Is Charlotte NC Getting it’s First Beach?! [Lagoona Bay] New Community

Is Charlotte NC Getting it’s First Beach?! [Lagoona Bay] New Community

If there’s one thing the Charlotte, North Carolina area doesn’t have – It’s a beach. But could that change in our near future!

Bi-Part Development is attempting to bring a massive $800 Million development featuring a beach style resort to Huntersville, North Carolina. The new development, initially named Lagoona Bay, has been rebranded to Waterside. If approved, this will completely transform the Huntersville, North Carolina area.  

Today, we will give you a full update on the Waterside Development and what you can expect in the future. We will discuss:

1. Lagoona Bay: Original Plans 

2. Waterside: The New Proposal

3. Local Response Against Proposed Development 

4. The Future of The Waterside/Lagoona Bay Development

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Is Charlotte getting a beach?  lagoona bay, new Development in Huntersville NC. Now Waterside

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  1. Lagoona Bay: Original Plans 

Jake Palillo & Bi-Part development is attempting to bring a beach style community to Huntesrville. This community will center around the Lagoona Bay Beach Club, a community attraction that symbolizes a country club, with a crystal clear lagoon as its centerpiece. 

The preposed development will cover 263 acres right on Sam Furr Road between Westmoreland road and Black Farms Road. Their goal is to offer the ultimate living, walking, dining, entertainment, amusement opportunities to the Huntersville, North Carolina area. They want to offer an alternative to the busy and conjested Birkdale Village. 

Lagoona Bay Proposed Site plans Huntersville, North Carolina

This mega development was designed to integrate a multi-faceted beach style community, blending a diverse range of luxury living options, upscale retail and dining spaces, and unmatched recreational amenities. The plan aimed to divide this haven into five distinct segments: Townhomes, Apartments, Single Family Custom Homes, Lagoona Village, and the crown jewel, Lagoona Bay Beach Club. Each of these sectors was curated to offer a unique facet of the beach like lifestyle right at our doorstep.

1. Luxury Townhomes

The original Lagoona Bay blueprint included an 200 luxury townhomes. These structures aimed to present an upscale, yet compact residential choice for those craving a blend of community living with a touch of privacy. Each townhome was designed to ooze modern aesthetics while providing ample space for comfort and functionality. These townhomes were modeled after the charming architecture and style of Seaside Beach (along the gulf coast of Florida).

2.  Luxury Apartments

Lagoona Bay also planned for around 320 luxury apartments. The idea was to fuse convenience and sophistication into high-rise living spaces. These apartments were set to be equipped with top notch amenities, offering a range of units from spacious studios to expansive multi-bedroom options. High-end appliances, premium finishes, and a host of communal facilities promised to make these apartments the epitome of luxury living.

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3.  Single Family Custom Homes

Each lot was to be sold individually, with homeowners given the liberty to choose from a selection of approved builders, to create a truly personalized living experience. All homes feature alley load garages, to create an amazing street scape.

Single family lots will be sold to individual buyers (on first-come-first-served basis). All homes feature alley load garages, to create an amazing street scape. Single family lots will be sold to individual buyers (on first-come-first-served basis).

Buyers will be able to choose between Siminnoni, Classica, Southern Cottage, Augusta Homes, Grandfather Homes, and Meeting Street. Home prices are expected to range between $900,000 to $1,200,000. 

Mortgage rates

4. Lagoona Village 

Acting as the social hub of the Lagoona Bay development, Lagoona Village was envisioned as a mixed-use development. The design proposed a blend of commercial and residential spaces, with retail stores and eateries on the ground level, and luxury condos housed in the upper floors. It aimed to be a vibrant locale buzzing with activity, bringing shopping, dining, and entertainment options closer to the residents. The original plans included: 

The Village Plaza

The Village shops, boutiques and restaurants open to our beautifully designed outdoor plaza overlooking the stunning turquoise blue lagoon, and white sand beaches. The plaza is the ideal place to enjoy coffee or a treat al fresco, or to enjoy outdoor music and events.

Hotel

A tropical themed luxury hotel and convention center is located adjacent to the plaza. The hotel will have a rooftop restaurant, bar, banquet area, tropical pool, and limited access to the beach and lagoon.

The Village Dining 

From upscale dining (steaks and seafood) to casual dining (burgers and pizza); from international cuisine (Italian, Mexican, and Asian) to down home favorites (barbecue and pimento cheese classics) from coffees, sweets, and treats, to craft brew pubs and wine bars, the Village truly offers something for everyone!

