CAROLINA BEACH — One year after announcing the Town of Carolina Beach would enter a settlement agreement with Carolina Beach Land Holdings for nine Boardwalk properties at $15 million, the overall cost has decreased.
The Carolina Beach Town Council approved an amendment at a special meeting on Monday, April 20, modifying the price from $15 million to $12 million.
“What started as a simple conversation about the location of a sidewalk quickly evolved into something much bigger,” Mayor Lynn Barbee posted on social media Monday following the vote. “That discussion opened the door to a shared vision for the future of this space.”
READ MORE: Carolina Beach settles lawsuit with local business for $15M purchase of 9 properties
The nine properties Carolina Beach will purchase once housed the amusememt park rides and are located in the central business district.
Owned by Ken Cofer and Matt Murphy, Carolina Beach Land Holdings LLC was in litigation with the Town of Carolina Beach for more than a year over a public sidewalk easement, located next to the Ferris wheel on one of the properties. The LLC requested the court deem the easement as part of the company’s land instead of the town’s.
After much back and forth, the two parties entered a mediated settled agreement last January with Carolina Beach agreeing to purchase:
- 1 Cape Fear Blvd.
- 100 Canal Drive
- 8 Cape Fear Blvd.
- 3 Boardwalk
- 1 Carolina Beach Ave.
- 5 Carolina Beach Ave.
- 7 Carolina Beach Ave.
- 9 Carolina Beach Ave.
- 101 Cape Fear Blvd.
According to New Hanover County property records, they’re cumulatively valued at $3.45 million.
The mayor told Port City Daily last year the price was conditional if the appraisal didn’t come in at $15 million. The news outlet asked the mayor Monday the reason for the price decrease.
“It is a complicated settlement with a number of reasons,” he responded. “I don’t have the appraisal but it was less. The parties continued to work together to get to today’s amendment. Town staff will begin working on financing immediately but I have not heard a target date for LGC.”
The targeted closing date is September 2026, as town staff continues working through details. The mayor told PCD last year the town will look at a multitude of ways to carry the costs, including parking revenue, reserve funds and potentially room occupancy tax reserves, as well as potential bond issuance or bank financing.
The town has always maintained the public will provide feedback on what they want to see become of the parcels, though the mayor mentioned Monday the goal is to remain a “vibrant, family-friendly downtown.”
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