Wilmingtonbiz logo
Print
Real Estate - Residential

More Apartments Planned For Downtown ILM

By J. Elias O'Neal, posted Jan 23, 2014
A preliminary plan for Sawmill Point, a 278-unit apartment development planned for north downtown Wilmington. (Contributed Rendering)
A new large-scale apartment development on prime riverfront property on the north side of downtown Wilmington is in the planning stages, according to a developer overseeing the project.
 
Blair M. Booth, manager of Cary-based Symphony Properties LLC, said Thursday his firm is planning to construct a four-story, 278-unit apartment development in the former Sawmill Marina property at 15 Cowan St.
 
The firm submitted site plans with the city Wednesday.
 
Called Sawmill Point, the development would incorporate a parking garage with 335 spaces and 92 additional parking spaces throughout the development. The apartments would be one- and two-bedroom units, ranging from 700 to 1,300 square feet in size, Booth said. Other amenities include a pool and access to a 42-slip marina.
 
Jeff Walton, a Wilmington city planner, said the site is zoned central business district – meaning the developer does not have to seek rezoning to build the apartment project. 
 
Booth said his firm placed the 8.06-acre site and marina under contract in October with an option to purchase the land. 
 
The property is currently owned by Charlotte-based South Street Partners, whose group – Sawmill Point Investors LLC – purchased the site in June 2012 for $3.6 million from SunTrust Bank.   
 
The 5.42-acre “Upper Dean” property, adjacent to the future Sawmill Point development fronting Front Street, remains for sale. Booth said his firm does not have plans to purchase the site.
 
Pending proper permitting and city approval, officials hope to break ground on the multimillion dollar project this summer, Booth said. He said that if the estimated timeline remains in place, the first units could be ready for occupancy by early summer of 2015. He said the remaining units would come on board by the end of 2015.  
 
Booth said the development would be strictly residential, and no commercial components would be incorporated into the design.
 
Sawmill Point’s future apartment development adds to a wave of new projects that are slated for or underway in north downtown Wilmington, also coined Old Northside.
 
Booth said the area’s momentum and recent city investment, including the future 6.63-acre riverfront park and the continued expansion of the Riverwalk, made the Sawmill site attractive for development.

“The downtown Wilmington market is much more vibrant than it was four or five years ago,” Booth said. "We think the economics work, and we’re very excited about the opportunity.
 
“We really like the Wilmington market and want to have a greater presence there."

Join The Discussion

Similar Stories

Book On Business

2016 bob cover

The 2016 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

Short-Term Rentals Debate Carries On

As short-term rental sites like Airbnb continue to be popular, how those properties are regulated in Wilmington continues to be studied, with home owners on both sides of the argument.

Ortho Practices See Promise In Banding Together

Changes in the health care industry was a major reason behind the EmergeOrtho deal, in which OrthoWilmington and three other practices from ...

Area Entrepreneurs Tackle Raising Capital

Startups wade through the world of funding, with some turning to investors outside the area....

Ico topnews Editor's Picks

Musical Supply Manufacturer Offers To Buy Building From Pender County

Cece Nunn - About 13 hours ago Trending News

First Tee Of Greater Wilmington Will Benefit From Golf Championship

Vince Winkel - About 14 hours ago Trending News

Animal Pharmaceutical Firm Buys Sir Tyler Drive Building For $1.25M

Cece Nunn - About 15 hours ago Trending News

New Plan In Works Where Workforce Housing Had Been Approved

Cece Nunn - Jan 16, 2017 Trending News
Apparel

Queensboro Shirt Co

The Queensboro Shirt Company provides custom logo embroidered and printed apparel such as caps and shirts.

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