Council hires UNCC Development Finance Initiative to analyze private-development options near proposed recreation center

The Town Council authorized the UNCC School of Government's Development Finance Initiative (DFI) to perform a five-month Phase 1 pre-development feasibility analysis focused on town-owned parcels near the planned Oak Island recreation center.

DFI director Marcia Parrott told the council the engagement will include a community-scan and stakeholder outreach, parcel- and site-specific analysis, market research (to test demand for retail, residential, hospitality and related uses), landscape-architect site assessment, and financial modeling to determine whether private-sector development is likely without or with public participation. The Phase 1 scope is intended to be limited (five months) and to deliver options that the town can act on; DFI said follow-on work could include running a competitive solicitation to select a developer and negotiating development agreements.

Council members stressed that DFI's work will focus on private-development feasibility and market translation — DFI will not substitute for the town's programming and design of public facilities (the council and its designers will continue to lead any final recreation-center sizing and program decisions). Council voted 5-0 to accept the proposed scope and authorize the town manager to execute necessary agreements.

Why it matters: Council and staff described several town-owned properties near Middleton Park and the planned recreation center as a potential opportunity to create a small town center that pairs public amenities with complementary private uses, shared parking or shared outdoor space. DFI will quantify what private investment would be viable and how public investment might be structured to achieve town goals.

Speakers quoted (first reference with role): Marcia Parrott, director, Development Finance Initiative, UNCC School of Government.