In January, 2016 the Currituck County Board of Commissioners returned from their working retreat united in their agreement that “economic development and job creation should be the priority in all three regions of Currituck County.”
For developers and investors seeking commercial real estate opportunities in Currituck County in 2016, these are words to heed.
There are three key activities underway that should draw the attention of those who are interested in commercial real estate opportunities in this region.
As a coastal county, Currituck is required by law to periodically undergo a land use plan update. It has been a decade since Currituck reviewed the base mapping of the County to determine how to classify parcels of land.
Currituck currently uses four classifications: full service, limited service, rural, and conservation. Commissioners and the County’s Planning and Community Development Department could choose to expand the classifications to better suit their vision for the future growth.
The long term land use plan will guide how the County will provide critical infrastructure, emergency responders, schools, and other community services. It will also be a roadmap for where County planners believe the future growth opportunities in the Currituck region will lie.
It will likely help connect developed areas with underdeveloped parcels, alter density and types of allowable development, and will ultimately help to ensure the County’s land use plan will balance today’s commercial real estate opportunities in Currituck County with the preservation of its natural resources and the quality of life of its citizens.
Savvy commercial real estate developers and investors will keep a keen eye on the new plan.
After more than 40 years of discussion and debate, the $440 million project is now on the fast track to get underway. Gov. Pat McCrory’s fiscal year 2017 budget accelerated the project timeline by two years, which now calls for construction to begin in fiscal year 2019, with a completion date by 2025.
In addition to making the famed outer banks more accessible to tourism-based businesses, the bridge has potential for year-round commercial real estate opportunities in Currituck County on both sides of the span.
For the past decade, the northern part of the county and Moyock in particular has been the fastest growing area of the county. The population of Moyock has risen by 122 percent from 2000 to 2010, making it the fastest growing township in the 10th fastest growing county in the state.
Moyock is the largest incorporated area of the entire state, and much of the growth has been in the form of residential and subdivision projects. But be on the lookout for other commercial opportunities as well. The Moyock small area plan was completed in 2013, highlighting that community’s desire to properly manage its growth while strengthening its economy.
To the south, Dare County is undergoing a master plan for their community. As the plans become clearer, the southern portion of Currituck County - from the inter coastal waterway south to the Wright Memorial Bridge - becomes ripe for commercial real estate partnerships between the two counties.
The Mid- and Lower Currituck regions are also looking toward the future. Anchored by the Currituck County Regional Airport (ONX) and the economic development opportunities the Mid-Currituck Bridge will spawn, Mid-Currituck has made key investments in recreation, workforce development and in bolstering the airport’s capacity.
In Lower Curituck, a study is underway to examine available economic development opportunities that will better leverage tourism-based business opportunities with such diverse options as wineries and breweries, golf and equestrian.
The year 2016 is shaping up to be one of growth and opportunity in our region. For developers and investors seeking commercial real estate opportunities in Currituck County, the economic development planning and projects now underway is a clarion call.
Editor's Note: This article was published in the May 27, 2016 edition of Inside Business.
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