The Village Condos 

The Village Condos are the pinnacle in active living and convenience! Catering to singles, couples, and families of all ages that embrace an active, entertaining lifestyle, our stunning condos are located above first floor retail stores and restaurants, providing residents with easy access to a variety of shopping and dining options. With high-end finishes and top of the line appliances, our condos offer the ultimate in comfort and style. 

The Village Co-Working Space 

Located within a vibrant retail, dining, and residential area, the co-working space offers a unique and dynamic work environment. With flexible workspaces, state of the art technology, and a variety of amenities, our co-working space is the perfect place for entrepreneurs, freelancers, and small businesses to grow and thrive. Plus, being located within a vibrant community means that you’ll have easy access to a variety of shopping, dining, and entertainment options, making the Village Co-Working space the ultimate in convenience and productivity. 

5.  Lagoona Bay Beach Club 

At the heart of the Lagoona Bay development, the Beach Club was designed to be the ultimate recreation spot. This 40-acre beach club featured a stunning 10-acre lagoon at its core. Besides its beach and lagoon areas, proposed amenities included a clubhouse, cabanas, a food hall, a swim-up bar, tennis, pickleball courts, beach volleyball courts, and an expansive fitness center. The Beach Club was set to be the epitome of luxury and relaxation, offering residents an exquisite spot to unwind and engage in various activities.

The original blueprint of Lagoona Bay promised to change the face of Huntersville, bringing the charm and convenience of beachside living to the residents doorsteps. It strived to cater to varied residential preferences while ensuring unparalleled recreational and lifestyle amenities within the community. 

 

2.Waterside: The New Proposal

 

Change, as they say, is the only constant. It rings true for Bi-Part Development, who had to return to the drawing board after unveiling their initial plans for Lagoona Bay. The local community of Huntersville made their concerns clear, and the developers responded with a revamped plan, aptly named Waterside. The new proposal was a trimmed down version of Lagoona Bay, where many things were changed or removed.  

As we delve into the changes proposed by Bi-Part Development for Waterside, it’s crucial to remember that these alterations resulted from a delicate balancing act between retaining the original project’s essence and addressing the concerns voiced by the Huntersville community.

The most notable changes in the Waterside development plans are in the residential sections. The initial proposal of 1,182 homes has been scaled down to 692 homes, a decrease of nearly 41%. This alteration reduces the housing density, which in turn, could potentially ease traffic concerns in the Huntersville area.

Part of this reduction is the complete elimination of the luxury townhomes from the project, replaced with 90 single-family cottages. Furthermore, the count of luxury apartments also fell from the initial 320 units to 300. This shift in housing structures aims to better align with the community’s character and preserve the tranquil atmosphere the Huntersville residents cherish.

Another significant modification in the proposal is the decrease in size of the lagoon, the crown jewel of the development, from ten acres to about eight. This change, while not drastic, shows the developers’ willingness to adapt their vision while minimizing potential environmental impacts.

In the commercial section of the development, Bi-Part’s original proposal included a 200-room luxury hotel, a convention center, and 212 luxury condos – all of which have been omitted from the new Waterside plan. These components, if realized, would have significantly boosted the area’s commercial profile, but might have strained local infrastructure.

 

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The Waterside Village, however, will still exist. Although it won’t be as grand as the original Lagoona Village, it will host seven freestanding areas for retail and restaurants. This will provide local residents with new dining and shopping options.

Finally, the Lagoona Bay Beach Club’s core concept remains intact, though it will be slightly downsized. The club will still offer a beach like experience, bringing a bit of the coast to Huntersville, but the lagoon will be smaller. Despite the adjustments, the Beach Club is expected to remain a unique selling point of the Waterside project, promising a distinctive lifestyle to its members.

It’s important to note that all these modifications are subject to approval, and further changes might be implemented based on the planning board’s decisions and ongoing community feedback. 

3. The Local Backlash against Lagoona Bay

As is often the case with large scale development projects, the initial plans for the Lagoona Bay project sparked concerns among local residents. When addressing these concerns, it’s important to understand that they aren’t just complaints, but rather, reflections of the genuine worries and fears that arise when change looms over a community.

