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

Ico insights

INSIGHTS

SPONSORS' CONTENT
Jim ellis headshot 10311631058

Customer Survey Best Practices

Jim Ellis - Signal
Volety 0020 1121724229

UNCW to Develop Graduate Programs in Pharmaceutical Sciences

Aswani Volety - UNCW College of Arts and Sciences
Headshot 131850046

How is the Market?

Kirk Pugh - KBT Realty

Trending News

Business Community Remembers Beth Quinn, Co-founder Of She Rocks

Christina Haley O'Neal - Jan 17, 2018

Piano Bar And Lounge To Fill Aubriana's Downtown Spot

Cece Nunn - Jan 17, 2018

Made Mole Brewing Coming To Oleander Drive This Spring

Jessica Maurer - Jan 17, 2018

Six New Tenants Lease Space At Waterford Business Center

Cece Nunn - Jan 17, 2018

San Juan Cafe To Close

Jessica Maurer - Jan 17, 2018

In The Current Issue

Growth Spurt

More than 15 years ago, experts predicted that explosive growth would come sooner rather than later to Brunswick County. Although the Great...


Spectrum Expands Its Offerings On Bald Head

Spectrum recently launched new offerings for residential and business customers on Bald Head Island....


For Leland Firm, A Clear Road Ahead

If solving a client’s pain point is the key to developing sustainable business relationships, then Lucid Innovative Technologies appears to...

Book On Business

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

Order Your Copy Today!


Galleries

Videos

WilmingtonBiz Expo - Keynote Lunch with John Gizdic, CEO, New Hanover Regional Medical Center
Wilmington's Most Intriguing People of 2017
2017 Health Care Heroes