SHALLOTTE, NC (WWAY) — More than 400 jobs, Chick-fil-a, Hobby Lobby, and much more could be coming to Shallotte in the next year.
A new incentive package created by town leaders is helping make it happen. Shallotte Mayor Walter Eccard said the Board of Alderman adopted the economic incentive grant a few months ago to encourage more business to come to the area.
“To say, if you’re going to be a major contributor to the Town of Shallotte both in terms of jobs and in terms of tax revenues, we want you to locate here and we want to support you,” Eccard said.
He said it works on a point system based on the number of jobs created, wages of new jobs, increased tax revenues and indirect jobs.
“All the points are then totaled and put in if you qualify for one of 5 tiers, least support to most support,” Eccard said. So the projects that produce the greatest benefits for Shallotte will get the greatest support.”
Eccard said that support comes in the form of payments over ten years based on the increase of property taxes produced by the project.
Developer Philip Wilson known for the Coastal North Town Center in North Myrtle Beach just became the first to apply and get approved for the incentive. Eccard said this project is expected to increase tax revenues by more than $30 million. He said based on estimates, this project would fall into the 5th tier of incentives and get the most support from the town.
“Retail development is getting a little harder to do every year with construction costs going up and retailers are a little bit more hesitant about going into smaller markets,” Wilson said. “To try to get all the components to come together, it helps if you can get some assistance from the county or city.”
Eccard said the property is about 10 acres near Main Street and Smith Avenue. According to Wilson’s application, the proposed Coastal Walk Market Place will include more than a dozen tenants including Ulta, Marshalls, Ross, Burkes, Rack Room, Five Below, Hobby Lobby, PetSmart, Starbucks, Chick-fil-a, Arby’s, a dental facility, mattress store and more.
“It’s a growth time and an exciting time for Shallotte,” Eccard said.
Eccard said the development will take about a year to build.