Traffic Congestion

One of the significant concerns voiced by Huntersville residents was the potential increase in traffic. Adding over a thousand homes, multiple commercial establishments, and a beach club to the Huntersville landscape would undoubtedly lead to a rise in vehicles on the road. Residents feared that this surge would burden the already stretched local infrastructure, leading to longer commute times, increased noise, and potential safety risks.

Changing Community Character

Residents also voiced concerns that the proposed Lagoona Bay development might alter the character of their community. The semi rural charm of Huntersville, with its quiet neighborhoods and open spaces, seemed threatened by a high density development featuring luxury apartments, townhomes, and a bustling commercial village. Critics argued that the proposed development was too intensive and out of sync with the area’s existing vibe.

Environmental Impact

There were also worries about the environmental impact of the project. The creation of a large lagoon, along with significant construction activities, raised questions about potential disruptions to local ecosystems, increased water usage and changed landscapes.

Impact on Local Services

Lastly, residents were concerned about the strain the development might put on local services. With hundreds of new families potentially moving into the area, demand for public services like schools, emergency services, and healthcare facilities would increase. Without corresponding expansions or improvements in these services, existing residents feared they would be left dealing with overcrowded facilities and reduced service quality.

It is important to remember that while these concerns reflect the genuine fears of the local residents, they also highlight their deep-rooted love for their community and their desire to protect its unique charm. Their voices were instrumental in leading Bi-Part Development to revisit their plans and come up with a proposal that better aligns with the spirit of Huntersville.

 

4. The Unfolding Story of Waterside: What Lies Ahead?

 

Having taken note of the pushback from the locals, the developers at Bi-Part Development have paused to reconsider the design and intent of the Waterside project. They’ve been tactful in their response, viewing the vocal concern of the residents not as a setback but as a chance to refine their vision, ensuring it aligns more harmoniously with the community’s needs and expectations.

Bi-Part Development has requested a 60 day delay in order to revisit their proposed plans. This period of contemplation allows them to reassess the project’s impact on the local community and the environment. It’s a time for them to reevaluate, refocus, and most importantly, to refine their blueprint for the future of Huntersville.

The goal during this period is to come up with an evolved plan that, while maintaining the initial spark of a beach style resort, also respects the community’s needs and the area’s character. The revised plans are set to reduce the intensity of development, scale back on the number of residences, and reconfigure the commercial aspects of the project. These steps are taken with an eye towards preserving the rural charm of Huntersville while bringing in fresh development that could stimulate the local economy.

The subsequent step in the process is to resubmit these plans to the Planning Board for approval, an event earmarked for August. The developers remain hopeful that this revised vision for Waterside, created with more attention to the community’s sentiment, will garner a more favorable reception.

Following this, the plans will need approval from the Town Board, which is expected to happen in September. It’s a crucial step, as the Town Board’s decision will have a significant impact on the future of Waterside, and by extension, the Huntersville area.

The road ahead for Waterside is a dance of careful planning and community consultation. The developers are keen on creating a new chapter of growth for Huntersville, but they also understand that it’s a delicate process. It’s about bringing a dream to life while ensuring that the dream enhances the community’s quality of life, rather than disrupting it.

The coming months promise to be a pivotal time for the Huntersville area. They hold the possibility of transformation and growth, but also the reassurance that this change will not be imposed blindly. Instead, it’s a change that will strive to echo the voice of its people, respect the land it develops, and ultimately, enrich the community it serves. As we await the updated plans and their reception, the anticipation is as electric as the future itself.

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While Waterside’s vision may sparkle like the crystal clear lagoon at its heart, it’s important to remember that nothing is set in stone. The metamorphosis from Laguna Bay to Waterside is testament to the fluid nature of such large scale projects. Each stage of this development is subject to changes, revisions, and adjustments, all in response to a myriad of factors including community feedback, planning board decisions, and evolving developmental goals.

Do you want to be part of this unfolding story? Do you wish to be among the first to know about any changes, updates, or progress as this grand vision transforms into reality? If your answer is ‘yes’, then consider signing up for our newsletter. Our goal is to keep you informed, engaged, and part of the conversation as we follow the journey of the Waterside development from its inception to its realization. Sign up to our weekly newsletter below to make sure you never miss any updates:

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Where are all the Homes? [Charlotte Housing Crisis Explained]

Where are all the Homes? [Charlotte Housing Crisis Explained]

Let’s address the elephant in the room – “Where are all the available homes for sale?” This burning question has been raised time and again by numerous clients eager to find their dream home. 

