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

In The Current Issue

Holiday Inn Plans Reopening

With a fresh, contemporary look the Holiday Inn at 5032 Market St. is undergoing renovations and planning a grand reopening when they are complete.

Info Junkie: Nathan Snell

Web and app picks from Info Junkie Nathan Snell, senior vice president of product development for nCino....

Cucalorus Looks To Future With New Film Landscape

The film industry’s future in Wilmington might be uncertain, but Cucalorus Film Festival, which just wrapped its 20th season, organizers bel...

Ico topnews Editor's Picks

Homebuilding Firm To Open Downtown Wilmington Office

Cece Nunn - Nov 21, 2014 Trending News

Wired Wizards To Host Robotic Fun Day Saturday

Jenny Callison - Nov 21, 2014 Trending News

Entrepreneur Discusses Internet Of Things, New Venture Demands

Jenny Callison - Nov 20, 2014

Century 21 Sweyer Merges With Holden Beach Firm

Cece Nunn - Nov 20, 2014
Other

Longley Supply

For the latest in bathroom and kitchen design products and awe-inspiring ideas, visit Longley Supply’s newly renovated showroom at 2018 Oleander Drive in Wilmington, or one of Longley’s four other sho ...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 Series - Special Sauce for Economic Development - March. 2014
WilmingtonBiz Expo Keynote - Ken Lowe - Founder HGTV, CEO Scripps Networks - March. 2014

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