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

CCNC Pact Brings Accountable Care

Raleigh-based Community Care of North Carolina recently partnered with Wilmington-based Medicare ACO Physicians Quality Partners, a clinically integrated network developed by New Hanover Regional Medical Center, to improve care delivered to complex patients enrolled in the hospital system’s Medicare Shared Savings Program.

Female Commercial Brokers Still Small Pool

For a number a reasons, only a small number of women focus solely on commercial real estate brokerage in Wilmington. Hear from some of them ...

Young, Female Entrepreneurs Build Their Names

Women-owned businesses are thriving, according to recent studies. As part of the Business Journal’s Women in Business special section, here'...

Ico topnews Editor's Picks

CFCC Foundation Director Resigns

Cece Nunn - Dec 2, 2016 Trending News

More Businesses Moving Into North Fourth Location

Vince Winkel - Dec 2, 2016 Trending News

County To Consider Firm To Design, Lead Construction Of New Facility

Cece Nunn - Dec 2, 2016 Trending News

Special Use Permit Work Continues Next Week With Sense Of Optimism

Vince Winkel - Dec 1, 2016
Services

Gierie Orthodontics

At Gierie Orthodontics our passion is creating beautiful smiles. Dr. Bill Gierie is committed to maximizing your esthetic potential through enhancing the appearance of the teeth and face. We strive to ...more

Ico trending Trending News

Ico newsinimages News in Pictures

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

Gallery Galleries

Video Videos

Power Breakfast - Election 2016 North Carolina's Choice - 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