THIS WEEK’S TOP STORIES
Business: Iconic shopping center still on the market
By Jason Lesley
The Hammock Shops of Pawleys Island will remain on the market after a proposal to sell the development to the Burroughs and Chapin Co. of Myrtle Beach fell through last week.
Hammock Shops co-owner Jim Warrick said representatives of Burroughs and Chapin, a real estate investment company, told him the return on investment did not meet company objectives in withdrawing their offer.
Warrick said Hammock Shops owners had been negotiating with Burroughs and Chapin since February over the landmark property on Highway 17. He felt there were other factors at play, including the proposal by the state Department of Transportation to limit left turns by a raised median between lanes of the highway.
Hammock Shops traffic is presently allowed to enter and exit the highway along most of the length of the property. The new traffic pattern provides one median cut to allow access for southbound traffic. All exiting traffic will have to go north.
Warrick said he and his wife, Diane, will continue to seek a buyer for the property so they can retire. They and their partners bought the property in 2000 from a group in Charleston.
The Hammock Shops, home of the original Pawleys Island Rope Hammock since the early 1930s, is home to 22 stores and restaurants on 8 acres. It was founded by the Lachicotte family on the island and moved to the highway in 1938.
Visitors were drawn to the shops to watch Marvin Grant make a Pawleys Island rope hammock by hand. The mix of stores has matured from what was once fudge and T-shirts to jewelry, shoes, clothing, wine and extra virgin olive oil.
Hammock Shops owners, under the name South Neck Investors LLC, signaled their intentions months ago when they asked the county to remove an undeveloped .62-acre lot near Lachicotte Drive from their “planned development” and rezone it to General Commercial so it could be combined with another half-acre lot owned by Lucille and Walter Spearman and sold to South Atlantic Bank for a new branch location.
Burroughs and Chapin, headquartered in Myrtle Beach, has been a family-owned company for more than 100 years. It is one of South Carolina’s largest private landowners and a developer of resort, commercial, sports, entertainment and recreational properties, including Grand Dunes, Broadway at the Beach and Coastal Grand Mall. A company spokesman did not return calls made inquiring about the sale.