 2008

  Restaurants and dining venues

  Restaurants and food-service businesses are a central part of the open-air district's visitor proposition. Dining is integrated into the lifestyle-center environment and complements shopping, entertainment, residential activity, and nearby parks.

• Real estate · 2008

  Residential development

  The district includes townhomes, single-family housing, and apartments. Residential development became increasingly significant after the commercial center opened, with additional apartment construction planned as of 2017. These homes support The Market Common's role as a mixed-use neighborhood rather than a purely visitor-oriented shopping venue.

• Community and recreation

  Public parks and recreation

  The broader Market Common area includes parks and recreational facilities such as Warbird Park, Valor Memorial Park, the Colonel Thomas 'Buddy' Styers Athletic Complex at Grand Park, and Barc Park-South. These amenities connect the commercial district with civic, athletic, memorial, and community uses.

• Accessible recreation · 2016

  Savannah's Playground

  Savannah's Playground is an accessible, year-round playground at the adjacent Grand Park Recreation Complex. It was developed for children with disabilities and is operated and maintained by the City of Myrtle Beach. The facility is named for Savannah Thompson, who became associated with the Grand Strand Miracle Leagues community.

• 2015

  Supported development of an accessible playgroundOther

  Background

  The adjacent Grand Park Recreation Complex was selected for a major playground intended to serve children with disabilities throughout the year.

  Action taken

  Savannah's Playground broke ground as a four-acre project with a stated $3 million overall project cost and a first-phase private fundraising target.

  Aftermath

  After fundraising difficulties, municipal tax-increment funding helped complete the first phase, and the city took responsibility for operating and maintaining the facility.

  Source

• 2013

  HomeFed acquired the owner and surrounding land interestsM&A

  Background

  BEI-Beach LLC owned The Market Common and undeveloped land around the center after the earlier sale.

  Action taken

  HomeFed Corp. acquired BEI-Beach LLC and related subsidiaries connected with the surrounding development interests.

  Aftermath

  City officials expected the transaction could accelerate development of vacant property. Management said it would remain in place and that no immediate store or operating changes were planned.

  Source

• 2010

  Receivership followed construction-loan foreclosure actionOther

  Background

  JPMorgan Chase alleged that LUK-MB1 LLC had defaulted on a $105 million construction loan and was no longer making payments.

  Action taken

  Jones Lang LaSalle managed the complex as receiver during the financial and ownership distress period.

  Aftermath

  The property was sold to BEI-Beach LLC, while numerous tenants faced rent or occupancy pressures.

  Alleged construction-loan obligation. $105 million alleged amount in foreclosure action (2010)

  Source

• 1998

  Adopted a mixed-use former-base redevelopment strategyStrategy

  Background

  The closure and civilian reuse of Myrtle Beach Air Force Base created a large redevelopment opportunity. Local and redevelopment authorities sought an urban district that would support uses beyond tourism.

  Action taken

  The Urban Village Redevelopment Master Plan combined commercial, residential, civic, recreational, and adaptive-reuse objectives for the former base property.

  Aftermath

  The plan provided the framework for The Market Common and other redevelopment activity in the former base area.

  Source

• 2019

  The Market Common received a National Site Reuse Award[1]The Market Commonen.wikipedia.org

  Other

  The district won a National Site Reuse Award in the Base Realignment and Closure category for its reuse of former Myrtle Beach Air Force Base property.

• 2016

  Savannah's Playground project received redirected public funding[1]The Market Commonen.wikipedia.org

  Other

  Construction of the accessible playground at the adjacent Grand Park Recreation Complex had slowed after private fundraising fell short. Myrtle Beach City Council redirected $350,000 in real-estate tax-increment funds to help complete the first phase, which the city operates and maintains.

• 2013

  HomeFed acquired BEI-Beach LLC and surrounding development interests[1]The Market Commonen.wikipedia.org

  M&A

  HomeFed Corp. was reported to have acquired BEI-Beach LLC, the owner of The Market Common, along with surrounding undeveloped land and other subsidiaries connected with Leucadia National Corp. Local officials anticipated that the transaction could accelerate development of vacant parcels, while management said no immediate operational or tenant changes were planned.

• 2010

  Foreclosure action challenged the center's construction financing[1]The Market Commonen.wikipedia.org

  Lawsuit · Other

  JPMorgan Chase filed a foreclosure suit alleging that LUK-MB1 LLC had stopped payments on a $105 million construction loan. Jones Lang LaSalle was appointed receiver, and dozens of businesses were placed on a watch list because of rent reductions, occupancy conditions, or related financial pressures.

• 2010

  The Market Common was sold during the foreclosure period[1]The Market Commonen.wikipedia.org

  M&A · Other

  Following the financing dispute and receivership, ownership of the center moved to BEI-Beach LLC, a Delaware-incorporated entity.

1. 1The Market Commonen.wikipedia.org
2. 2The Market Common official websitemarketcommonmb.com