The objective of this research project was to compare two stormwater management strategies within a nutrient-sensitive watershed: impervious cover limits versus pollutant-load regulations. A case study was conducted in the nutrient-sensitive Falls Lake watershed in North Carolina, USA, where a commercial fitness complex was constructed in a zone previously restricted to low-density housing. The Falls Lake watershed has a stormwater regulation that limits total nitrogen and total phosphorus export loads to 2.47 kg/ha/yr and 0.37 kg/ha/yr, respectively. Hydrology and water quality were monitored pre- and post-development to quantify changes to stormwater volumes, pollutant concentrations, and annual export loading rates. On-site stormwater control measures (SCMs) reduced nutrient export loading rates below the regulatory standard. However, increased stormwater volumes and nutrient export loading rates were observed from pervious surfaces that were disturbed during construction (total nitrogen increased from 2.06 to 4.24 kg/ha/yr, total phosphorus increased from 0.41 to 0.73 kg/ha/yr). Results from this case study suggest that (1) impervious cover limits do not adequately account for a parcel's nutrient export loads and (2) SCMs that reduce volume and treat pollutants can reduce nutrient export loads below regulatory levels in the Falls Lake watershed.