RWO Acquisitions Announces Plan to Construct Withers Preserve, a Neo- Traditional Development in Myrtle Beach

MYRTLE BEACH, S.C., March 23 /PRNewswire/ -- RWO Acquisitions (RWO), a premier real estate development company based in New York City, announced plans to develop Withers Preserve at a press conference earlier today. Withers Preserve is a proposed neo-traditional community that will consist of approximately 2,000 single-family homes, townhomes and condominiums, as well as offices, hotels and retail space in Myrtle Beach, S.C. In addition to the neighborhoods, Withers Preserve will also feature commercial space, lakes, lush greenspaces, walking and biking trails and community parks.

South Carolina Governor Mark Sanford, Myrtle Beach Mayor John Rhodes and other state, county and city officials attended the unveiling event.

Withers Preserve is being developed in harmony with the master-planned redevelopment program by the Myrtle Beach Air Force Base Redevelopment Authority -- a 3,970-acre parcel of land with $30 million of new infrastructure including 29 acres of lakes, new community parks and four miles of new roads, all contiguous to a planned expanded Myrtle Beach airport. Residents will access Withers Preserve via Farrow Parkway, a thoroughfare for local and visitor traffic, connecting Highway 17 Bypass to Kings Highway (Hwy 17 Business).

Encompassing more than 560 acres of land located on the former Myrtle Beach Air Force Base, Withers Preserve will be adjacent to the Myrtle Beach Market Common, a 100-acre development mix of retail, restaurant, residential, hotel, civic center and parking -- bringing together the best ideas in land use and new urbanism planning to create a beautifully designed pedestrian- friendly lifestyle center.

"It is exciting to be a part of something so tremendously positive for Myrtle Beach," said Robert W. O'Neel, CEO of RWO Acquisitions. "With Withers being one of the first names of Myrtle Beach, we feel that our project is something that should have ties to the humble beginnings of this city since we are planning to develop a true centered, community-driven downtown area and neighborhood for future generations. By naming our development Withers Preserve, we hope to bring back some of the original essence and flair of Myrtle Beach's formative years."

Withers is a name that holds close ties to current-day Myrtle Beach. The Withers family's association with the area began in the mid 1700's when Francis Withers was first awarded 300 acres of present day Myrtle Beach as part of a 66,000-acre land grant. The center of Withers was focused around the current-day Third Avenue South and Withers Swash area of Myrtle Beach.

The Burroughs and Collins Company of Conway purchased much of the Withers' family land in 1881, keeping the Withers name and even seeing the opening of the Withers post office on April 30, 1888. The area was known as Withers until a contest was held in 1900 to give the area a new name. Addie Burroughs, wife of Franklin G. Burroughs, suggested Myrtle Beach because of the wax myrtle bushes that grew in abundance along the strand. Thus Myrtle Beach was born. After the renaming, the Withers post office was replaced by the first Myrtle Beach post office in the early 1900s. Myrtle Beach became an official town in 1938, when it was incorporated, and a city in 1957.

With the population growth of the Myrtle Beach area over the last several years, the area's housing industry has also grown rapidly, surpassing reported national trends. The Myrtle Beach area and Horry County's number of new single-family residential permits increased by 26 percent from 2004. In addition, Myrtle Beach is relatively lower-priced than neighboring cities for new and existing housing. Myrtle Beach is also becoming more nationally known with high-income consumers who are aware the area is a prime market for second homes, investments homes and permanent housing.

RWO's focus with Withers Preserve is to build a unique, attractive, well- designed, people-centered community that keeps with the Redevelopment Authority's plan for a new and special town center for Myrtle Beach.

For more information about Withers Preserve, call (843) 839-8696 or visit http://www.witherspreserve.com/.

About RWO Acquisitions

RWO Acquisitions is a master developer of premier resort development communities in select U.S. markets. The firm is headquartered in New York, New York, and is led by Robert W. O'Neel, III.

O'Neel and the RWO development team together have more than 100 years of real estate investment, development, construction, finance, management, marketing and operating experience with a variety of property types. RWO partners with leading architectural, design, construction and engineering firms and executes via a seasoned, on-site RWO project team and active organizational oversight.