A new mixed-use develpment could be on the way to Military Cutoff Road.
The Carroll Companies, a real estate development and management firm based in Greensboro, recently bought more than 30 acres at 565 Military Cutoff Road for $4 million, according to a New Hanover County deed. The address is home to Hidden Lakes Mobile Home Park.
The firm is planning a high-end mixed-use development for the property called The Avenue, said Amanda Haege, chief of staff of The Carroll Companies.
No other details on the potential development are currently available because the project is still in the planning stages, Haege said.
The Carroll Companies website says the firm "is best known for its luxury multi-family developments and visionary mixed-use lifestyle centers." Subsidiaries include Alaris Homes, which offers new single-family homes in Greensboro, Winston-Salem and other Triad areas; RE Caroll Management; Bee Safe Storage; Snap Publications; and CIP Construction, the multi-family development arm of The Carroll Companies.
"CIP Construction currently operates in the Carolinas, Georgia, Tennessee and Texas and has approximately $450 million in residential, commercial, and mixed-use projects under development," according to The Carroll Companies website.
Wilmington brokers Cody Cress and Tyler Pegg with The CRESS Group of Coldwell Banker Commercial Sun Coast Partners represented The Carroll Companies in the transaction, while Carlton Fisher of Coastal Realty Co. represented the sellers, William and Brenda Towles. The deal closed on Oct. 31.
According to the city of Wilmington's zoning map, the property is zoned MHP, manufactured home park, and would require a rezoning to accommodate a mixed-use development.