Reprinted from the Outer Banks Voice
A large swath of property near Corolla, totaling about 177 acres, is up for sale, according to NAI Global, a commercial real estate brokerage firm handling the transaction.
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In a Sept. 16 release, NAI said the five parcels involved “are approved for a by-right development which allows for 1,250 hotel rooms, as many as 782 single-family homes and nearly 428,000 square feet of commercial development.”
In a brief Sept. 17 interview with the Voice, an NAI Global official said the property went on the market about a week earlier. In response to a Voice inquiry, Currituck County Public Information Office Randall Edwards said that “the County Manager is aware that this property is for sale but does not have any comment since the property is still for sale and there are no definite plans in place.”
NAI Globe did not release the identity of the seller, but in a Sept. 17 story, the Triangle Business Journal “the owner is listed as Coastland Properties of Virginia Beach, Virginia.”
Excerpts from Sept. 16 NAI release
NAI Global announces a rare land listing of 177+ acres for sale in North Carolina’s Outer Banks, a region known to millions of Americans as a destination getaway that is largely comprised of multi-million-dollar homes, residential condominiums, resort hotels and supporting commercial development.
The unimproved land spans approximately 177+ acres on five parcels of varying sizes, two of which face the Atlantic Ocean providing direct beach access. Located near Corolla in Currituck County, the parcels are approved for a by-right development which allows for 1,250 hotel rooms, as many as 782 single-family homes and nearly 428,000 square feet of commercial development. Municipal water and sewer are provided for each parcel.
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Section T has the highestbuilding height permitted in the Outer Banks. All of these sections have the right to rearrange density on a pre-approved basis. One of the parcels has the potential to build a marina/boat launch facility with water access to Currituck Sound, which is an allowed use under the development agreement with Currituck County.
The waterfront parcels are 82.6 acres and 44 acres respectively. The option exists for a buyer to develop one or more exclusive family compounds, or pursue a larger development as currently permitted.
“We don’t see many properties like this come to market, especially for a remarkable resort area of the U.S. The buyer will have numerous options to build estate properties, exclusive resorts and income-producing commercial properties. Normally with lands sales, one of these options may exist, but it is rare that all three options exist within a single acquisition,” said Alex Waddey, President and CEO of NAI Global.
The for-sale listing is unpriced. It is believed to be the largest land listing of unimproved property with direct-Atlantic Ocean access in the Eastern U.S.
Approval has been obtained and plans are in process to build an additional bridge to serve the northern Outer Banks – called the Mid-Currituck Bridge, that would stretch across Currituck Sound. The bridge would be a 7-mile span connecting the mainland with the Outer Banks near Corolla, a short distance from Ocean Sands. This would substantially reduce travel time and improve access.
This story was first published by the Outer Banks Voice, an online newspaper covering the Outer Banks. Coastal Review partners with the Voice and other publications to provide our readers a broad spectrum of coastal news.
