The following is a list of some of the things that are happening (or are in the works) on the island!
Looking at any one might not seem like much, but as you add up the group you really get the feeling that this island is moving forward – for its residents, visitors, investors and businesses.
This list of things in the works points to an island with a bright future as a year-round resort destination that is open for business! With smart development choices, it aims to strike a balance between local citizens’ personal needs, the need to shift the burden of tax pressure away the citizens, needs for infrastructure improvement, inlet dredging, and beach re-nourishment so that everyone can enjoy our beautiful public beaches and waters.
Projects that shift this burden are prominent in this list. An example is the Bike Path initiative that should deliver $9.00 every year for every dollar invested initially. See the following report on a similar, existing bike path project along the North Carolina coast: www.ncdot.org/transit/bicycle/safety/safety_economicimpact.html
Other exciting developments include in discussion include:
v Fairfield Inn by Marriot - Approved by City Council January 2008. 100 room hotel adjacent to the existing Marriot Hotel.
v Hilton Hotel – Russ Maynard Project approved by City Council in 2007. Returning to City Council February 2008 for ~300 person meeting space addition.
v Master Plan Scenario I - Search for master developer for the Boardwalk redevelopment project. Two master developers are already showing interest. This is in the early stages.
v Trolley Bus tours of Wilmington - In beginning stages of planning / providing bus tours for our island that will aim to loop to Southport, Wilmington and possibly Mayfaire.
v Future restaurant projects being discussed, or in the planning stages include: Blackhorn Beach Club, Harbour Masters (to include transient boat slips), and a 200-person water view and roof top restaurant at the old Barnacles site.
v Local TIF - Use future tax value of for the two proposed Hotels to fund an infrastructure Bond that would allow the town to implement infrastructure improvement plans now.
v Boardwalk Makeover project - A remedial project to upgrade our boardwalk area by cleaning up its whole appearance. Go to: http://boardwalkmakeover.org to see full scope of project. Plan is to be completed by May 1st 2008. The makeover is taking place between the two approved Hotel projects.
v Rolling Surf/Kure Beach park - Project creates a town center/park/educational/multiuse center for Kure Beach with primarily Grant funds, property is purchased and part of the funds are in place, plans for demolition are immanent. A $4 million dollar project.
v Fort Fisher Aquarium is in the planning stages of building a pier & educational facility at the Fort Fisher Recreation State Park. A $12 million dollar project.
v Federal Point Marina basin plans to rebuild that aging public marina boat access. Plans have been approved and it is moving through to the construction phase.
v Carolina Beach State Park Marina and public boat access: Money has been allocated to fund the design stage of redesigning this whole boat basin so that the marina and boat access and facilities can be rebuilt. A $250 thousand dollar design contract.
v Snow’s Cut Boat Access is in the preliminary stages of designing and expanding that boat access facility, in a joint effort with the Town and the Army Corps of Engineers.
v Bike Master Plans - Both the Town of Carolina and Kure Beach have applied for NCDOT bike master plan grants to develop a coordinated trail system for our whole island. Grant funding to be chosen & allocated in June 2008. $25 thousand dollar projects each.
v Bike Plan is being worked on to connect all of our island’s 10 parks and reserves with an off road trail almost completely located on Federal and State Park land. This would be designated as part of the East Coast Greenway. See: http://www.greenway.org for more details for this bike pedestrian path from Maine to Florida. A $2–4 million dollar project.
v The Town Council of Carolina Beach is spear-heading a new initiative: “Open for Business” with the appointment of members to a Business Ad Hoc Committee.
v Myrtle Grove Harbor Plan is in the initial stages of development to provide a gateway for our Intracoastal boaters and our boating residents, giving them access to our island with a mooring field and transient day slips, along with Myrtle Grove boat access points.
v Carolina Beach Entry beautification Grant project is funded and in the planning stage being coordinated by the Island of Lights women’s group. This will greatly enhance our landscape efforts along Lake Park Drive. A $260 thousand dollar project.
v Our Island’s Chamber of Commerce is also spear-heading a new venture along the “Open for Business” theme with a Sustainable Community effort designed to make our island a year around resort and destination!
v One of the powerful elements to all of this is that many of the projects overlap so there is a powerful grass roots underpinning to all these efforts, and synergy thanks to many people on the island being involved in more than one of these projects.
So with these projects in mind for our island, let’s look out one year from now, and conservatively project that at that time 25% of the projects will be completed, 25% started, and 50% not yet started.
Where will this island’s real estate market be!
Then let’s look two years out when 50% is completed, and the remainder of these projects are coming out of the ground!
Where will this island’s real estate market be!
If you are planning at least for a 3 year investment, given the low interest rates and the low prices, plus the value that these projects and their completion should bring, there is the opportunity that any investment made on this island could be very rewarding – both personally and financially.
NOTE: Coastwalk Real Estate makes NO guarantee these “things” being discussed will “happen”, or that they will lead to increased property value.
