A development company recently completed the purchase of a large tract of Surf City land where thousands of homes and a commercial area are planned, local brokers said this week.

Wilmington-based commercial real estate firm Cape Fear Commercial announced Tuesday that it had brokered the sale of the 231-acre property. The land is on Belt Road, on the mainland of Surf City along N.C. 50, stretching from the intersection of N.C. 210 and N.C. 50 toward the Surf City bridge. 

The first part of the transaction, 142 acres, sold earlier this month to Coterra 9 LLC for $3 million, and the buyer is contracted to close at an undisclosed time on the remaining 89 acres, the Cape Fear Commercial announcement said.

“This is a very high-profile piece of real estate, being such a large tract of waterfront land adjacent to the commercial corridor and the gateway to the area,” said Bryce Morrison of Cape Fear Commercial in the news release. “The development of this property will have a tremendously positive impact on the future growth in the immediate area for many years to come.”

Elaborating on the property’s high profile, Morrison’s partner, Paul S. Loukas, said, “Along with the commercial activity in the area, the potential development of this property validates the idea that Surf City is evolving and maturing into a self-sufficient, year-round community.”

Both Morrison and Loukas represented the seller, the Sullivan family, in the transaction.

At the end of last year, Surf City Town Council approved rezoning the 231 acres plus about 9 more from rural agricultural (RA) to planned unit development (PUD), a mixed-use designation.  Coterra has proposed building more than 3,000 homes, with a mix of single-family houses and multi-family units, and 4 acres for commercial uses, according to town meeting minutes.

If built out fully to the specifications of the master plan, the development would be one of the largest mixed-use communities in Pender County.

The specific neighborhoods and commercial portions in the phased project would still have to be reviewed by town officials.

Donna Cote, president of Coterra, said the company is currently working on the first phase of the project.

"We're working diligently on it and are really excited about where it's going," Cote said, adding that the town of Surf City has been "fantastic" to work with.

She said her company is approaching the development planning "with sensitivity to the natural environment."