Print
Real Estate - Residential

Developers Buy Downtown Property For $4.35M

By Cece Nunn, posted Oct 12, 2018
An illustrative site plan show the layout for The Flats on Front expected to be built at 111 Cowan St. in downtown Wilmington (Plan courtesy of DPJ Residential

Developers paid $4.35 million recently for a little over 5 acres on the northern riverfront in downtown Wilmington with plans to build a $35 million luxury apartment project. 

Wilmington-based commercial real estate firm Cape Fear Commercial announced this week that it had closed on the sale of 111 Cowan St., also known as the Upper Dean tract, across from Sawmill Point Apartments and the Cape Fear River. The site is also next to PPD's headquarters and the site where the city's North Waterfront Park is planned.

An entity controlled by Charlotte-based DPJ Residential LLC purchased the property. The project planned for the site, expected to be called The Flats on Front, is under development by Flyway Residential, a joint venture partnership between DPJ Residential and Chaucer Creek Capital, according to D. Porter Jones of DPJ Residential.

"Our revised plan is for 273 units. We anticipate breaking ground in March of next year," Jones said of The Flats on Front in an email Wednesday. "Currently, we are going through the permitting process."

The development will also include a pool, dog park and parking deck. DPJ Residential's first project in Wilmington was the Mayfaire Flats, a 240-unit apartment community on Sir Tyler Drive off Military Cutoff Road. 

Brian Eckel, Paul Loukas and Hank Miller of Cape Fear Commercial represented the seller, Paragon Financial Investors LLC, in the downtown Wilmington transaction. Nicholas Silivanch and David Branton of Eastern Carolinas Commercial Real Estate represented the buyer. 

“The sale of a prominent development tract, such as the Upper Dean, is indicative of the growth and commitment for future development we are seeing downtown,” said Eckel, a partner with Cape Fear Commercial, in a news release. “With the closing of this transaction, another project will positively affect and shape our downtown.” 

According to Eckel, “While there are still a few properties ripe for development in the CBD, such as 101 N. Front St. (the property formerly known as 'The View'), most of the large, multi-acre tracts are gone. I believe you will see investment capital begin to expand directly across the river for new opportunities as downtown continues to build out.”

Silivanch said ECCRE is still on the lookout for additional properties for the buyer that could hold luxury apartment projects. 

"The downtown apartment market continues to evolve as well as the growth of downtown residential, which should only help to further the city's progress toward bringing national retailers to downtown Wilmington," Silivanch said.

Ico insights

INSIGHTS

SPONSORS' CONTENT
Ch headshot

Beyond the Bench: UNC Wilmington Classroom to cGMP Laboratories

Aaeaaqaaaaaaaaidaaaajdhiztrkodm0lte2yjetngrkmy1hotrmltawmdvlmwqyztmymw

CIE Launches a Proven Program to Propel Startup Success

Diane Durance - UNCW Center for Innovation and Entrepreneurship
Natalieenglish 3301715113

A Strategic Plan for Community Prosperity

Natalie English - Wilmington Chamber of Commerce

Trending News

Sayed, Lee Join UNCW's Board Of Trustees

Johanna Cano - Jul 18, 2019

Halloween Likely To Film In Wilmington, Mayor Says

Cece Nunn and Christina Haley O'Neal - Jul 18, 2019

KWIPPED Receives $1.3M Investment

Johanna Cano - Jul 19, 2019

Realtors, Elected Officials Say Jobs, Affordable Housing Are Linked

Cece Nunn - Jul 18, 2019

Building UNCW's Future

Jenny Callison - Jul 19, 2019

In The Current Issue

From Catering To Dining In

A local couple's new restaurant, Savor Southern Kitchen, is expanding of their catering company's success....


More Zones, More Housing Options

For at least one potential apartment project, things might have been different if New Hanover County’s new zoning districts had already been...


Building UNCW's Future

In his first year as chancellor of University of North Carolina Wilmington, Jose Sartarelli led the development of a fiveyear strategic plan...

Book On Business

The 2019 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Power Breakfast - The H Word (June 13, 2019)
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`
Health Care Heroes 2018