Bolivia, N.C. – After more than 15 years on the drawing board, the proposed Mariner’s Reach planned development near Bolivia, North Carolina, now has a new owner.
The community is located on 187 acres off Danford Road, between Highways 17 and 87, just outside the Bolivia town limits. The community is roughly 30 minutes to downtown Wilmington and 45 minutes to Myrtle Beach.
The proposed development was first approved by Brunswick County officials in 2007, right before the housing market crashed the following year. Updated plans were submitted and approved in 2018, but ground was never broken.
Now, things seem to be moving again. On November 3rd, an Arizona-based real estate investment and land asset management company called Walton Global Inc. purchased the land from the previous owners for $5.5 million.
“Walton Global is thrilled to embark on the next phase of the Builder Land Finance Program, beginning with the acquisition of Mariners Reach,” said Michael Slavotinek, Vice President, in a press release issued by the company. “We foresee a wealth of fresh opportunities that will benefit both investors and homebuyers, proven by our track record under this program. Our continued collaboration with homebuilders will usher in an exciting era of growth and innovation for the real estate industry.”
Mariners Reach is expected to offer an assortment of housing options, including townhome units, 55-foot lot single-family homes, and 90-foot lot single-family homes, for a total of 457 units. The community plans also include a pool with cabanas, a clubhouse, sports courts, and a playground.
The transaction marks the 15th planned development purchased by the company throughout North and South Carolina. Walton said in its release that it is searching for more land acquisition opportunities within the region.
The long-awaited construction is expected to begin on Mariner’s Reach before the end of the year.
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