MYRTLE BEACH, SC (WBTW) – The Myrtle Beach Downtown Redevelopment Corporation accepted a letter of intent from Coastal Carolina University to purchase three properties inside the Superblock area in downtown Myrtle Beach.

The University wants to purchase the old Encore Video building and the two buildings on either side to turn into a movie theater.

Chairman of the Downtown Redevelopment Corporation Chuck Martino says CCU will now have 120 days to look at the property to make sure it will fit all of their needs.

“They’re not sure if it’s going to meet their needs or anything. So, what we did today was enter into a letter of intent with the property owners to secure the property and hold it for CCU,” said Martino.

Martino says now the DRC will hire an expert to sit down with CCU to get their input on what it would cost to renovate the property.

“Then they can determine whether or not they want to buy it, but in the time being, the DRC will be the placeholder to hold that property in the agreement of the property owners so they know that somebody is interested,” said Martino.

 If CCU decides it doesn’t want the property, Martino says the DRC has 120 to cancel the letter of intent with no financial obligations to the city or the DRC.

Martino says even though the DRC is currently acting as the placeholder, the university would solely own the property if it decides to buy.

“We don’t intend to ever own them. If CCU doesn’t want it, the DRC doesn’t want it,” said Martino.  

Martino says long-term, the University’s plan to bring a theater to the district fits with what the DRC has envisioned for an arts district there.

“Also, it’s consistent with the cafes that are there and the need to have something that will fill that area whether a library or children’s museum goes in the Superblock or not, CCU would be a welcomed partner in the downtown area,” said Martino.

The DRC also held a workshop Thursday for community members to say what they’d like to see in the downtown area.

It was one of the brainstorming meetings the DRC said they want to do more of so the community feels more included on the decisions being made in Myrtle Beach.

Some of those suggestions included partnerships with universities to bring some of their classes to the downtown district.