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Inlet Square Mall

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Coordinates: 33°34′51″N 79°1′32″W / 33.58083°N 79.02556°W / 33.58083; -79.02556
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Inlet Square Mall
Entrance to Inlet Square Mall, August 2011
Map
LocationGarden City, South Carolina, United States
Coordinates33°34′51″N 79°1′32″W / 33.58083°N 79.02556°W / 33.58083; -79.02556
Address10125 Hwy 17 Bypass
Murrells Inlet, SC 29576
Opening date1990; 34 years ago (1990)
Closing dateJanuary 15, 2024; 11 months ago (2024-01-15) (Mall will close and tenants must be out except the 2 existing anchor stores) [1]
DeveloperCBL Properties
OwnerInlet Square Investments, LLC
No. of stores and services2 (formerly 45)
No. of anchor tenants2
Total retail floor area434,482 sq ft (40,364.7 m2)
No. of floors1

Inlet Square Mall is a single-level, 434,482-square-foot (40,364.7 m2) regional shopping center located in Garden City, South Carolina, United States. Opened in 1990, the mall originally housed 45 stores and services, but as of December 2023, it only has two major tenants remaining: Belk and Planet Fitness. The mall has faced has encountered difficulties due to store closures, including major anchors like Kmart and JCPenney, as well as junior anchors Stein Mart and Books-A-Million.

The opening of a Walmart Supercenter in Garden City led to the closure of Kmart in 2014,[2] followed by the announcement of JCPenney's closure in 2015.[3] In the same year, a Planet Fitness replaced the former Ladies Choice fitness center,[4] and Stein Mart closed due to a lease issue but relocated to the South Strand Commons shopping center near Surfside Beach, the new location opened in October 2015.[5][6]

History

Inlet Square was built in 1990 by CBL Properties. It was the area's largest mall, slightly larger than the now demolished Myrtle Square Mall. The mall was bought in the early 2000s. It was originally going to be redesigned similarly to the successful Broadway at the Beach. With those plans falling through, a $4.5 million remodeling project began in 2007. This was the first renovation in the mall's history and had been much needed since the massive 1.3 million-square-foot (120,000 m2) Coastal Grand Mall opened in 2004. The renovations weren't complete until 2011 due to financial hardships and loss of foot traffic. During this time, the mall lost most of its long-time tenants, including the 12-screen Regal Cinemas, in 2010. In 2011, Franks Cinebowl and Grill opened a new complex in the former Regal Cinemas, bringing new life to the mall. In 2014, the mall lost Kmart, which opened with the original mall in 1990 and also gained a Planet Fitness location in the former Ladies Choice location. In 2015, the mall was hit with two more tenant losses, with the closures of JC Penney and Stein Mart. This leaves Belk, Planet Fitness, and Books-A-Million as the only stores left in the mall.

On October 13, 2013, the owners of Inlet Square Mall, Murrells Retail Associates, a fictitious name under the parent Company, RAIT Financial Trust, sued Frank Theaters for failing to make lease payments on time on several occasions. The theater chain owed the mall $201,363 in unpaid rent and is asking a judge to accelerate nearly $24 million worth of payments which is due under a 20-year lease agreement that was signed in 2011.[7] The Frank Theaters and CineBowl closed suddenly at midnight on May 14, 2016 with no notice to the public after being in business for five years.[8][9]

On May 13, 2020, WBTW News reported that Books-A-Million had closed.[10]

Current tenants

Redevelopment

F + F Development began reconstruction of the mall in 2012 in an attempt to make it similar to the popular outdoor shopping center Broadway at the Beach. The construction caused F + F Development to go into bankruptcy, and RAIT Financial Trust took over the collateral as ownership and operators of Inlet Square Mall due to F & F Development default on the large Loan owed to Rait Financial Trust. Although managed by Urban Retail, RAIT Financial Trust was always the actual owner until they stopped paying rent to their landlord, West C Street Holdings, LLC as of June 2018 for 4 months until evicted. But all 4 months RAIT Financial Trust pocketed all the mall rent, kept all the tenant's Security Deposits ( $11,760) with the excuse of "we spent it" and RAIT skipped out on paying their share of 9 months occupying the building for 2018 Horry County Property Taxes($127,000). All of this totaled a $627k loss for West C Street Holdings, LLC in which in 2020 the motion ruled in Horry County Court as RAIT Financial Trust Attorney, Robert Jordan, admitted they currently owe West C Street Holdings $510,870.60 and understands this confession does not end the case and will continue whether RAIT regroups through Bankruptcy or not - there's still money in their hands. West C Street was forced to take over the operations of the mall after RAIT Financial Trust had let the mall fail by losing many tenants since they did not know how to operate a mall and this was further financial damage to West C Street and the mall.

