The Carolina Beach Town Council approved a contract with Development Finance Initiative, or DFI, a program of UNC at Chapel Hill’s School of Government, to help the town establish a plan for properties it recently bought in the downtown beachfront district.
The town closed a $12 million deal for nine parcels this fall, after a dispute with a private property owner. Now council and residents need to decide what to do with the property.
DFI Director Marcia Perritt and Associate Director Eric Thomas, who will be the project lead, laid out the 9-month pre-development feasibility assessment, which will include analyzing the parcels, evaluating financing options, and holding public meetings to balance civic priorities like open space with economic objectives like attracting investors and negotiating with developers.
The town took out a $10 million loan to purchase the property, along with a million from room occupancy tax and a million from its fund balance. DFI’s two-year, $114,700 contract will be funded with part of a $3.5 million grant from The Endowment.
Residents were quick to come forward with their hopes and apprehensions. During public comment, Kristen Dunn let the Council know she was not impressed by images of previous DFI projects that she described as “high-rise condos and retail on the ground floor.”
“They sure did use the words retail and development a lot and showed a lot of examples of their previous projects, which are not CB…I hope that we keep it CB and not turn it into a Mayfair type place.”
Mayor Lynn Barbee said his concern was making sure the development did not drag on for years in a community that sees most of its activity during the summers.
“We can't let this turn into a three or four year hit on those surrounding businesses. That's what's different about doing this in Leland or Whiteville or anywhere else. We have to have open heart surgery, right? We have to keep the patient alive while we do this.”
