Construction begins on Shallotte cottage rental development
Work is slated to begin this month on a $ 20 million rental cottage community near Shallotte.
The development will be aimed at those looking to rent rather than own. The rental cabins aim to tap into a rental market that “is growing rapidly … especially among the elderly,” according to developer EYC Companies’ website.
It will be the first of many build-to-lease developments the company has planned for the Carolinas, according to a press release on the development from Heartsease.
“Demand for rental housing continues throughout the Southeast, particularly in the coastal markets of North Carolina and South Carolina,” Sarah Nienhaus, marketing assistant at EYC Companies, wrote in an email. at StarNews.
The plans for the project include 83 one-story, artisan-style cabins ranging in size from 650 to 1,600 square feet. Each chalet will include a garage and a private yard. The community design will provide the privacy of property with the convenience and “financial freedom” of a rental, according to Nienhaus.
Raleigh-based EYC companies secured financing for the project in January when they entered into a $ 14 million senior secured construction loan, according to the press release.
The site has been cleared and vertical construction will begin soon, according to Nienhaus.
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The project will be located along Bridgers Road between NC Highway 130 and Mulberry Street in Shallotte.
The development will also include a three-acre community green space, walking trails and a pavilion with a fitness center.
The vision for the community is to create a “vibrant neighborhood experience,” says the project description, including porches and patios that overlook parks located throughout the neighborhood.
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“It will provide a new standard of single-family living for residents looking to get back to nature in this beautiful coastal haven,” wrote Ellis Coleman, director of EYC Companies, in the press release.
Rental in the community is expected to begin in August. EYC Companies estimates that construction will be completed by March 1, 2022.
Journalist Emma Dill can be reached at 910-343-2096 or [email protected]