BUSINESS BRIEFS

business briefs COMPILED BY CATHERINE KOZAK

Iconic Downtown Manteo Inn Sold

The Tranquil House Inn, a sprawling 25-room inn situated along the Manteo waterfront, has been purchased by Carolina Retreats, a specialty lodging and vacation rental management company based in Surf City on Topsail Island, N.C. In an announcement published on its website, the company said it plans to make unspecifi ed improvements to the property over time, including upgrades to its rooms. There will be a future announcement about plans for the former 1587 Restaurant that had been located inside the inn, the statement said.

Carolina Retreats was established in 2015 by CEO/owner Mike Harrington, who was formerly the CEO of Resort Realty on the Outer Banks.

Fishing Industries Suffer Some Losses

Covid-19 shutdowns had a major impact on Southeast commercial fi sheries and recreational charter/for-hire industries, according to a recent National Oceanic and Atmospheric Administration (NOAA) report.

The updated NOAA assessment, released in January 2021, showed a decrease in charter boat revenues from North Carolina to Mississippi of $142 million, or 24 percent, from January through June. Head boat revenue in the region – from North Carolina to Texas – fell 34 percent as well.

Landing data for federally managed species in the Southeast also showed a sharp decline of 36 percent from March through May, with April spiking at 48 percent below the 2019 catch. Landings in additional high-value Atlantic migratory species fi sheries, such as bluefi n tuna and swordfi sh, dropped precipitously as well, with overall revenue down 36 percent from April through June compared with 2019. With more than 70 percent of seafood typically consumed in restaurants, the report stated, even strong gains in grocery sales could not off set these steep losses.

More Accolades for Basnight Bridge

Dare County’s new 2.8-mile bridge over Oregon Inlet has garnered another prestigious award, adding to several others since opening two years ago. This past January, the Marc Basnight Bridge was named 2020’s Bridge of the Year by American Infrastructure magazine, an industry publication.

In an article about the award, the magazine applauded the project as “an impressive feat” and complimented the engineering design, calling it “a visually superior replacement” to the old Herbert C. Bonner Bridge.

Previous honors for the Marc Basnight Bridge include a Project of the Year award from the American Society of Civil Engineers, an Award of Excellence from the American Segmental Bridge Institute, and a Sustainable Design Award from the Precast/Prestressed Concrete Institute.

Real Estate market snapshot

The December year-end report from the Outer Banks Association of Realtors proves that 2020’s through-the-roof real estate activity was a record-breaking – and unexpected – fl ashback to the peak local housing boom in the mid-2000s. In fact, the year-to-date (YTD) sales shot up 44 percent over 2019, resulting in 3,742 properties sold in 2020 compared to 2,606 in 2019. According to the statistical report by MLS Director Dan Sutherland, 2020’s stunning sales total of $1.57 billion has not been seen since 2004, when 3,747 properties sold.

Residential sales in 2020 jumped $302 million, totaling $1.47 billion versus $1.16 billion in 2019. Other jaw-dropping fi gures in the report revealed that sales in December 2020 were not only fi ve percent higher than the previous month, they were 78 percent higher than the previous December. The median sale price also rose 31 percent to $485,000 over the previous year – a $114,000 increase.

Sales totals soared the most in Corolla, with an increase of 129 percent over December 2019 sales. The biggest leap in median price was seen in Nags Head, from $399,900 in December 2019 to $480,000 in December 2020 – a 20 percent increase. But Corolla beat other towns for the highest median sale price locally in December 2020 at $560,000 – which was $70,000 higher than December 2019.

New Target Store Still on Target

Although no activity has been evident all winter at the old Kmart building off U.S. 158 in Kill Devil Hills, the Target Corporation is still planning to open a location at the site, according to Aryn Ridge, a spokeswoman for Target.

“We’re excited to bring an easy, safe and convenient shopping experience to guests in the community with this new Target store,” Ridge said in a February email.

The store will be about 80,000 square feet and be tailored to the needs of its coastal location, Ridge stated. No further information about the project, including its grand opening date, was made available as of press time, but Ridge promised that “more specifi c details” will be shared closer to its expected opening.

RPC Contracting Company Sold

After more than 30 years serving construction industries in northeastern North Carolina, RPC Contracting, Inc. was sold to Construction Partners, Inc. (CPI), an Alabama-based civil infrastructure company, this past December. According to its website, CPI has acquired 24 businesses in the Southeastern U.S. since its inception in 2001. RPC owner Robbie Parker and his team at offi ces in Kitty Hawk and Elizabeth City have been integrated into the CPI company.