NEWS RELEASE: Cape Fear Commercial Offers Development Services

Jul 19, 2010

Wilmington, N.C. – July 19, 2010 – Bill Schoettelkotte of Southport’s St. James Plantation and Mike Brown of Wilmington’s Autumn Hall Mixed Use Community have recently joined Cape Fear Commercial to provide fee based, third party Development Services to landowners, investors, and developers who require additional development expertise in connection with their properties.

Bill Schoettelkotte joined Cape Fear Commercial on July 1, having spent the past three years as Vice President of Development for St. James Development Company. Schoettelkotte oversaw development operations at St. James Plantation, the southeast’s largest and most successful residential community. His responsibilities included the oversight of large scale, multi-family, single family, and commercial components within St. James. Prior to working for St. James, Bill spent 18 years in multi-family development with Post Properties and Oxford Properties of Atlanta, Georgia, where he delivered well over 4,000 apartment units during his tenure.

Mike Brown joined Cape Fear Commercial after working full time for Autumn Hall, Inc since early 2008, where he was responsible for the delivery of Autumn Hall’s first phase of 94 single family home sites and award winning parks. Mr. Brown also managed the development of a 40,000 SF medical office building within the project, which was delivered to Novant Health in September of 2008. Before working for Autumn Hall, Mike was with Pulte Homes Corporation, America’s largest residential homebuilder, in their Raleigh, NC office, where he and his team were responsible for managing the development of the division’s 700+ annual lot supply, spread across multiple communities within the triangle.

In their new roles at Cape Fear Commercial, both Schoettelkotte and Brown will continue to remain involved with St. James Plantation and Autumn Hall as development managers for both projects. Many of their responsibilities for these two leading communities will remain the same, but they will also have the flexibility to work on other development initiatives, through Cape Fear Commercial’s platform of real estate advisory services.

Working with Cape Fear Commercial, Schoettelkotte and Brown will be well equipped to advise clients on matters ranging from development strategy formation and rezonings, through the more in depth and complicated processes of procuring permitting and other project entitlements, high level budgeting and financial modeling, and lastly horizontal development and vertical construction management.

Cape Fear Commercial’s ability to offer dedicated development services will further strengthen the firm’s previous offering of Brokerage, Property Management, and Equity Capital Management services.

As co-founder Vin Wells put it, “We are excited to now have a team in place dedicated to bringing forward specified expertise in all areas of real estate management. Regardless of what the client’s needs might be, we feel confident that we can exceed their expectations by utilizing our team of professionals, each of whom has chosen to dedicate themselves to a specific area of real estate practice, thus together as a company offering a level of expertise unmatched in our market.”

The development services model has been quick to catch on. Aside from the roles they still play in the management of Autumn Hall and St. James Plantation, Schoettelkotte and Brown have been successful in bringing on new clients. Leveraging his past multi-family experience, Schoettelkotte has focused on identifying multi-family opportunities for the firm, while Brown has leveraged some of his past residential and mixed-use experience to help assist several local clients with their efforts to secure rezonings and in the negotiation of complicated development agreements between project partners.

About Cape Fear Commercial
Cape Fear Commercial is a full service commercial real estate advisory firm based in Wilmington, North Carolina. For more information on our services, please visit us online at www.capefearcommercial.com.