Wilmingtonbiz logo
Print
Real Estate - Commercial

Developers Hope To Begin New Downtown Building This Year

By Cece Nunn, posted Apr 24, 2017
A two-story commercial building, shown in a preliminary conceptual drawing by Ted Trzos at top, is proposed for 200 Market St., shown as it looks currently on bottom. (Rendering courtesy of and all rights reserved © 2017 AD Theodore Trzos/city documents)
A developer is moving forward with plans for a building in downtown Wilmington that could include multiple specialty retail shops on the first floor and a night club on the second floor.

Developer Gene Merritt and his partner John Sutton hope by this summer to start building a two-story, 10,000-square-foot building on the site of a parking lot at 200 Market St.

The proposed building was approved by the city's Historic Preservation Commission in March, and recently submitted site plans for the project are expected to be reviewed by Wilmington's Technical Review Committee in May, according to the city's project tracking website.

Merritt said Monday that he and Sutton hope to close on the property and start construction this year and be finished with the new building by 2018. He estimates the project, which is being designed by architect Stan Fowler, will take nine to 10 months to build.

"At this time, we believe we have a likely [nightclub] tenant for the second floor, and we're pretty sure we've got one [retail] tenant for the first floor already committed," Merritt said, adding that such commitments would be contingent upon city approvals and Sutton and Merritt closing on the property, which they have under contract for an undisclosed amount.

The current owner is Wells Real Estate Holdings LLC.

The eight retail spaces on the first floor of the planned building are part of a strategy to offer smaller-than-usual retail spaces to specialty sellers with unique products, Merritt said.

He said he believes the building will enhance downtown Wilmington.

"We're already a strong entertainment zone, but I think it will add a little more capacity to the entertainment scene, and it will add more diversity in terms of specialty shopping," Merritt said. "It will also add employment to the downtown area and a nice new tax base to the city and county."

Correction: This version corrects the name of the architect designing the building planned at 200 Market St.

Story On The Map

Join The Discussion

Similar Stories

Ico insights

INSIGHTS

SPONSORS' CONTENT
Geofflosee300x300 10221511305

Thank A Merchant Mariner

Geoffrey Losee - Rountree Losee LLP
Burrus rob headshot 300x300

Communication In Tomorrow’s Workplace

Robert Burrus - Cameron School of Business - University of North Carolina Wilmington
Dave sweyer 300 x 300

What You Should Know About Managing Your Own Rental

Dave Sweyer - Sweyer Property Management

Book On Business

Bob2017

The 2017 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!
Print Only
$24.95 - Qty
Print + Excel File
$79.95 - Qty

In The Current Issue

Merger To Boost South State Bank

South State Bank will expand its local presence later this year when an announced merger with Park Sterling Bank becomes final. The transaction will boost the local market share of the combined company, which will operate as South State Bank.

Tidewater Brings Investments Dollars To Area

There’s a new kid on Wilmington’s venture capital block. Tidewater Equity Partners opened its headquarters here earlier this month after lau...

Wilmington Health CEO Talks Pharma

Pharmaceutical manufacturer Pfizer recently asked Wilmington Health CEO Jeff James to participate with other health care industry representa...

Ico topnews Editor's Picks

Duke Plans To File Rate Increase Request In June

Christina Haley O'Neal - May 26, 2017 Trending News

Planning Panel Schedules Work Session On Short Term Rentals

Cece Nunn - May 26, 2017 Trending News

Real Estate Firm Moves Wilmington Office To Wrightsville Ave.

Cece Nunn - May 26, 2017 Trending News

PlayerSpace Named Coastal Entrepreneur Of The Year

Christina Haley O'Neal - May 24, 2017
Other

Markraft Cabinets

MarKraft Cabinets specializes in cabinet and countertop design and installation in both new residential and commercial construction, as well as custom remodeling projects.

Ico trending Trending News

Ico newsinimages News in Pictures

Have a tip, pitch or guest column?  Send us a tip.

Gallery Galleries

Video Videos

Wilmington's Most Intriguing People of 2016
WilmingtonBiz Expo - Key Note Lunch with Keynote Lunch with Chip Mahan - 2016

Register to Continue Seeing Wilmington's Best Business Coverage!


There are three ways to register for free.

Sign in with LinkedIn, Facebook or create an account:



Already registered? Login here.

Your free registration includes:

  • Access to 10 articles per month on WilmingtonBiz.com
  • Email updates to stay informed on local business news
  • A mobile optimized website
  • Advanced notification of Business Journal events
  • Management of your digital and print subscriptions
Laptop iphone ipad