Carolina Beach approves financing for $12 million boardwalk property purchase

CAROLINA BEACH, NC (WWAY) — A proposed project aimed at enhancing the Carolina Beach Boardwalk experience is moving forward after the Town Council approved financing for the purchase of nine properties in and around the boardwalk area.

The council unanimously approved a 15-year loan from Truist Bank during its meeting on Tuesday, August 11th, to help finance the $12 million property purchase approved in April.

Most of the properties are currently used as parking lots or space for amusement rides.

The town plans to use $1 million in room occupancy tax revenue and another $1 million from the general fund toward the purchase. Town officials also plan to pursue grants to help cover the remaining cost.

Mayor Lynn Barbee said the goal is to invest in the future of the boardwalk and create more public space for residents and visitors.

“I see a reconstructed downtown stage, a bunch of open public space, seating for our events,” Barbee said. “I’d like to see a lot of the community events that have moved out of that area move back to the city center.”

The financing still requires final approval from the North Carolina Local Government Commission. Carolina Beach plans to present the loan for consideration on Sept. 1.

Barbee said he expects the project to be completed in two phases and take at least two offseason periods to finish.