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False sports, entertainment and recreation amenities; championship golf courses; hotels and more. Most initiatives were private, some were joint ventures. “ At that time, Myrtle Beach was known mostly for its great ocean beaches and its golf,” says Patrick Dowling, B& C’s vice president for corporate communications. “ We needed to add more diversity in order to expand our appeal to greater numbers of tourists. B& C owned the best real estate in and around Myrtle Beach, and it had the financial strength to achieve projects, so the company went to work at helping to grow Myrtle Beach.” First came Broadway at the Beach, a 350- acre festive complex with 100 specialty shops, 19 restaurants, theaters, attractions, nightclubs and hotels surrounding 23- acre Lake Broadway. Hardrock Café, Planet Hollywood, Ripley’s Aquarium and other nationally known businesses located there. Broadway at the Beach created a new and positive buzz that changed people’s perception of Myrtle Beach for the better. B& C joint ventured with CBL & Associates Properties, Inc., of Chattanooga, Tennessee to open the one million square foot Coastal Grand Mall, anchored by Dillards and other key department stores. Today, apart from the ocean itself, shopping is the top draw for visitors to Myrtle Beach, and it has also led to increased first and second home sales. B& C now also owns/ manages nine 18- hole championship golf courses, two Par- 3 courses and six themed mini- courses, a major water park and other entertainment assets. Baseball great Cal Ripken and his brother, Bill, have joint ventured with the company to create The Ripken Experience. With five ball fields and extensive training options, the facility hosts youth tournaments that draw teams ( and their families) from around the country. B& C’s leaders have long believed that Myrtle Beach’s mid- coast location makes it the perfect place to also grow upscale resort and residential opportunities. Seven years ago the company began construction of its 2,200- acre upscale Grande Dunes resort and residential community in Myrtle Beach. Hurricanes are always a possibility on the coast and that is why nine years ago B& C began to diversify geographically. “ All our eggs were in one basket,” Dowling said. “ If the big one hits, May 08 www. bus- ex. com 129 beaches east of Conway could one day be developed into a premier family vacation resort, Burroughs and his eldest son, Franklin Augustus, surveyed a 14- mile straight line from Conway to the beach and began development of the first railway through swamps and marshes to the beaches of what is today Myrtle Beach. After Burroughs’ death in 1895, his sons took over his share of Burroughs & Collins Company, completed the railroad to the coast, and in 1901 built the Seaside Inn, the first oceanfront hotel in what was then called “ New Town.” In 1906, Benjamin Collins sold his interest in the company to the Burroughs brothers. In 1907, electricity came to the beach; Franklin G. Burroughs’ widow, Miss Addie, named New Town “ Myrtle Beach” after its native wax myrtle bushes; and the fledgling town’s journey to becoming a popular vacation destination was underway. Oceanfront cottage lots sold for $ 25 each. In 1912, Simeon B. Chapin, a highly successful New York stock broker and real estate investor, joined the Burroughs brothers to form the Myrtle Beach Farms Company to manage the partnership’s land holdings ( then 64,631 acres), while the mercantile component remained under Burroughs & Collins Company. In 1945, Simeon Chapin died and Franklin A. Burroughs died two years later. Between his death and 1990, successors built residential subdivisions, donated land for schools and hospitals, grew the famous Myrtle Beach Pavilion Amusement Park, opened the region’s first fully enclosed shopping mall, built office complexes, created some golf courses and otherwise managed gradual growth. In 1987, a major shift in Myrtle Beach Farms Company’s focus occurred with the election of a group of younger shareholders to its board of directors. Their vision was to transition from being a company that largely sold or leased land to others, to one that built and operated its own business endeavors on its own land. Consequently, in 1990 Burroughs & Collins Company merged with Myrtle Beach Farms Company to form today’s Burroughs & Chapin Company, Inc. B& C, as the company is commonly known, developed a strategic plan that included focuses on residential and resort development and general real estate sales; commercial development; Burroughs& Chapin

False for example, will have its soft opening this April west of Myrtle Beach. It will be the area’s fi rst true theme park with many roller- coasters, an amphitheatre for bringing in nationally known acts and more. These types of initiatives by others have led B& C to understand that the company no longer has to “ do it all.” As Dowling says, “ B& C is made up of some 76 business units, some of which we embraced in order to grow our tourism base and the company. Both have matured since then, and it appears that we can now focus more precisely on our core competencies of residential, resort and commercial development. We are well into our assessment process. The outcome could mean quite a sea change for the company, but when you consider our century and more of progress, we view thoughtful change as an ally. It will be exciting to see where this process leads us.” we will need a revenue stream for dividends to our shareholders and to rebuild.” The company began its expansion by establishing its NASCAR-licensed NASCAR SpeedParks in Tennessee, North Carolina, Missouri and Canada. Next came Crown Park Resort, a timeshare community in Gatlinburg, Tennessee. Since then the company has entered into joint ventures to develop residential communities of 1,800- acres and 1,100 acres near Greenville, South Carolina and Raleigh, North Carolina, respectively. A 40- unit ultra- luxury condominium complex is planned for Asheville, North Carolina, and a variety of other out- of- area residential, resort, and commercial projects are in the pipeline. With Myrtle Beach now part of the national vocabulary, other businesses have come to town, ready and able to invest in new attractions and other tourism infrastructure. Hard Rock Park, Burroughs& Chapin 130 www. bus- ex. com May 08