Board Selects Proposal for Sale and Redevelopment of Islander Drive Tract, Will Utilize Profit and State Grant Funds for Streetscape and Beach Access Improvements

 

The Board of Commissioners has selected a proposal from A-Team Enterprises LLC (a group that includes principals from the adjacent Islander Hotel) for the sale and redevelopment of the abandoned go-kart track / bumper boat property on Islander Drive.  A-Team would purchase the 1.846 acre tract for $804,000, and plans to construct a mixed-use development on this tract and an additional adjacent tract.  

The planned development includes multiple 3-story buildings with approximately 30 residential units and several ground floor retail units.  The A-Team proposal also includes construction of a public walkway and additional public parking spaces along Islander Drive and Louise Avenue. The total projected investment by A-Team is approximately $8 million. Pending the execution of a formal development agreement in the coming weeks, the sale would be finalized later this summer, and construction would begin in January 2019.

The Town purchased the 1.846 acre tract in June 2017, and invested approximately $689,000 in the land purchase and subsequent clean-up of the property.  Thus, the Town expects to realize a significant profit from the sale, and the Board of Commissioners has committed to use all profits for additional streetscape improvements along Islander Drive and beach access improvements at the adjacent Western Ocean Regional Access. In addition to the land sale profit, the Town has also been awarded a $100,000 State grant for the revitalization of the Islander Drive area.  In total, the Town expects to re-invest approximately $265,000 in beneficial public improvements in this area.     

The Town is pleased to have fostered the clean-up and redevelopment of this underutilized area, and looks forward to a quality development project by A-Team.  The proposed development is consistent with the Town's land use plans and current development regulations, is comparable to other existing development in Emerald Isle, and will result in significant public improvements at minimal or no cost to the Town's taxpayers.  

Posted by Rhonda Ferebee Tuesday, April 3, 2018 8:27:00 AM Categories: News