National Builders in the Wilmington Market
In less than a year, national builders have strengthened their grip on Wilmington’s development market
Based out of Sunset Beach, Kelly Stuart of CarolinasCommercial said she noticed an uptick in interest from national developers who mostly do business in Myrtle Beach over the past six months.
Stuart said the companies are vying for 100 or more undeveloped acres, preferably with wetlands already mapped out. “We’re talking 100 acres, owned by a family for 100 years, never been listed, never been touched, they’ll take it,” she said.
This type of no-frills acquisition is getting harder to come by, Stuart said. There are some abandoned, Great Recession-era developments with roads laid and maybe a few homes speckled within that are otherwise ripe for development, still being held in an investment portfolio. Turning around these projects will take a bit more creativity.
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