Just the other day, one of my clients, Sarah, walked into my office, worry lines etched across her face. “Why are there so few homes currently for sale?” she questioned, frustration seeping into her voice.

It was clear that Sarah was not alone in her annoyance – many of my clients, just as eager to find their next home, are grappling with the same question, all victims of the lack of inventory in the current housing market. 

If you’ve found yourself in the trenches of the housing market over the past few years, this sense of frustration is something you can surely relate to.

As I was explaining to Sarah and my other clients why finding a house in Charlotte is so tough, I thought, why not share this with everyone?

So, here at The Finigan Group, we’ve decided it’s high time to tackle the big question at hand: why is there such a drastic dip in the availability of homes, not only here in Charlotte, North Carolina but also across the United States?

Not just that, we’ll also review some innovative solutions that could potentially improve this prevailing housing crisis.

For those of you who regularly follow our Charlotte Housing Market Updates, one key reason why the housing market remains red hot is the exceptionally low levels of housing inventory.

Here in Charlotte, the average home price has shot up by 29% since January, even with mortgage rates sitting at around 7%.  And to answer the big question – why such low housing inventory? The answer lies in a few key reasons.

 

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Where are all the Homes? [Charlotte Housing Crisis Explained]

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1. Lack Of New Construction 

The first major reason for the low housing inventory is the lack of new construction homes. This has been an ongoing issue, and to understand it fully, we need to rewind to the period leading up to the Great Recession in 2008.

Back then, construction of single-family homes were booming, with the rate peaking between 1.3 and 1.5 million homes per year. Builders were keen on cashing in on the early 2000s housing boom.

However, when the bubble burst, it left an excess of homes sitting idle on the market, causing a severe overcrowding of inventory. Builders then shifted their focus towards selling their current inventory of homes, rather than constructing new ones. During this time, many new home builders either filed for bankruptcy or went out of business.

Due to economic strains and a flood of housing inventory during this time, home prices fell by over 30%.

When home sales started to recover around 2011, builders were cautious about how many properties they introduced into the market. This led to a lag between the supply of houses and the demand from buyers. While construction rates have increased in recent years, they’re still well below the levels required to resolve the inventory shortage.

lack of housing inventory - Where are all the Homes? [Charlotte Housing Crisis Explained]

2. Demographic Trends/ Changes

The second key factor contributing to our low housing inventory revolves around demographic shifts and a spike in household formations. Currently, millennials are the largest generation in the U.S., and they’re stepping into the housing market in droves. They currently make up a whopping 43% of home buyers, the largest portion compared to any other generation.

Where are all the Homes? [Charlotte Housing Crisis Explained]

This situation is stirring up a perfect storm. On one side, there’s a considerable reduction in home constructions, and on the other, there’s a massive influx of millennial buyers in the housing market.  This combination has led to a significant spike in demand, all while we have steep fall in supply.

Over the span of eight years, from 2012 to 2020, a staggering 15.6 million new households were established. Moreover, in 2022 alone, more than 2 million households were formed – the highest in the past decade.

Meanwhile, only 11.9 million new homes were built during that time. As a result, by the end of 2022, we were faced with a housing deficit of around 6.5 million homes. 

 

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3. Discouraged Homeowners 

The third factor that’s playing into our low housing market inventory is the high mortgage rates are deterring homeowners from making a move.

 We’ve been accustomed to relatively low rates for a long time. However, in recent years, the Federal Reserve slashed their rates so rapidly that mortgage rates hit all-time lows. As a result, many homeowners either bought a new home or refinanced, locking in a 30-year mortgage at a rate of 2.5% to 3%.   According to a recent Redfin study, 82.4% of all current home owners in the United States have locked in a 30 year mortgage rate of below 5%. Nearly 25% have a mortgage rate below 3%. 

These homeowners now face a quandary when they want to sell their home and buy a new one. The current mortgage rate, which is around 7%-7.5%, is essentially double their existing rate. According to a survey by Realtor.com, 82% of potential home sellers feel effectively locked in their current homes because of these high mortgage rates.

Bear in mind that most homebuyers make their decision based on the monthly payment rather than the total price of the house. Typically, a 1% change in the mortgage rate impacts the purchasing power by about 10%. This dynamic adds pressure on potential home sellers.

At the moment, new listings hitting the market have plummeted by 25% across the U.S. and by 36% in the Charlotte area. 

