The Wilmington Regional Association of Realtors (WRAR) officially opened its new 25,000-square-foot headquarters across from Mayfaire Town Center on September 28.

The total cost of the new building including furnishings was about $4.1 million. WRAR received $3.5 million in Recovery Zone Bond financing through BB&T bank for the project. It had paid cash for the land in 2007, which is currently valued at about $900,000.

The new three-story building located at 1826 Sir Tyler Drive has an event space on the top floor that can accommodate up to 550 people. In addition to the association’s upcoming meetings and events, it has 31 weddings and four corporate events beginning next month.

The first wedding in the new space will be the chef from Bon Appetit’s wedding on Oct. 29. Named the Terraces on Sir Tyler, the 7,432-square-foot event space includes a 4,000-square-foot ballroom, a 1,262-square-foot foyer and outdoor, rooftop spaces totaling 2,170 square feet.

“Our biggest thing was we wanted our building to be income-producing,” said Karen Parkin, WRAR president. The rental income will enable the association to not raise its dues, she said.

The association’s headquarters were previously housed in a 3,000-square-foot, two-story building on South 17th Street.

“We outgrew that a long time ago,” Parkin said. “And we’re doing this to save money.”

Renting event space for its member meetings and events cost the association about $65,000 per year including catering, she said. Now, they will be able to hold all of their events in-house.

WRAR director of member services Dayma Edwards has gained an additional role as the director of meetings and events for the Terraces on Sir Tyler. She holds an inactive real estate license and has about 10 years of experience as a wedding planner. On Nov. 20, she plans to hold an open house at the new space called The Wedding Party.

Conference rooms and training areas comprise the first floor of the building, where the association will hold classes and seminars. WRAR’s 12 staff members will have their offices on this floor.

Real estate appointment booking company, eShowings, has signed a lease for office space on the second floor. The Delaware-based company will move their Wilmington offices to this building from New Centre Drive. The company will occupy 1,550 square feet. Its call center services will continue to support WRAR’s Multiple Listing Service (MLS). About 7,000 square feet of commercial space remains available for lease.

WRAR owned its previous headquarters and plans to sell it. Clancy and Theys built the new building and architect John Rees designed it.

Members will be able to host their own functions there at a discounted rate. Workspace, wireless Internet and computers also will be available for members.