OCEAN ISLE BEACH, NC—All hype aside, this 42-acre oceanfront development site on Ocean Isle Beach, NC should turn investor heads. That's because it's the last of its kind.

DTZ's New York City capital markets team is marketing the site, which is fully entitled and approved for 298 single-family homes and townhomes and 25,000 square feet of commercial space. The parcel includes several hundred feet of beachfront property and several hundred feet fronting the Intracoastal Waterway.

“This site is truly extraordinary and unique,” says Jeffrey Donnelly, managing director of DTZ's New York team. “This is the last remaining large-scale development site on Ocean Isle Beach. You can identify the parcel immediately on an aerial photo, as almost every other part of the seven-mile long island is fully developed. Indeed, there are probably very few sites in mature, developed beach towns along the entire Carolina coast that offer this scale and that also run uninterrupted from oceanfront to sound front.”

The sites are entitled for 13 ocean front home sites, 21 sound front home sites, six single family home sites, 18 townhomes, four, four-unit villas, 32 six-unit villas, four, eight-unit villas, and 25,000 square feet of commercial and accessory uses. According to DTZ, ownership would prefer to sell the entire 42-acre parcel to one buyer but is willing to divide the asset into two parcels—a 10-acre oceanfront parcel, and a 32-acre oceanfront to sound front parcel.

“The ability to divide the site for two separate buyers gives us great flexibility, but I would imagine that the site is best controlled by a single ownership that can plan, control, and roll-out a cohesive, integrated development plan for this exceptional property,” says Lou Buffalino, senior vice president at DTZ. “It's truly amazing that this large of a site has remained undeveloped on the island. This is a rare and unique opportunity for a developer to capitalize on one of the Carolina coast's last remaining oceanfront development sites of any meaningful scale.”

Apparently, there was significant interest in the parcel in the period leading up to the financial crisis. Offers from substantial developer groups at that time crested at up to $100 million for the entitled property, according to DTZ vice president Marc Civitillo. “That was then, and this is now. We have adopted the approach of putting the property out this time as a Request for Proposals (RFP) without a formal asking price. We are confident that we'll see very  good activity and strong offers.”