Print
WilmingtonBiz Magazine

Downtown Investment Adds Up

By Christina Haley O'Neal, posted Apr 6, 2018
Investment in downtown Wilmington is on pace to top more than half a billion dollars during the economic recovery, according to Ed Wolverton, president and CEO of Wilmington Downtown Inc.

Since 2010, there have been 23 major projects completed downtown including residential and commercial structures, as well as public buildings, Wolverton said. Those major projects have totaled $324.3 million, he said.

Adding to the investment are five projects that have broken ground, representing $87.4 million, and seven projects totaling more than $116
million that have been announced, Wolverton said. The largest of these upcoming projects is River Place, an $83.6 million mixed-use development off Water Street, which has broken ground. Another ongoing project is an infill development at 200 Market St., an old parking lot that now is planned to feature restaurant and retail space.

Other announced projects include Pier 33 apartments, North Waterfront Park and the new Aloft Hotel.

The completed, ongoing or announced projects total about $528 million worth of downtown investment in less than a decade.

And in terms of the value of taxable property downtown, the city’s central business district grew 32 percent between 2012 and 2017, Wolverton said.

That growth is set to continue in the coming years, he said. Future growth trends downtown could include another wave of downtown’s north side development, renovations or rehabilitation of historic buildings and work on targeted infill projects. Investment is also likely to spill over to infill projects in the Brooklyn Arts and Castle Street Arts and Antique districts, Wolverton said.

“Downtowns across the country are experiencing a significant level of growth, with many factors contributing to that growth, and we expect to see those trends continue,” he said. “The only real cautionary tale is that we only have so much land downtown in terms of undeveloped land. So, at some point, we start running out of land. But we are not there yet.”

To see the rest of WilmingtonBiz Magazine, visit WilmingtonBizMagazine.com.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Volety 0020 1121724229

UNCW to offer N.C.’s first Actuarial Science Certificate Program

Aswani Volety - UNCW College of Arts and Sciences
Susan 2 april242017

Reverse Mortgage Can Be Helpful but Beware of Pitfalls

Susan Willett - Old North State Trust, LLC
20180514 104209 51418120638

What is SOLA?

Steve Adams - School of Learning Arts

Trending News

Ohio Company Acquires Wilmington Based Environmental Consulting Firm

Cece Nunn - Jul 19, 2018

Area Restaurants Earn Wine Spectator Recognition

Jessica Maurer - Jul 18, 2018

New Businesses Open, On The Way To Beau Rivage Marketplace

Cece Nunn - Jul 20, 2018

Airport Terminal Expansion Project Set To Move Forward Ahead Of Schedule

Christina Haley O'Neal - Jul 19, 2018

Local Food Delivery Services React To Uber Eats

Jessica Maurer - Jul 18, 2018

In The Current Issue

Bank Offers Workplace Financial Wellness

SunTrust Bank has rolled out a program designed to help employees of other companies become more confident about their own financial plannin...


PPD Introduces New Patient Enrollment Model

Wilmington-based PPD recently introduced a new patient enrollment model “that significantly reduces the time and cost of conducting clinical...


Governments Fund Economic Agencies

The new fiscal year for government entities in the Cape Fear region began July 1, and with it, a new round of economic development funding f...

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