Print
Real Estate - Commercial

Water Street Deck Demolition Delayed

By Cece Nunn, posted Jul 5, 2017
A rendering of River Place, the mixed-use development expected to replace the Water Street parking deck in downtown Wilmington. (Courtesy of the city of Wilmington)
The anticipated demolition of downtown's Water Street parking deck, which will make way for a new, mixed-use project, has been experiencing a delay.

The development team involved in the public-private partnership had expected the demolition of the defunct parking deck to begin in the weeks following a ceremonial event held at the deck in May. The structure is being replaced by River Place, a $78 million development that is expected to include a new parking deck, condominiums, apartments, restaurants, a fitness studio and other commercial tenants.

As of Wednesday afternoon, officials did not have a new timeline for when they expect more visible work on the demolition to take place. They have said previously that they expected the entire River Place project to be complete by mid-2019.

"As established during the May 8 groundbreaking celebration, this is a complicated project. Site preparations, contract negotiations and infrastructure preparations are all proceeding, though admittedly aren't as visual as actual demolition and construction," said Lucien Ellison, project manager and partner with Chapel Hill-based East West Partners, in a recent email. "The development team, consisting of East West Partners, the City [of Wilmington], Barnhill Construction and others, is moving forward on the necessary details of this complicated project. Though it is taking longer than anticipated to begin above-ground construction, the team is simply working through important project details and site requirements."

In May, officials said that more than $23 million in condominiums and nearly half of the commercial space in the 13-story River Place, which is expected to include a 409-space parking deck, had already been spoken for.

Other specifics of the project included in the plan for River Place so far are 32,000 square feet of retail space, 92 luxury condominiums and 79 high-end apartments. Half of the condos had been sold in pre-sales as of May, said Roger Perry, founder of East West Partners, on May 8.

Local Realtor Jimmy Hopkins of Intracoastal Realty, who has been leading the River Place condo sales, said Wednesday, "Sales continue to be robust. If we can just get that deck down ..."

Commercial tenants that have been announced as coming to River Place include a new restaurant by Circa Restaurant Group, a fitness studio by Axis Fitness and Rocket Fizz, a soda and candy shop. 

Patrick Riley, a broker with Wilmington-based Cape Fear Commercial who has been working on leasing the commercial space in River Place, said Wednesday that the project has gotten some interest from a national tenant.

"It certainly would be a first for Wilmington," Riley said of the unnamed tenant.
Ico insights

INSIGHTS

SPONSORS' CONTENT
2022052 75 142344351

Bridging Futures: The Case for Toll Funding in Wilmington’s Cape Fear Memorial Bridge Revamp

Natalie English - Wilmington Chamber of Commerce
Burrus rob headshot 300x300

UNCW CSB’s 42nd Annual Business Week: Business Students Reflect on Their “Why”

Robert Burrus - Cameron School of Business - UNC-Wilmington
Untitleddesign2

The Importance of Real Estate Appraisals

Steve Mitchell - Cape Fear REALTORS®

Trending News

YMCA Eyes Growth With Plans For New, Expanded Facilities

Emma Dill - Apr 23, 2024

Burns, Redenbaugh Promoted At Coastal Horizons

Staff Reports - Apr 23, 2024

Cold Storage Developer Sets Near-port Facility Completion Date

Audrey Elsberry - Apr 24, 2024

Wilmington Financial Firm Transitions To Wells Fargo's Independent Brokerage Arm

Audrey Elsberry - Apr 24, 2024

Krug Joins Infinity Acupuncture

Staff Reports - Apr 23, 2024

In The Current Issue

With Coffee And Cocktails, Owners Mix It Up

Baristas are incorporating craft cocktail techniques into show-stopping coffee drinks, and bartenders are mixing espresso and coffee liqueur...


Taking Marine Science On The Road

“My mission and my goal is to take my love of marine science, marine ecosystem and coastal ecosystems and bring that to students and teacher...


MADE: Makers Of Important Papers

W.R. Rayson is a family-owned manufacturer and converter of disposable paper products used in the dental, medical laboratory and beauty indu...

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2024 Power Breakfast: The Next Season