UPDATE: Developer shares details of proposed mixed-use development plans if ballpark is approved.

A Charlotte-based developer eyeing prime real estate in downtown Wilmington for a potential mixed-use development said Wednesday that if the ballpark referendum passes next week there would be “immediate investment around the stadium.”

Patrick Melton, managing partner of South Street Partners, said his firm was looking to purchase the 5.42-acre Upper Dean tract to construct a high-rise, luxury residential development that could include ground-level retail, parking above the ground-level retail and 200-250 residential units.

He said the firm was in negotiations with the landowner and has submitted an offer to buy the tract.

Brian Eckel, lead partner with Wilmington-based Cape Fear Commercial and lead broker of the Upper Dean tract, said Wednesday the tract was not under contract, adding that it has gained interest from multiple developers since the city announced plans last week to purchase adjacent property for the ballpark if the referendum passes.

According to Cape Fear Commercial's website, the Upper Dean tract is priced for $4.5 million.

If the deal were completed, it would be Cape Fear Commercial’s seventh major downtown transaction. This year alone, the firm has completed over $10 million worth of commercial real estate transactions in the downtown area, including the former Gateway property on Surry Street, the Sawmill Marina parcel and the former View development parcel near the intersection of Princess and Front streets.   

Without naming a price, Melton said his firm would be willing to pay more per acre for the Upper Dean parcel than the city would be paying for the former Sawmill Marina site.  

Baseball and city officials announced earlier this year a proposal to bring an Atlanta Braves franchise to the Port City. Wilmington voters will weigh in on a $37 million bond referendum to finance the construction of the ballpark.

The Upper Dean tract, 111 Cowan St., sits north of the proposed multipurpose stadium site, which Wilmington city leaders are looking to purchase also from South Street Partners for $5.2 million – if voters approve the referendum.

In July, South Street Partners purchased that land, which is the 8.05-acre former Sawmill Marina property, for $3.6 million from Wilmington-based Cape Fear Commercial.

The parcel was originally priced at $4.4 million.

Melton said regardless of whether the city had selected his parcel or Chuck Schoninger’s site in the Northern Riverfront Marina and Hotel development for the stadium, South Street Partners would continue to move forward with its plans for the high-rise development.

“If they chose Schoninger’s property, it would only increase the value of the Lower Dean property for future development,” Melton said. “Having the ballpark in the area is going to be a good driver for residential and retail.”

Plans call for the development to be a potential catalyst for future high-end development in the area.   

“Our rationale is to have views of the river and some residential units that have views looking down at the ballpark,” Melton said describing the potential project on the Upper Dean tract.

He said the units would be constructed at “condo quality,” but because of Wilmington’s recovering housing market they would become a rental property first. Melton said if the housing market firms up, the rental units could be converted into condominiums.

Melton said whether the $20-$26 million development became a reality depended on the results of the referendum.

His firm has donated $25,000 to the Wilmington Family Entertainment and Baseball Coalition -- a pro-stadium committee advocating for the ballpark's construction.

He said if voters approve the referendum, construction on the retail and residential project, which once stabilized upon construction could be valued at $30 million, would begin immediately.

“We already have the capital to put to work and would likely reinvest the proceeds we would receive from the city into this development,” Melton said. “There’s no question that there would be immediate investment around the stadium with this project.”

If the referendum fails, Melton said the project dies.

“Our reason for putting this out there is to let folks know that there are people out there with money that are interested in developing around that area,” he said. “If voters approve the ballpark, they will see a nice project shortly after the ballpark is approved … it will be a big positive for the city.”