Real Estate - Residential

Along S. Kerr Ave., Apartments And Commercial Space In The Works

By Cece Nunn, posted Jun 2, 2020
An elevation of one of the buildings in the three-building complex The Varsity, which will include 27 apartments and more than 5,000 square feet of commercial space. (Rendering courtesy of Smith2 Architecture + Design)
A development with 27 apartments and more than 5,000 square feet of commercial space is planned for property on South Kerr Avenue and Varsity Drive in Wilmington.

Dubbed The Varsity, the project by Real Properties LLC is in the midst of the city's technical review process.

The one- and two-bedroom apartments will be part of three buildings, standing three stories high, at 611 Varsity Drive and 724 and 716 S. Kerr Ave.

Matt Scharf, owner of Real Properties LLC, said part of the commercial space is expected to hold a coffee shop, while the remaining space will have offices, including an office for Real Properties.

"There's commercial on the ground floor of two of the buildings that face South Kerr Avenue and then the third building is larger and doesn't have commercial underneath," Scharf said.

In the apartment portion, "we're considering doing some short-term rentals and some corporate housing," Scharf said.

He said the complex, which will sit on a 1.3-acre site, has a water feature and is planned to include a gazebo and fire pit.

"There's a creek that runs behind the property and it's about 15 feet wide," Scharf said. "It's real pretty. The idea is that the residential part backs up to that."

The site not far from the University of North Carolina Wilmington also backs up to event space underway at Wilmington Brewing Co. on South Kerr Avenue.

The Varsity is scheduled to be discussed during the July  2 meeting of the city's Technical Review Committee. Frank Smith at Smith 2 Architecture is the architect for the project.

Scharf said he hopes to get construction started on The Varsity in July with the idea of finishing by April of next year.
Ico insights


Mike stonestreet 300x300

Online Meetings: When & How (Part 1 - Board Meetings)

Mike Stonestreet - CAMS (Community Association Management Services)

Paycheck Protection Forgiveness Just Got A Lot Easier

Caroline Montgomery - Adam Shay CPA, PLLC
Aarp suzanneheadshot 300x300

Beware Of Work From Home Scams

Trending News

Fintech Company NCino Boosts Offering, Sets Valuation At More Than $1.9 Billion

Jenny Callison - Jul 7, 2020

From Car Dealers To Restaurants: Local Businesses Receive PPP Loans

Johanna Cano - Jul 7, 2020

Mortgage Firm Relocating To Barclay Commons

Cece Nunn - Jul 6, 2020

Hospital Trustees Back Novant For Negotiations; Outline Possible Spending Plan

Vicky Janowski - Jul 7, 2020

With Novant Recommendation, Here's What Happens Next In NHRMC Talks

Vicky Janowski - Jul 6, 2020

In The Current Issue

Dosher Memorial Marks 90th Anniversary

Dosher Memorial Hospital in Southport recently commemorated its 90th anniversary. The critical access community hospital opened June 2, 1930...

Industrial Sector Shines In Pender

Industrial commercial real estate gained more attention over the past few months as a sector that’s still doing well, despite an economic do...

Boom And Bust

Parts of the local and national economy seem to be thriving amidst ongoing restrictions aimed at slowing the spread of COVID-19, while other...

Book On Business

The 2020 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!



2020 Leadership Accelerator: Virtual Workshops for Real Leaders
2019 Health Care Heroes
August 26, 2019 Power Breakfast: A Healthy Sale?
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`