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New Projects Build Hopes For Future Growth

By Cece Nunn, posted Aug 29, 2014
In the near future, a downtown Wilmington resident could walk home from her new office before getting ready for an evening of entertainment at a performance hall across the street from her new apartment.

Such is one of the expectations from a boom in construction on Third Street and other parts of the Port City’s historic downtown. Developers and real estate professionals have high hopes for the success of current projects, along with concerns, as they await the results of current and future plans for new and old commercial and residential spaces.

While much of the work has been focused on the northern side of downtown’s central business district, including the ongoing construction of City Block Apartments and the Cape Fear Community College Humanities and Fine Arts Center, workers and equipment were busy last week on the site where a new office building will go up at Third and Princess streets. 

“We’re finally hitting our stride. We’re getting what we were supposed to have gotten about seven years ago when everything was going to do great, and the north side was going to explode,” said Kevin O’Grady, Wilmington city councilman and downtown Wilmington resident.

“Then the economy flopped, and we’ve been sitting, waiting since then. And now it’s starting to come. It’s going to be good for everybody.”

The wait will be over by next summer for those who want some of the new office space on Third Street.

“We believe 101 North Third will offer tenants that want to be downtown a great option,” Brian Eckel, of Cape Fear Commercial, said of the five-story office building his company has in the works downtown.

The first three floors have been leased to BB&T, and Dunkin Donuts will occupy retail space on the first floor, Eckel said.

“We have the fourth and fifth floors available; however, we are in negotiations with multiple users for that space,” he said.

Five years from now, “you’re not going to recognize anything here. It will all be new,” said Chuck Schoninger, president and CEO of USA InvestCo, the company working on a marina on downtown’s northern riverfront.

Other planned components of the surrounding property include a hotel and luxury apartment building, which are not yet under construction.

Schoninger and others expect more developer interest to come from recent additions to the city’s downtown landscape.

“When you start running out of possible locations for new construction, then you’re going to have the next wave. Some of the existing buildings that are functionally obsolete – people will go in and start trying to figure out what will work on those buildings,” Schoninger said.

The city agreed Aug. 19 to seek proposals from developers for the redevelopment of a little over an acre of land that now holds an aging parking deck at 200 N. Water St., with expectations that a mix of retail and residential space would be included in those proposals. Some current residents worry about the potential costs of the redevelopment.

Paul Lawler, president of Residents of Old Wilmington, said one of the fears is that parking rates for all of downtown will increase as a result of the city’s need to fund parking in the Water Street site.

Another potential concern is the total amount of residential units planned.

“While there is no doubt in my mind that there are a lot of people who want to live downtown, there is some uncertainty in the depth of the residential market,” said Eckel, whose company is also building apartments outside of downtown, including a large complex on Independence Boulevard. “These proposed projects will have to achieve some of the top rents in the market due to the expense of developing in downtown Wilmington. I think the jury is still out on which projects move from ‘proposed’ to ‘under construction.’ Obviously, the more people living downtown, the stronger it will become.”

Bryan Greene, managing principal of Wilmington-based Turnstone Partners Commercial Real Estate, said new projects are likely to follow those in the works right now, depending on how well those projects do.

“Success will breed more opportunity for success,” he said.

Greene is the listing agent for the former Greyhound Bus terminal at 201 Harnett St. between North Third and North Fourth streets, which has an asking price of nearly $1.4 million, reduced from $2.15 million.

“At this point in time, we have priced the property to appeal to the investors and developers looking to redevelop the site,” Greene said.

Grayson Powell, managing partner for Coldwell Banker Commercial Sun Coast Partners, said when he was growing up in Whiteville, he frequently visited downtown Wilmington, and it was the place to go to do practically everything, from getting a haircut to buying new shoes.

“I think downtown will always draw a certain group of people that want that atmosphere,” he said, referring to a pedestrian-friendly environment with a historic nature and proximity to the arts, cultural activities and eclectic shopping. “You can’t produce that anywhere else.”

Here are some of the larger construction projects that have recently opened, are underway or are being proposed for the central business district and surrounding streets.
1. Courtyard by Marriott hotel, 229 N. Second St., opened Feb. 2014
2. City Block Apartments, 814 N. Third St., expected to open Nov. 2014
3. CFCC Fine Arts Center, 701 N. Third St., expected to be complete by the end of 2014, possibly opening in May 2015
4. Embassy Suites hotel, Nutt Street, not yet under construction
5. North Waterfront Park
6. Sawmill Point apartments, 15 Cowan St., not yet under construction
7. Holiday Inn Express hotel, 225 Grace St., not yet under construction
8. Office building, 101 N. Third St.
9. Water Street Parking Deck, 200 N. Water St. City accepting proposals from developers. Deadline for getting proposals to the city is Oct. 17
10. Port City Marina, along the Cape Fear River off Nutt Street, expected to be completed by
the end of 2014
11. Pier 33 apartments, adjacent to Port City Marina, not yet under construction
12. Hotel Indigo, adjacent to Port City Marina on Nutt Street, not yet under construction
*location points on map are approximate

Spotlight on Downtown
Click here to read about downtown’s ongoing cycle of revitalization.
Click here to read about a few of the early investors in downtown’s turnaround.
Click here to read Allen Davis, Wilmington’s city urban design planner, envisions for downtown.
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