Loris - Opportunity Zone 202
This tract comprises the city of Loris and unincorporated areas of Horry County east of the city. The opportunity zone is situated in the fastest-growing county in South Carolina. The base economy was historically dependent on tobacco and other agricultural products, but has shifted to tourism, industry, and health care. The population within this zone is 5,849 and the median household income is $38,099. Home ownership rates within the zone are 76.6% (2012-2016).
State and federal transportation investment in the region is projected to have a significant direct impact on the connectivity of Loris to larger markets in the region.
The Federal Railroad Administration ($9,765,620), with additional cost share provided by South Carolina Department of Commerce and R.J. Corman ($7,800,000) will rehabilitate and operationalize the R.J. Corman rail line. This short line of railroad connects Conway, South Carolina, and Chadbourn, North Carolina. This construction project will also provide greater connectivity to Wilmington, North Carolina. This tract is located within 25 miles of Interstate 74 in North Carolina. The City of Loris is also situated along Highway 701, and in close proximity to Highway 9, providing direct access to the Grand Strand and proximity to the eventual Interstate 73 corridor.
Opportunities For Business Growth
Downtown Loris is an area primed for development. Featuring a variety of specialty shops and dining establishments, Loris makes you feel at home. Downtown Loris features more than 20 restaurants spanning a diverse array of cuisine. Loris' collection of boutique retailers provides a fun and unique alternative to large retail developments and big box stores. With products available for purchase spanning areas such as fine women's clothing, children's clothing, hunting apparel, gifts, crafts, novelties, and art, Loris has something for everyone. The city has an inventory of vacant warehouses and stores which are available for occupancy, as well as vacant parcels for development.
Loris Commerce Center
Loris Commerce Center, a mixed-use commercial and industrial park, was recently established on a 179-acre tract at the intersection of Ralph Ellis Boulevard and Cannon Road, just off Highway 701 (10,900 AADT) in the City of Loris. Five structures are currently present on the property, with approximately 100 acres of land remaining for expansion of industrial sites. Targeted industries include light manufacturing, distribution, and healthcare enterprises. The site features easy access to SC Highway 9, SC Highway 22, and US Highway 501. Additionally, the park is located adjacent to the RJ Corman rail line. Water and sewer infrastructure is provided by the City of Loris and there is ample capacity for all types of development. Electric infrastructure is provided by Santee Cooper and the park is located less than 5 miles to transmission and substation assets.
The majority of acreage within the park remains available for investment and development. All available acreage is owned free and clear by a public entity; therefore, land costs are low and the property is easily transferable.
Current tenants within and around the park include:
- Integra Fabrics - contract fabric manufacturer for the hospitality and healthcare industries
- DME Group - manufacturer of craft brewery vats and brewing systems
- Carolina Food Service - distributor of foods to restaurants and grocery stores
- Builders First Source - supplier of structural building products
Ownership of the Loris Commerce Center is shared between Myrtle Beach Regional Economic Development Corporation and Santee Cooper. Plans for future development include building a rail spur and pads for additional tenants. Workforce development opportunities are strong, as more than 288,000 live within a 45 minute drive time of the area. This population figure is expected to increase to 317,974 by 2021.
Various incentives are available for projects locating within the Loris Commerce Center, including, but not limited to:
- Property Tax Abatement
- Fee-in-Lieu of Tax (FILOT) Agreements for up to 30 years
- Build-to-suit and lease-back agreements with qualified private developers
- Workforce development training
- Corporate Income Tax credits
- Grants for infrastructure and property development costs