Carolina Beach has the land for its planned oceanfront park. Now it has outside help to figure out what goes there. On Nov. 10, 2026, Town Council heard from the UNC School of Government’s Development Finance Initiative (DFI) at a morning workshop. That evening, council voted to work with the group, according to an editor’s note in Port City Daily’s coverage. WECT also reported on the plan. For anyone who owns near the boardwalk or is thinking about buying on Pleasure Island, here is what was agreed, what it costs and what the timeline looks like.
A Quick Recap: The $12 Million Land Purchase
Earlier this fall, the town bought nine properties in the heart of downtown along Carolina Beach Avenue, Canal Drive, Cape Fear Boulevard and the Boardwalk for $12 million, as part of a lawsuit settlement. Port City Daily reported that the parcels had been owned by Carolina Beach Land Holdings LLC, and that the settlement resolved a 2023 lawsuit over a sidewalk easement dispute. We covered the purchase in Carolina Beach’s $12M Boardwalk Land Buy.
What DFI Will Do and What It Costs
According to Port City Daily, the town will pay DFI $114,700 over two years for services tied to designing the beachfront park, which covers five of the nine parcels. Town Manager Bruce Oakley said the money comes from the town’s $3.5 million grant from The Endowment. Less than $50,000 will go to a separate firm for the actual designs and renderings.
The town also wants commercial projects on the remaining properties. “The town does not need all the land we purchased to build the public park portion of the land,” Oakley told Port City Daily. He said DFI will help identify potential commercial projects that could be built with a private developer, and the town would then request proposals. “This could help us offset the debt on the properties and increase our tax base,” he said. For that commercial work, Oakley said DFI’s remaining fee is “at risk.” It would be paid by developers of each successful project as 1% of total project cost.
No high-rise condos, council says
Mayor Pro Tem Deb LeCompte noted that some past DFI projects included multistory residential buildings, which she said doesn’t fit the town’s vision. “The whole reason we purchased it was to keep high-rise condos out of our downtown,” she said, according to Port City Daily. The rest of the council present agreed.
The Timeline Is Longer Than Some Hoped
DFI’s presentation, as reported by Port City Daily, laid out this sequence:
- DFI’s work would begin at the start of 2027.
- Community engagement would likely start in April 2027, with town halls planned between March and October 2027.
- DFI would make a recommendation to council around January 2028.
- Securing a developer contract for the boardwalk park could take nearly two years from January 2027.
“We had hoped to start putting shovels in the ground by the end of 2027 season,” Mayor Lynn Barbee said. “Looks like, by their schedule, that might be a little optimistic.” DFI said it would stay involved over the next decade.
What could it cost?
WECT reported that Barbee estimated the overall project could approach $20 million. He said building out the park could cost another $5 million or $6 million beyond the land, and that the number could change depending on what residents want. Ideas like a splash pad have come up on social media, but no decisions have been made.
What It Means for Owners and Buyers
Your input will shape it
DFI’s directors stressed public engagement. “We are experts in real estate development, but not in Carolina Beach,” DFI Director Marcia Perritt said. If you own on the island, plan to attend the 2027 town halls.
Downtown will change, gradually
A public park and event space plus selected commercial projects could reshape the boardwalk area over several years. Buyers looking near downtown should expect planning and, eventually, construction activity. Barbee told WECT he’d like construction phased in winters to limit summer disruption.
Taxes and town finances
Oakley said commercial projects could help offset the land debt and grow the tax base. Residents also raised park maintenance costs during public comment, WECT reported. Owners will want to follow the budget side as plans develop. For context on other costs beach-town buyers should check, see our guide to special assessments in Cape Fear beach towns.
FAQ: Carolina Beach’s Beachfront Park and DFI
Did Carolina Beach approve working with DFI?
Yes. Port City Daily reported that council voted Tuesday evening, Nov. 10, to collaborate with DFI.
How much will DFI be paid?
$114,700 over two years for park design services, funded by the town’s Endowment grant, plus a 1% developer-paid fee on any successful commercial projects.
When will construction start?
No date is set. Under DFI’s timeline, recommendations would come around January 2028.
Will there be condos?
Council members said high-rise condos don’t fit their vision. The commercial uses have not been chosen.
Buying or Selling on Pleasure Island?
Changes downtown can shift what buyers want and what sellers should highlight. Talk with Aspyre Collective about how Carolina Beach’s plans fit your goals.
