Myrtle Beach Approves Incentive Agreement for $170M WaveGarden Surf Park

Myrtle Beach City Council approved an incentive agreement on Tuesday, Sept. 22, 2026, for a proposed $170 million private surf park known as WaveGarden Myrtle Beach. The decision establishes a financial framework for a major new entertainment and hospitality venue designed to expand the regional tourism offerings across the Grand Strand.

The project is planned for a property located at the intersection of Highway 17 Bypass and 21st Avenue North, positioned next to Broadway at the Beach. According to information released by the city, the complex will feature a 5.5-acre surf lagoon as its primary attraction, paired with a 150-room hotel. The plans also incorporate at least 20,000 square feet of food and beverage space, retail options, sports tourism facilities, and additional hospitality spaces.

City estimates project that the park will draw approximately 364,000 visitors each year. This visitor traffic is expected to generate roughly $58.1 million in direct annual spending at the facility, along with an additional $12.7 million in annual spending at surrounding businesses throughout the area. For local business owners, service providers, and residents across the Grand Strand, the development represents a significant influx of commercial activity and potential off-site retail and dining traffic.

The development group behind the effort, WGMB, consists of four development partners: Highgate, South Street Partners, Twin Point Capital, and W.M. Jordan.

The incentive agreement includes specific financial safeguards for the municipality. City funding will only be released after the developers meet key buildout targets. Specifically, WGMB must invest at least $125 million in private funding and complete at least 80 percent of the overall project before receiving public funds. City leaders stated that this structure ensures municipal funding comes last and maintains long-term performance protections even after the venue opens to the public. Residents and local business operators can monitor municipal council updates as the development moves through subsequent planning and construction stages.