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Real Estate - Commercial

Developers Submit Eight Proposals For City Parking Deck Project

By Cece Nunn, posted Oct 23, 2014
Eight proposals were submitted by the Oct. 17 deadline for redevelopment of the city of Wilmington's Water Street parking deck property. (City of Wilmington photo)
Among those who submitted proposals for the redevelopment of Wilmington’s Water Street parking deck property are an affiliate of a local commercial real estate firm and a family-owned hotel company that currently operates six hotels in the state.

The city announced Thursday that in all, eight proposals were submitted by the Oct. 17 deadline for the site, located on 1.22 acres at 200 N. Water St. between Grace and Chestnut streets in downtown Wilmington.

Wilmington issued a request for proposals after contracting with the University of North Carolina School of Government’s Development Finance Initiative (DFI) last spring to find the best uses for the property.

“DFI is very excited about both the number and the quality of the proposals received. In particular, we’re impressed by the thought and creativity that went into addressing the public interests on this site,” said DFI director Michael Lemanski in a news release.

The city has not yet announced a timeline for consideration of the proposals, but a public hearing will be held before officials make a final decision.

The following are some highlights from and links to the PDFs of the eight proposals via the city's website:

1 Chestnut Plaza: CF Development Partners, an affiliate of Cape Fear Commercial, along with partner Clement, Crawford & Thornhill Inc., proposes to demolish the existing structure and build a 199,800-square-foot parking deck with 615 public parking spaces; build a 200-unit apartment component; and include 26,200 square feet of retail space with a 1,500-square-foot city of Wilmington visitors center, a Bijou Park connector with access to Water Street for pedestrian traffic and a quarter-acre park called Chestnut Square. “In addition to the parking deck redevelopment and transformation into 1 Chestnut Plaza, we are proposing to develop neighboring parcels, most notably the construction of a flagship hospitality development at 101 North Front Street with accompanying retail on Front Street and a restaurant overlooking the Cape Fear River. Included in this proposal is a letter from the owners of the site, 101 North Front Street, LLC, granting us permission to present potential opportunities we are pursuing,” developers wrote.

Carbon Properties: A Charlotte development firm, Carbon Properties proposes a project with a park; 224 apartments; 26,600 square feet of retail space with 13,500 square feet of that space on the street level designated for public or quasi-public use, such as a visitors center for the city or a downtown presence for UNCW; and 570 parking spaces -- 325 public and 245 private.
 
East West Partners: Headquartered in Chapel Hill, this firm proposes to create 211 apartments; 284 private parking spaces and 289 public spaces; 23,380 square feet of retail space at the Water Street level; and 6,300 square feet of retail space at the Bijou Park level.  
 
Integral Development: This Atlanta company, a subsidiary of Integral Group, proposes 214 apartments; 285 public and 282 private/residential parking spaces; 20,000 square feet of public and/or private street-level retail and 3,600 square feet of elevated retail. “Integral has had initial conversations with Chef Keith Rhodes, proprietor of Catch. Should we be successful in our pursuit of this development opportunity, we would continue to vet Chef Rhodes’ initial interest in the retail component,” developers wrote in a footnote of Integral's proposal.
 
Lansing Melbourne Group: This Florida company would create 210 apartments; 18,200 square feet of street-level and 4,600 square feet of elevated retail space; and 572 parking spaces, with 326 of those designated as public.

Poteat Hopsitality Associates: A family-owned business based in Laurinburg, this firm proposes to build a 130-room Residence Inn by Marriott as an anchor for the project. “This hotel is primarily designed for the hotel guest staying five nights or longer as it provides a small kitchen, living area, bedroom and bath,” the developers wrote. The firm also proposes a new 432-space parking deck and 10,742 square feet of retail space.

John L. Westbrook II: The core of a proposal signed by John L. Westbrook II and Charles Thomas Pullen is a 214-foot-tall structure called “The Waterplace Hotel,” according to submitted documents. The proposal describes plans for a park with pools, canals and waterfalls. The documents include what appear to be hand-drawn plans for the hotel and other structures, including houses, offices and retail stores. In a summary, the proposal says, “We are aware that we are not responding to the RFP just as requested,” going on to outline a list of seven variations from the solicitation's required elements, including raising the height of the building 82 feet higher than currently allowed and keeping the names of the development team secret for six months.

WVS Companies: A firm with a Charlottesville, Virginia address, WVS proposes a 10,800-square-foot elevated public plaza and five buildings, with four planned as five-story mixed-use buildings and one planned for restaurants. The proposal calls for 269 apartments, 22,150 square feet of commercial space and 730 parking spaces. “We would pay the city $2 million for the land under the Water Street Mixed Use building,” the proposal says, after stating that the developers have assumed the property would be consolidated to create two parcels with one being retained by the city.

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