A $53 million senior living community is being planned for Carolina Forest, according to public records.
The Villas at Carolina Forest would include 166 units and be built on nearly 18 acres along Carolina Forest Boulevard, records show. The community would be constructed just north of Canterbury Drive on the same side of the road.
Horry County Council’s administration committee will discuss the proposal Tuesday. County leaders are reviewing the project because it would use up to $50 million in financing from an S.C. Jobs Economic Development Authority bond. This type of borrowing allows a private entity such as a nonprofit to utilize the same tax-exempt financing that a government does. Horry officials would only be required to approve the project locating here, said Justin Powell, an assistant administrator with the county. The project would place no liability on the county.
“It’s just basically saying we’re OK with this project in our county,” Powell said of the council’s decision. “It’s really more just a public hearing and local consent to the project.”
A public hearing and a vote from the full council is planned for Feb. 5. The administration committee will make its recommendation Tuesday.
This type of financing isn’t unusual.
“We’ve had a number of them come through,” Powell said, adding that medical facilities in Myrtle Beach, Conway and Carolina Forest have all utilized this method of borrowing.
The complex would employ about 85 people within two years of its construction, according to public records. The facility would include physical rehabilitation and therapy services as well as assisted living, independent living and memory care units.
The project would be connected with Central Housing & Community Services Corporation, a California-based nonprofit.