MYRTLE BEACH, SC (WBTW) – The city of Myrtle Beach voted to approve an abandoned building to be eligible for income tax credits upon its redevelopment under a state act.
The South Carolina Abandoned Buildings Revitalization Act incentivizes business owners to redevelop abandoned buildings by offering an income tax credit.
A developer purchased the abandoned building at 3421 Knowles St. in the Market Common area and plans to redevelop it into a brewery and restaurant under the act. Upon certification and redevelopment, the owner is eligible for an income tax credit equaling 25 percent of the costs.
In order to qualify for the credit, the act says a building must be at least 66 percent vacant for the past five years and does not produce an income.
The building on Knowles St. will be developed into the Tidal Creek Brewhouse. According to its website, the brewery and restaurant is set to open Spring 2020.