Mortgage rates - Where are all the Homes? [Charlotte Housing Crisis Explained]

4. Institutional Buyers 

The fourth factor playing into our low housing inventory is the influx of institutional investors acquiring available real estate. These institutional investors are generally large corporations or hedge funds, snapping up thousands of homes throughout the United States. Their goal is to purchase a home cash, and hold it as a long-term rental property.  

This phenomenon is no small matter. In 2021, these investors made up 13.2% of all U.S. home purchases. The issue is even more pronounced in the Charlotte area, where these investors have represented over 30% of home purchases in recent years.

This not only reduces local supply but also ramps up demand, as individual home buyers have to compete against cash offers. Moreover, institutional investors, once they own these properties, don’t tend to sell as often as regular homeowners do.

For a more in-depth understanding, we’ve previously recorded a video focusing on institutional investors and how they shape our market. Feel free to check it out if you’re interested: 

5. Restrictive Zoning Laws

The fifth factor that’s contributing to our housing crisis is how local zoning laws can limit the type of home you’re allowed to build. Often times, these zoning laws fail to evolve with emerging needs. 

According to an article published by NPR, the Chief Economist of the National Association of Home Builders cites overly restrictive zoning laws as a contributor to the housing shortage. Zoning restrictions are widespread in all 50 states, according to the National Low Income Housing Coalition, which cites a 2019 analysis that found up to 75% of residential land across major U.S. cities is zoned exclusively for detached single-family homes.  

Many of these single family lots are larger lots and can feasibly hold two or three homes on them. However, due to zoning laws, you’re restricted to what you can build on them. 

Other zoning laws may restrict more dense housing options like town homes, apartments or multi-unit developments. 

6. Potential Solutions To Our Housing Shortage

Are we doomed? Maybe not! While we don’t know what the future holds, there are a number of scenarios and steps that could ease the housing shortage in upcoming years!

1. Zoning “Find the Missing Middle” : A recent zillow survey found broad support for the “missing middle” homes in residential neighborhoods. They found that even modest densification measures, like allowing 2 units on 10% of single family lots in large metro cities could boost housing supply enough to slow home price appreciation.

2. De-Incentive Investment: We could create legislation that restrains institutional investors from purchasing homes.  We could also lower capital gains tax temporarily to incourage mom and pop investors to sell

3. Incentivize New Construction: We could create financial incentives that would encourage builders to build new homes that are within reach of many first-time home buyers.  The possible incentives run the gamut from federal supports and subsidies to better terms on construction loans to fewer local regulations and restrictions that sinificaltnly add to builders costs.

 

If you have a mortgage, your property taxes will be escrowed. Your mortgage lender will take a small amount every month to pay your taxes and homeowners insurance on your behalf once a year. If this is the case you don’t have to budget for these, they will be included in your mortgage.

When you’re shopping for homeowners insurance you should do your homework. The #1 mistake I see homebuyers make is that they don’t talk to a professional insurance agent right from the start. Right when your offer is accepted you should begin talking to homeowners insurance representatives. This will give you time to make sure there are no historical losses or claims that have never been fixed. You’ll also have more time to obtain a better idea of what type of insurance is best for you to cover those emergencies. This is very important in case anything happens, you’ll have the right insurance to cover it.

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The Future Of The Housing Market

Personally, I believe that we’ll be grappling with this inventory shortage in the housing market for the next decade or so. There’s no quick or easy fix to inject more homes into the market—homes take time to build. Therefore, it’s likely we’ll see a gradual shift over time if we start making the right moves now. As long as this inventory shortage persists, the market will likely remain red hot. Essentially, it’s a classic case of supply and demand.

The demand in the greater Charlotte area is strong, and with Generation Z now starting to buy homes, we’re looking at even more demand on the horizon, while supply remains an issue.

I believe the next significant shift we could see in the housing market will come when mortgage rates begin to fall. Although the Federal Reserve has hinted that it may not start reducing rates for another one to two years, once they do, many potential homebuyers and would-be sellers who have been waiting for lower rates will likely enter the market. This will not only boost demand but also increase the supply of homes as homeowners who refrained from selling over the past few years due to high rates will also start to sell.

If you are considering buying, selling, or investing in real estate myself and my team would love to be your real estate resource of choice. Feel free to call, text, or email us today! We would love to discuss your personal goals and identify the best plan of action to help you achieve your goals.

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Phone:

704-631-3977

Email:

info@thefinigangroup.com

Visit Us:

3440 Toringdon Way, ste 205

Charlotte NC 28277

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