Components: Theme Park
Project Value: $240 million
SAG team members prepared a feasibility study for the redevelopment of a component of the Myrtle Beach Air Force Base into a theme park. The Myrtle Beach Air Force Base, which was opened in 1942, was closed in 1993 as part of the Pentagon’s “peace dividend” base-closing process. The study focused on how a destination theme park could be developed on the base. The concept was called Isle of America and was comprised of eight majors components. Scope of services included a market feasibility of the project, cash flow projections, financing plan modeling, and investor return analysis. Ultimately, the developer did not have the required capitalization to complete the transaction. Subsequently, another developer took over the project and developed and opened Hard Rock Park, a destination theme park on the base.