Myrtle Beach Leaders Set to Vote on $40M International Residence Hall Project Incentives
Myrtle Beach city leaders are gearing up to vote on incentives for a $40 million international residence hall project during their city council meeting next Tuesday. The proposals include a firm 30-year property tax rate and hefty tax credits that could bolster a significant capital investment and create new jobs.
Addressing the Housing Challenges for International Students
The project aims to provide solutions for international students participating in J-1 visa programs, where finding safe and affordable housing on a seasonal basis can be challenging. According to the National Immigration Forum, the J-1 visa permits eligible international students to gain experience in the United States via study and work programs.
Since the introduction of the J-1 program in 2018, Myrtle Beach has welcomed more than 8,500 participants. The international residence hall project’s initiative aligns with the city’s commitment to supporting its hospitality and tourism-dependent economy, providing a much-needed housing facility for these participants.
Financial Implications and Incentives
Holtz Builders, a Wisconsin-based firm, will construct the dormitory-style housing project through its International Residence Hall brand. The proposed complex will accommodate up to 3,000 students along Mr. Joe White Avenue. The estimated $40 million that International Residence Hall will invest into this project would ordinarily generate $200,000 worth of annual property tax revenues for the city.
However, if the agreements are approved, Myrtle Beach will collect reduced revenues: $50,000 annually during the project’s first five years, $100,000 every year for years six to twenty, and finally $200,000 yearly after that. In exchange, the city council is likely to offer tax credits, ranging from 50% to 75% for 20 years, as an additional incentive aside from the 30-year property tax rate set at a minimum of 273.2 mills.
A Mutually Beneficial Project
The city officials believe that the project will boost local economic growth and significantly impact Myrtle Beach’s hospitality industry. It’s deemed crucial for international students to have positive experiences whilst staying in the city, supporting their decision to return in subsequent seasons.
Balancing the city’s growth and the demands of its vast hospitality industry is crucial, and this project aims to reduce some of the pressure on the accommodation sector. The city’s steady growth coupled with the allure of its hospitality industry presents this project as a unique international residence hall opportunity, anticipated to attract many international students to Myrtle Beach.
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Author: STAFF HERE MYRTLE BEACH
The HERE Myrtle Beach Staff Writers are a collaborative team of journalists, editors, and local contributors passionate about delivering accurate, timely information to the Myrtle Beach community. As part of the HEREcity.com Network, which powers over 100 U.S. city sites including HEREcolumbia.com, our staff draws on collective experience in South Carolina journalism to cover everything from business sales and real estate developments to dining deals and community initiatives. Our Expertise and Background Local Roots in Myrtle Beach Our team includes lifelong Myrtle Beach residents and SC natives with deep knowledge of the area’s history, economy, and culture. We’ve covered key events like the recent developments along the Grand Strand, Myrtle Beach’s tourism and hospitality industry, and growth in local education sectors (e.g., Coastal Carolina University programs). Collective Experience With over 50 combined years in journalism, our staff has backgrounds in print, digital media, and community reporting. We prioritize fact-based stories, drawing from sources like the Myrtle Beach Area Chamber of Commerce, city government records, and on-the-ground interviews. Commitment to Quality Every article is a group effort, involving research, editing, and verification to ensure reliability. We adhere to journalistic standards, citing credible sources and updating content as new details emerge.
