Print
Real Estate - Residential

New Apartment Project Might Be On Way To Site In Front Of Sawmill Point

By Cece Nunn and Christina Haley O'Neal, posted May 7, 2018
The property in front of Sawmill Point Apartments could be used for new apartments for downtown Wilmington, according to a brownfields program application for the site. (Photo by Cece Nunn)
Land in front of the Sawmill Point Apartments in downtown Wilmington is under contract and could be developed into another apartment project, according to state documents.

Prospective developers have submitted a brownfields property application to the state of North Carolina brownfields program describing a potential multi-family residential project for the 5-acre site at 111 Cowan St. The estimated capital investment for the project would be $35 million, according to the application.

A brownfields site is one that has either had environmental contamination or perceived environmental contamination, and a brownfields agreement with the state can aid in the redevelopment of such a site. 

The prospective developer for a project titled "111 Cowan Street Apartments" is listed as CCC Cape Fear Station with principal officer William "Billy" M. McClatchey Jr., while the contact person for the prospective developer is D. Porter Jones of DPJ Residential LLC. 

Charlotte-based DPJ Residential developed the Mayfaire Flats apartments off Sir Tyler Drive. McClatchey is president of Chaucer Creek Capital in Raleigh, according to the company's website, a real estate investment firm that also lists Mayfaire Flats as one of its assets.

Efforts to reach McClatchey and Jones were not immediately successful Monday. Flyway Residential LLC is listed as the buyer of the property, and the four parcels that make up the site are under contract by the potential buyer, according to the application.

The current land owner is Paragon Financial Investors LLC, which purchased the 111 Cowan St. property for $3.9 million in 2012, according to New Hanover County property tax records.

The brownfields program application states that the property was vacant from 1898 to 1973, used for warehouse and trailer storage from 1975 to 1993 and warehouse or vacant buildings from 1998 to 2014. Buildings were demolished there in 2016.

As of May 1, the Cowan Street apartments project was one of four potential brownfields projects pending eligibility through the state program. The others are a potential mixed-use project at 615 N. Front St.; changes to Hanover Center off Independence Boulevard and Oleander Drive; and Ezzell Trucking at 233 Sutton Lake Road, according to state records.

Story On The Map

Ico insights

INSIGHTS

SPONSORS' CONTENT
Chris coudriet headshot 300x300 10211545555

For These Things and More, I Am Thankful

Chris Coudriet - New Hanover County Government
Mike stonestreet 300x300

Play it Safe When Planning Summer Celebrations

Mike Stonestreet - CAMS (Community Association Management Services)
Mc2 56882

Building Insights: Heath Clark

Scott Byers - Majestic Kitchen & Bath Creations

Trending News

North American Division Of Global Firm Moves To Downtown Wilmington

Cece Nunn - Dec 7, 2018

Dollar General Proposals In The Works

Cece Nunn - Dec 7, 2018

ILM Seeks To Address Increased Parking Demands With New Study

Christina Haley O'Neal - Dec 7, 2018

In The Current Issue

Live Oak Bank Earns USDA Lending Kudos

Although it has made its name primarily as an SBA lender, Live Oak Bank has expanded into the realm of U.S. Department of Agriculture loans....


Opportunity Zones To Have Local Impact

Local economic developers and government officials say a new tool under the federal government’s tax reform will have an impact on designate...


Retiree Groups Maintain Work Ties

Retirement special section: Being retired doesn’t always mean leaving a profession behind completely. Clubs and associations tied to certain...

Book On Business

The 2018 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2018 Power Breakfast - Dishing on the Restaurant Biz
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties
2017 Health Care Heroes