Wilmingtonbiz logo
Print
Real Estate - Commercial

Developer Planning The Avenue Completes Purchase Of Military Cutoff Road Property

By Cece Nunn, posted Aug 3, 2017
The Carroll Companies purchased nearly 11 acres at 349 Military Cutoff Road in a $7.5 million deal that closed Thursday. A mixed-use development called The Avenue has been proposed for the site. (Photo by Christina Haley O'Neal)
Another piece of the puzzle has fallen into place for a proposed $200 million mixed-use project on Military Cutoff Road.

On Thursday, The Carroll Companies completed a $7.5 million purchase of nearly 11 acres at 349 Military Cutoff Road. The property contains the majority of the frontage for The Avenue, a planned 44-acre development that would be anchored by a Westin hotel and conference center.

"We are fully committed to The Avenue's development," said Roy Carroll, president, founder and CEO of The Carroll Companies, when asked about his latest Wilmington investment. "We have a Westin hotel commitment; we have already closed on the majority of the land, we have traffic studies, environmental sign-offs, plus hundreds of thousands of dollars in engineering and architectural design. Our company is a multi-billion dollar company and we have the 'financial horsepower' to not only build this development but to make it one of the best mixed-use developments in the Carolinas."

The Avenue would be built over 10 years. In addition to the Westin, the plan for the development also includes high-end boutiques under luxury apartments.

Coldwell Banker Commercial SunCoast brokers Cody Cress and Tyler Pegg of The Cress Group in Wilmington represented Carroll in the purchase. The previous property owner, Roseman Family Trust, was represented by Spruill Thompson of Wilmington-based Cape Fear Commercial.

Greensboro-based The Carroll Companies bought more than 30 acres of the site where The Avenue is proposed, including the Hidden Lakes Mobile Home Park, last year for more than $4 million. 

A rezoning request to change The Avenue's site from a mobile home park designation to UMX, urban mixed-use, was postponed by The Carroll Companies from July to a November city Planning Commission meeting after a city staff report called the site "the wrong location" for the project because of traffic concerns.

But Carroll has said a number of factors refute those concerns, including The Avenue's long timeline for build-out, the small nature of the high-end retail shops that would be attracted to the project, and road improvements already in the works and those that would be made by The Carroll Companies at a cost between $1 million and $2 million.

"We are very excited about The Avenue's development and look forward to sharing more details about the development in the not-too-distant future," Carroll said Wednesday.

The Avenue is among three mixed-use developments planned in Wilmington not far from Wrightsville Beach, including Airlie at Wrightsville Sound on Wrightsville Avenue and the recently announced CenterPoint project on Eastwood and Military Cutoff roads.

Story On The Map

Join The Discussion

Similar Stories

Book On Business

Bob2017

The 2017 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!
Print Only
$24.95 - Qty
Print + Excel File
$79.95 - Qty

In The Current Issue

Third Generation Drives Old Dominion

David Congdon returned recently to UNCW, his alma mater, and provided a tutorial on the trucking industry, including the entrepreneurial journey of Old Dominion Freight Line.

NC 100 Initiative Targets Regional Economies

Business recruiters with the state are meeting with local and regional economic developers in an initiative intended to size up regional ass...

Companies Demo At The Recent CED Tech Venture

Three local companies were featured at this year’s CED Tech Venture Conference, held this month in Raleigh....

Ico topnews Editor's Picks

Jobs, Investment On The Rise Since 2012 In New Hanover County, Report Says

Christina Haley O'Neal - Sep 22, 2017

Session Seeks Workforce Training Input From Construction Employers

Cece Nunn - Sep 22, 2017

As One Gets Ready To Close, Other Area Golf Courses For Sale

Cece Nunn - Sep 21, 2017 Trending News

Gov. Cooper Vetos Bill That Includes Funding On GenX

Christina Haley O'Neal - Sep 21, 2017
Personalized Products

Salon Beyond Basics

At Salon Beyond Basics, we believe customer service, combined with excellence in our trade, is top priority. As our guest, you deserve the best! We understand that without you, our salon would not be ...more

Ico trending Trending News

Ico newsinimages News in Pictures

Have a tip, pitch or guest column?  Send us a tip.

Gallery Galleries

Video Videos

Power Breakfast: Coach C.B. McGrath - June 2017
Wilmington's Most Intriguing People of 2016

Register to Continue Seeing Wilmington's Best Business Coverage!


There are three ways to register for free.

Sign in with LinkedIn, Facebook or create an account:



Already registered? Login here.

Your free registration includes:

  • Access to 10 articles per month on WilmingtonBiz.com
  • Email updates to stay informed on local business news
  • A mobile optimized website
  • Advanced notification of Business Journal events
  • Management of your digital and print subscriptions
Laptop iphone ipad