The original Cape Lookout Albacore Festival began in 2002 as the vision of past Director, Charlie Utz. His two year old daughter was diagnosed with a brain tumor in 2001 and underwent treatment at Duke Children's Hospital. The Albacore Festival was organized as a charity event to raise money for children being treated for cancer at the hospital. The event was an instant success and went on for several years raising money for its charity.

Fast forward to the year 2014. It had been several years since the last Albacore Festival. A group of fishing friends and admitted "Albie Addicts" started throwing around the idea of resurrecting the Cape Lookout Albacore Festival. With the blessing of past Director, Charlie Utz, the Cape Lookout Albacore Festival was reborn. Since North Carolina has such strong military ties, and because we are all grateful for those who serve to protect our freedom, it was decided to name Project Healing Waters Fly Fishing, Inc. as the Festival's charity. Throughout 2014, the CLAF Board met, planned, made contacts, and laid out the blueprints for the 2014 Albacore Festival. The entire fly fishing community united to donate time, money and goods for the Festival, and thanks to all of them, the new Cape Lookout Albacore Festival was a great success.

In 2017, the festival expanded to include an inshore fishing division to the tournament. Anglers could now compete in the traditional Albie divisions, for redfish, speckled trout, and flounder in the new Redfish divisions, or could compete in both divisions. The option was favorably received with numerous entrants for the new categories. To support this effort, the festival adopted the expanded name of Cape Lookout Albacore and Redfish Festival. In 2018 Hurricane Florence devastated the area and the festival was not held. Our 2019 event was well attended, and our fantastic community came together to support our cause once again. Then, as with the rest of the world, the pandemic impacted the festival and its beneficiaries resulting in the event being cancelled in 2020 and 2021. Operating at limited capacity in 2022, the Board explored and evaluated options to become fully operational and to preserve the ability to operate in the future.

As a result, the Cape Lookout Albacore Foundation was incorporated with the State of North Carolina and obtained public 501(C)3 status from the IRS. The Foundation was formed as a charitable and educational organization to support fundraising, educational, and outreach activities of other tax-exempt charities dedicated to the physical and emotional rehabilitation of injured active-duty military personnel, disabled Veterans, and other at need members of the Crystal Coast community, and to conduct activities and programs aimed at conserving and understanding the coastal fisheries of North Carolina, with a particular focus on recreational fishing. The Foundation owns and operates the Cape Lookout Albacore and Redfish Festival as a 2-day event open to the public, and a private event organized with local boat captains to give disabled Veterans the opportunity to get out on the water and chase False Albacore. 

Affectionally known as Albiefest, the festival has become an annual reunion for our friends, families, and new friends we don’t know we have yet. From 2014 to 2023 event headquarters was located waterside under tents at the Anchorage Marina, a location and business still very close to our hearts. In 2024 we moved indoors into the Carteret Community College Hospitality and Culinary Arts Center. Last year, the festival hosted 64 Disabled Veterans and Active Duty Service-members, taught fly tying and casting classes, and provided a full day fishing outing during its 2-day “Boots on Boats” Albie school. The Veterans and Service-members attended a casting and fish fighting seminar led by Captain Mike Holliday, learned to tie flies through instruction by Blane Chocklett and Bill Campbell, and spent a day on the water fishing with their flies on the boats of generous boat captains and boat owners from our amazing Crystal Coast community. All the Veterans and Service-members attended the Captains’ Party with our generous sponsors and gracious attendees. The Danny Medlin Inspiring Kindness Award was presented to the founder of Temple Fork Outfitters, Rick Pope.