In February 2023, the 50 thousand square foot mall which sits on around 60 acres of land was purchased by Inlet Square Investments LLC for $6 million. On October 9, 2023, it was revealed that the company plans to do extensive demolition of 70% to 80% of the mall, adding new buildings and making site improvements. It was noted that Planet Fitness as well as Belk currently open at the Mall is expected to stay following the redevelopment. There are plans to make the official announcement soon to clarify more specifics of the project.[11][12]

The approval of the motion by the Horry County Administration Committee to redevelop Inlet Square Mall on November 28, 2023, reflects a desire to boost the local economy and draw more visitors to the area. In addressing worries about traffic and infrastructure, the council members hope to ensure a successful redevelopment project. However, the plan must now undergo review and scrutiny by the County Council, requiring it to pass three readings before it can be implemented.[13]

On December 5, 2023, it was announced that the mall will be turned from a 500,000-square-foot enclosed mall to a 250,000 mixed-use development according to Paramount Development Corporation. The planned redevelopment includes a future hotel, retail, and other spaces. The property will also include a multi-family parcel of land of about 13.5 acres and will potentially feature eight three-story buildings that will consist of 24 units with a pool, clubhouse, and dog park. Redevelopment will be finished sometime during the Spring of 2025, according to the plan.[14][1]

A promising new development for the region was announced on January 2, 2024 Horry County Council is moving forward with plans to redevelop Inlet Square, which has sat largely vacant for years. Officials aim to create a joint business park between Horry and Georgetown Counties, a project that would include upgrading Highway 17 bypass, evaluating local stormwater infrastructure needs, and providing more recreation options for the future. The council is also seeking tax incentives to ensure the site does not remain idle. This collaborative effort between the counties has the potential to breathe new life into the area, spurring economic growth and community revitalization. The redevelopment promises to be a boon for the region if all goes according to plan.[15]

References

  1. ^ a b Espinosa, Ale; Nelson, Kristin. "Inlet Square Mall closing at the start of the new year; Planet Fitness, Belk to stay on property". WMBF-TV. Retrieved 6 December 2023.
  2. ^ "Kmart closing store in Murrells Inlet | Business | MyrtleBeachOnline.com". Archived from the original on 2014-02-21. Retrieved 2014-02-10.
  3. ^ Bryant, Dawn. "J.C. Penney to close store in Inlet Square Mall". The Sun News. Retrieved 8 February 2018.
  4. ^ "Planet Fitness to open at Inlet Square Mall". WMBF-TV. Retrieved 8 February 2018.
  5. ^ "South Strand job fair Thursday, revitalization plans for the future". www.wmbfnews.com. Retrieved 2015-10-30.
  6. ^ "Newly opened Stein Mart brings more growth to South Strand". www.wmbfnews.com. Retrieved 2015-10-30.
  7. ^ "Inlet Square Mall owners suing theater chain over unpaid rent". myrtlebeachonline. Retrieved 2018-02-08.
  8. ^ "Frank Theatres, entertainment center shut down at Inlet Square and it backfires on Rait when all of Inlet squares area customers begin going to coastal Grande Mall in Myrtle Beach because they have a movie theatre". myrtlebeachonline. Retrieved 2018-02-08.
  9. ^ Cross, Ian; Roberson, Josh. "Frank Theatres in Murrells Inlet closes permanently". Retrieved 6 December 2023.
  10. ^ "Inlet Square Mall businesses hopeful for new plans after COVID-19". WBTW. Retrieved 2020-10-24.
  11. ^ Merriman, Kate (2019-10-09). "Developers to bring new life, major changes to Inlet Square Mall". www.wmbfnews.com. Retrieved 2023-10-14.
  12. ^ Morse, Ben (2023-10-13). "The Inlet Square Mall could be getting redeveloped. Here's what we know so far". The Sun News. Retrieved 2023-10-14.
  13. ^ Fusco, Gracie (12 November 2023). "Horry County Administration Committee OKs first step of Inlet Square Mall redevelopment". WBTW. Retrieved 12 December 2023.
  14. ^ Morse, Ben. "There are new details on the Inlet Square Mall redevelopment in Murrells Inlet". The Sun News. Retrieved 5 December 2023.
  15. ^ Allison, Brianna (2 January 2024). "Renovation plan for Inlet Square Mall moves forward". WPDE-TV. Retrieved 3 January 2024.
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